ASX up 0.5% despite sell-off on Wall Street overnight

The ASX200 index picked up where it left off in the last seven days, gaining 0.5% to reach 6210.30 points. This seven-month high was reached despite a retreat in the market on Wall Street last night with the Dow Jones closing down 0.58% and the NASDAQ dropping 0.80%.

The banks continue to perform strongly with Australia’s largest bank, Commonwealth Bank (CBA) up 0.89%. However, it was the miners that stole the show with BHP adding 2.05% today even with talks of China imposing import restrictions on their coal.

Talks of a potential November interest-rate cut also was a key contributor to the price action today which economists see as a likely course of action by the RBA to help kick-start the economy.

Gainers and Losers

The biggest gainers on Thursday were:

  • Whitehaven Coal +11.6%
  • Pro Medicus +7.7%
  • Eagers Automotive +6.1%
  • Pendal Group +5%
  • Ingenia Communities +4.9%

The biggest declines were:

  • Zip Co -7.5%
  • IDP Education -6.1%
  • Nearmap -6%
  • Avita Therapeutics -3.9%
  • Bravura Solutions -3.7%

New to investing? Read about How to keep your investment decisions simple.

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.