Market Report September 17: ASX hits 100-day high amid growing optimism [Video]

Proactive’s Tylah Tully provides the market wrap for September 17, 2024.

The ASX200 rose for a third consecutive day, gaining 0.24%, or 19.3 points, to close at 8,140.9, setting a new 100-day high. Over the last five days, the index has increased by 1.61% and is now 0.12% below its 52-week high.

The top-performing stocks were Polynovo, up 5.71% to $2.59, and Centuria Capital, which rose 4.2% to $1.98. In contrast, Genesis Minerals fell by 2.76% to $2.11, and Boss Energy dropped by 2.88% to $2.70.

All eleven sectors ended the day higher, with Information Technology leading the gains, up 1.07%.

Australia finalised a trade agreement with the United Arab Emirates (UAE), which aims to boost investment in Australia’s critical minerals sector. Australian Trade Minister Don Farrell expressed optimism about potential investment flows into the sector.

In the US, the markets are anticipating a 0.25% interest rate cut by the Federal Reserve tomorrow, which analysts suggest may benefit sectors like banking and technology, though there are concerns about potential asset bubbles.

That’s the market wrap for today. Stay tuned for more updates tomorrow.

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