Australian stocks continued to push higher on Tuesday, extending the ASX 200’s rebound from December 16 to 7.29%.
The index has now rallied for eight consecutive sessions, the longest stretch of gains seen since early February this year. Three of the past four sessions have also yielded gains in excess of 1%.
Here’s Tuesday’s scoreboard.
- ASX 200 5267.30 , 59.65 , 1.15%
- All Ords 5315.60 , 59.46 , 1.13%
- AUD/USD 0.7266 , 0.002 , 0.28%
After initially following US and European markets into the red, the index reversed course after 30 minutes of trade, eventually closing the session up 1.15% on the back of wafer-thin volumes — a small gain in Chinese stocks and stability in the crude oil price.
Gains were led by retailers with consumer staples and discretionary adding 2.4% and 1.9% respectively. Financials, the largest component by market capitalisation, were also in demand, finishing the session up 1.4% having opened modestly in the red.
Aside from materials which finished with a decline of 0.16%, all other sectors recorded gains of between 0.07% to 1.37%.
Having risen for 8 sessions in a row, many are now asking themselves whether the ASX 200 can finish 2015 in the black – a scenario that looked almost unfathomable only two weeks ago.
With two sessions left to trade the ASX 200 has fallen 2.66% year to date. While still unlikely, it remains a possibility, particularly based off recent form.