The Westpac, one of the biggest institutions of Australia, controversy failed to affect the country’s share market as it scored the highest point ever. Westpac is the second largest bank in the country and dominates the value market but the Westpac scandal couldn’t stop the Indies scoring the record high gains in a year.
The ASX top 200 companies pushed higher throughout the morning and reached its highest point in history at midday, up 0.4 per cent on Wednesday’s close to 6878.7 points at 1200, while the all ordinaries was at record high of its own, 0.40 per cent higher to 6978.7 points.
Michael McCarthy, the CMC Markets’ chief market strategist, said that the gains that we are witnessing are not because of the financials’ push, they are still performing poorly.
Julia, the Burman chief investment officer, said that there was a 26 percent rise in the Aussie market in 2019, rushed by the Australia’s Reserve bank assurances.
She said that asset values are supported by these lower rates, as witnessed in case of property market and also share market now.
Ms. Lee said that the downfall period of world economies is coming to an end and this growth has proved to be a positive thing for shares.
The credit of today’s rise goes to Telco staple Telstra which escalated to 2.7 percent and to CSL jumping to 1.2 percent by midday.
There was a 0.6 percent rise to $38.615 in the mining giant BHP, 0.62 percent to $97.60 in Rio Tinto and a flat rise to $9.785 in Fortescue Metals.
The four large banks, however, were mixed. The ANZ witnessed a downfall of 0.22 percent to $25.005, the NAB and Commonwealth banks a rise of 0.42 per cent to $26.29 and 0.20 per cent to $81.85 respectively, and Westpac managed to make a profit of 0.14 per cent to $24.845.
After the announcement by President Donald Trump on Thursday, about signing into law congressional legislation supporting the Hong Kong’s protestors, the Australian dollar fell low against the US dollar.
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