ASX off to flying start ahead of budget

The ASX200 has started the week making huge gains, adding $46 billion to the market and rising over 150 points (2.60%). This surge can be attributed to expectations from investors of a generous budget report to be released tomorrow.

The banking sector were some of the main beneficiaries of this run with Australia’s largest bank, Commonwealth, up 3.56% for the day. ANZ also capitalised on this, up 4.22%.

Mesoblast (MSB) bounced back strongly today, up 11.60%, after its huge sell-off last Friday as traders buy the dip.

Gainers and Losers

The biggest gainers on Monday were:

• Mesoblast +11.6% to $3.56
• Clinuvel Pharmaceuticals +7.8% to $24.61
• Oil Search +7.5% to $2.71
• NRW Holdings +7.2% to $2.01
• CIMIC Group +6.7% to $19.65

The biggest declines were:

• Megaport -2.1% to $15.66
• ARB Corp -0.5% to $28.50
• Evolution Mining -0.5% to $5.80
• Newcrest Mining -0.5% to $31.13
• Ramelius Resources -0.5% to $2.05

Disclaimer:
This article does not take into account the investment objectives, financial situation or needs of a particular person or entity. Before acting on any investment strategy or advice you should first consult with your current ASIC accredited investment professional or seek out a compliant investment professional for such.