Australian shares continued their upward trend for a sixth consecutive day, buoyed by generally positive earnings results. However, significant declines in CSL and Seek, following disappointing corporate updates, tempered overall gains. While earnings appear stable, market sentiment is optimistic about future growth prospects, particularly once interest rates begin to decrease.
At the closing bell, the S&P/ASX 200 was 0.17 per cent higher at 7,826.80, with financials and consumer stocks leading the charge, while the healthcare sector suffered due to CSL's performance. Other notable movers included James Hardie, Challenger, Temple & Webster, and the major banks. Economic data showed wage growth moderating, which aligns with the Reserve Bank's expectations for a gradual easing of monetary policy next year.
Futures
The Dow Jones futures are pointing to a rise of 64 points.
The S&P 500 futures are pointing to a rise of 11 points.
The Nasdaq futures are pointing to a rise of 61.75 points.
The SPI futures are up 11 points.
Best and worst performers
The best-performing sector was Financials, up 0.94 per cent. The worst-performing sector was Health Care, down 2.87 per cent.
The best-performing large cap was JB Hi-Fi (ASX:JBH), closing 4.04 per cent higher at $75.93. It was followed by shares in Pro Medicus (ASX:PME) and NEXTDC (ASX:NXT).
The worst-performing large cap was SEEK (ASX:SEK), closing 6.64 per cent lower at $20.66. It was followed by shares in Netwealth Group (ASX:NWL) and CSL (ASX:CSL).
Asian markets
Japan's Nikkei has gained 3.45 per cent.
Hong Kong's Hang Seng has gained 0.07 per cent.
China's Shanghai Composite has gained 0.21 per cent.
Commodities and the dollar
Gold is trading at US$2,501.70 an ounce.
Iron ore is 0.5 per cent lower at US$98.85 a tonne.
Iron ore futures are pointing to a 0.06 per cent rise.
Light crude is trading $0.55 lower at US$79.51 a barrel.
One Australian dollar is buying 65.90 US cents.
