Australian stocks are trading higher on Friday morning, continuing to build on Thursday’s 3.34% gain, the largest in over five years.
The Trump rally rolls on.
First, the scoreboard as at 10.20am in Sydney:
- ASX 200 5344.50 , 15.67 , 0.29%
- All Ords 5422.20 , 13.31 , 0.25%
- AUD/USD 0.7609 , -0.0002 , -0.03%
While the benchmark ASX 200 index currently shows a gains, as seen in the sector performance below, it’s entirely being driven by financials and materials — the largest by market capitalisation — offsetting losses elsewhere, particularly in higher-yielding sectors.
This mirrors the performance overnight in the US where hopes for pro-growth fiscal policies from president-elect Donald Trump helped to propel banks and miners higher.
- A-REITS -0.71%
- Consumer Discretionary -0.44%
- Consumer Staples -0.54%
- Energy -0.72%
- Financials 1.11%
- Healthcare -0.21%
- Industrials -0.52%
- Information Technology -1.17%
- Materials 0.31%
- Telecommunications -0.37%
- Utililties -2.32%
- All Ords Gold Index -4.51%
Of the big names, BHP Billiton is up 2.09% at $24.93 while rival Rio Tinto has added 1.76% to $59.15.
The big banks are also performing well.
The NAB is up 2% while ANZ, Westpac and the CBA are all up by more than 1%.
Here’s the ASX 200 chart for the week: