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
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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. 

1 Comment

  1. Simon Patrick McKeown

    good summary Jim