The ASX Smashes Through 5500 As Local Business Confidence Jumps

Image: Pierre Tostee / Getty Images.

The ASX sailed past 5500 today as investors saw global conflict moderate and cheered the release of positive Australian economic data.

The S&P/ASX 200 closed 1.34% higher at 5,530.30, a rise of 73.27 points on the day.

Betty Lam of CMC Markets says Australian equities were quick out of the gates following a back-to-back solid session from Wall Street.

“Signs of Monday‚Äôs hesitation were quickly dusted off as investors prepared to dip a toe back into the market,” she says.

The market also took heart from positive local data releases.

The NAB Business Survey came out and reflected the best conditions seen among business owners in four years.

House price numbers also beat analyst expectations.

In afternoon trading, the big banks continued to surge ahead, shrugging off a $223 million class action lodged by Maurice Blackburn against ANZ, Westpac and Citibank over late fees.

Westpac was up 1.76% to $33.55. NAB 1.41% to $34.40, Commonwealth 1.38% to $81.52 and the ANZ 1.35% to $32.88.

RIO was up 1.57% to $67.80.

The star of the day was Domino’s Pizza which was up 13.49% to $23.39 on the back of a 50% jump in underlying net profit to $45.8 million.

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