On Friday (November 22nd), the Australian stock market rose across the board, driven by the energy, utilities, and healthcare sectors. The S&P/ASX200 index increased by 0.85%, closing at a historic high. This indicates strong market sentiment, despite the mixed performance of individual stocks.
Market Performance: Multi-Sector Driven Upturn
Among the major sectors, energy, utilities, and healthcare led the gains, serving as the main drivers for the index's rise. On the Sydney Stock Exchange, 582 stocks rose compared to 481 that fell, with another 475 remaining unchanged, demonstrating overall positive market sentiment.
Leading Stocks:
- A2 Milk Company Ltd (ASX) was the standout performer, surging 13.31% to close at 5.45 AUD, making it the best performer of the day.
- Pointsbet Holdings Ltd (ASX) also showed strength, rising 4.15% to 1.00 AUD, reaching a one-year high.
- ALS Ltd (ASX) increased by 3.19% to 16.16 AUD, also hitting a high.
Laggard Stocks:
However, tech stocks performed poorly, among which:
- Wisetech Global Ltd (ASX) was the biggest decliner, falling 12.37% to end at 121.74 AUD.
- Megaport Ltd (ASX) decreased by 9.45% to 7.57 AUD.
- Pilbara Minerals Ltd (ASX) also fell 6.79%, closing at 2.61 AUD.
Volatility and Futures Market Performance
The S&P/ASX 200 VIX index, which measures the market's implied volatility, rose by 3.06% to 11.10, indicating increased expectations of future volatility.
In the commodity futures market, December gold futures rose by 0.49% to $2,687.90, reflecting safe haven demand. WTI crude oil for January edged up by 0.04% to settle at $70.13, while Brent crude for January remained almost flat at $74.23.
Foreign Exchange and Dollar Index
In the foreign exchange market, the Australian dollar showed weakness, with AUD/USD remaining flat at 0.65, while AUD/JPY declined by 0.34% to 100.29. Meanwhile, the dollar index futures rose by 0.16% to 107.11, continuing its strong trend.
Summary and Outlook
Overall, the Australian stock market continued its upward trend driven by multiple sectors, showing investors' optimistic outlook on the market's future. However, the weak performance of tech stocks and the rise in implied volatility suggest some market divergence remains. Moving forward, investors will closely monitor global economic developments and commodity price changes to seek further market direction.
