Australian stocks rose again on Tuesday, taking the gain this week to over 2%.
- ASX 200 5274.40 , 17.64 , 0.34%
- All Ords 5353.30 , 17.73 , 0.33%
- AUD/USD 0.7476 , 0.0019 , 0.25%
The benchmark ASX 200 index finished at 5274.4, up 0.34% for the session. It was the highest closing level for the index since June 10, unwinding almost all of the losses from last week as fears over a potential UK Brexit continue to recede.
From last Friday’s close the index has now added 2.16%, suggesting that the likelihood of a Brexit has now been largely discounted by investors.
By sector, gains were led by industrials, healthcare, utilities and information technology which all finished with gains of 1% or higher.
Financials and materials, the two largest sectors by market cap, finished mixed. Financials added 0.67%, offsetting a decline of 0.74% for materials.
After an enormous 5% gain on Monday, the energy sector succumbed to profit taking, falling 1.38%.
Here’s how the top 20 stocks by market capitalisation performed on Tuesday.
- AMP , $5.43 , 0.56%
- ANZ , $24.25 , 1.63%
- BHP Billiton , $18.69 , -0.95%
- Brambles , $12.62 , 1.53%
- CBA , $75.08 , 1.19%
- CSL , $108.89 , 0.74%
- Insurance Australia Group , $5.77 , 0.17%
- Macquarie , $75.93 , 1.43%
- NAB , $25.67 , -0.31%
- QBE Insurance , $11.72 , -0.34%
- Rio Tinto , $44.21 , -1.29%
- Scentre , $4.72 , 0.00%
- Suncorp , $12.25 , 0.00%
- Transurban , $11.85 , 1.37%
- Telstra , $5.35 , -0.37%
- Westpac , $29.68 , 0.71%
- Wesfamers , $40.60 , -0.07%
- Westfield Corporation , $10.72 , 0.66%
- Woolworths , $21.19 , -0.89%
The top stories Tuesday:
1. Everyone is waiting for the UK Brexit vote. Here’s when those in Australia can expect the result to arrive on Friday.
2. Keeping with the Brexit theme, George Soros believes a vote to leave the EU would trigger a collapse in the British pound worse than that seen on “Black Wednesday”.
3. Australia has always lauded its working class culture, and the subsequent rise of the middle class, but the very nature of society is changing dramatically. In fact, we’re currently experiencing the biggest gap in wealth the country has ever seen.
4. The Reserve Bank of Australia doesn’t sound like a central bank itching to cut interest rates again, at least based on the tone conveyed in the minutes of its June monetary policy meeting released today.
5. China’s GDP figures may not be as fanciful as many think, at least accord to new modelling constructed by the Commonwealth Bank.
6. Australian consumer confidence is at the highest level seen since November 2013, providing an optimistic outlook for household spending in the months ahead.