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Aussie shares rebound in broadbased rally

The ASX200 rebounded on May 27, 2024. Picture: NCA NewsWire / Christian Gilles
The ASX200 rebounded on May 27, 2024. Picture: NCA NewsWire / Christian Gilles

Australian shares rebounded on Monday following last week’s Wall St-led sell off, with 10 of 11 industry sectors lifting the market ahead of crucial sales and inflation data.

The benchmark ASX 200 rose 60.7 points, or 0.79 per cent, to hit 7,788.3 points, while the broader All Ordinaries index lifted 59.4 points, or 0.74 per cent, to close at 8,058.6.

Tech stocks lifted 12.2 points, or 0.4 per cent, to finish at 3,076 points.

The rebound was broadbased, with 10 of 11 industry sectors ending in the green, led by real estate with a 1.8 per cent jump.

Lendlease propelled the sector with a near 8 per cent advance to $6.36 a share following the announcement of a new strategy for the $4.4bn giant.

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The company promised investors it would simplify its organisational structure and right size its cost base.

Financials lifted 0.84 per cent, with the big four banks rising higher on the back of an outlook upgrade from global ratings agency Fitch.

Commonwealth Bank rose 1.03 per cent to $120.1, Westpac edged up 0.72 per cent to $26.75, NAB rose 0.8 per cent to $34.23 while ANZ climbed 1.14 per cent to $28.43.

Australian shares lifted in a broadbased rebound on Monday. Picture: Supplied
Australian shares lifted in a broadbased rebound on Monday. Picture: Supplied

EightCap market analyst Zoran Kresovic said Monday’s rebound had flowed in part from the “astonishing” results delivered by American chip giant Nvidia and a broader rally in US tech.

“The market has somewhat rebounded this morning on the basis we had some astonishing results from Nvidia and the Nasdaq,” he said.

“The tech sector has been one of the best performing sectors in general over the six to nine months.

“And the market has rebounded on the back of that.

“We’ve also got big catalyst news tomorrow, we’ve got retail sales coming out at 11.30am and more importantly on Wednesday, the market will be looking to the monthly consumer price index data that’s coming out.”

He said financials were also “doing quite well”.

“The banks have had an astonishing run over the last three months and holding the bigger side of the market cap, they are always going to lift the market in general.”

Energy was the only sector to fall, slipping 0.22 per cent.

Woodside Energy fell 0.79 per cent to $27.71 a share, while Santos traded flat at $7.67.

The big miners were mixed, with BHP lifting 1.14 per cent to $45.15, while Rio Tinto slipped 0.6 per cent to $131.69 and Fortescue fell 0.97 per cent to $26.51.

BUDGET IMAGES
A solid day for the big four banks helped lift the market. Picture: NCA NewsWire / Damian Shaw

In corporate news, embattled gaming company Star Entertainment rose 1.05 per cent to 48c a share after Brisbane property developer Patrick Farrugia he had made a confidential non-binding indicative offer to acquire some of its assets.

Online fashion retailer Cettire soared 10 per cent higher to $2.62 after the company released a statement rejecting media reports of “non-genuine” products being sold on its platform.

“Cettire has the utmost confidence in the sustainability of its supply chain and the authenticity of all products available and sold via its platform,” the $1bn company said.

Microcap Beamtree lifted 2.2 per cent to 23c on the news it had secured a $3.6m contract with Middle East healthcare giant Dr Sulaiman Al Habib Medical Service Group.

The top gainer on the ASX 200 was Neuren Pharmaceuticals, which surged 15.74 per cent to $23.97 after announcing “significant improvements” in Pitt Hopkins Syndrome in its Phase 2 trial.

The biggest laggard was Audinate Group, falling 6.44 per cent to $15.98 a share.