By Deepta Bolaky
@DeeptaGOMarkets
The Australian share market erased 2020 losses today following a strong performance on Wall Street on Tuesday which caused the blue-chip gauge to top 30,000 for the first time. Amid a series of recent positive vaccine updates, the US share market was buoyed by hopes that there is a less chance of a contested election:
Source: Bloomberg Terminal
As of writing, the index was up by 0.8% to 6,698.40 points, and rose in positive territory for the year. Most sectors were trading in the green with the energy, financial, real estate and materials index being the best performers with more than 1% gains.
Source: Bloomberg Terminal
After the release of the Federal Budget, Australian shares started to decouple from US and European stocks as investors endorsed the government blitz which boosted confidence. During the month of November, the Australian share market has rallied significantly on the back of:
The pandemic-battered sectors like energy, financials, and real estate were among the biggest gainers on the ASX during the month following the relaxation of lockdown measures. Technology and health stocks which were among investors’ favourites during the pandemic retreated lower during the month.
Source: Bloomberg Terminal
Year to date – the technology and health sector continues to lead with the tech index currently up by a whopping 43%. Despite the improvement in the energy market over the past few weeks, the index is still standing as the worst-performing sector given the fundamental uncertainties.
Source: Bloomberg Terminal
By Deepta Bolaky
@DeeptaGOMarkets
Disclaimer: The articles are from GO Markets analysts, based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; should not be taken as either representative of or shared by GO Markets. Advice (if any), are of a ‘general’ nature and not based on your personal objectives, financial situation or needs. You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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