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ASX starts December in the green

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The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.
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The ASX started the final month of the year in positive territory, gaining momentum throughout the session, with Domino’s Pizza a standout performer.

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The Australian sharemarket snapped a three-day losing streak and gained momentum throughout the session, with energy the only sector to lose ground.

The S&P/ASX200 finished up 1.08 per cent at 6589 while the All Ordinaries Index put on 1.04 per cent to 6812.

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CommSec analyst Steve Daghlian said the energy sector was the weakest after rising the most in November, which was the strongest month on many markets since the mid-1980, returning the ASX to pre-lockdown levels with a 10 per cent improvement.

Wall Street added 11 per cent and European markets gained 14 per cent.

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“The question now is going to be whether we’ve got enough momentum and further catalyst to push markets higher heading into Christmas or whether some investors will take profits off the table,” Mr Daghlian said.

He said the ASX had risen in December for 70 per cent of the past 50 years, with 2018 and last year being among the exceptions, “so take that with a grain of salt”.

After the oil price pulled back overnight following a contentious OPEC meeting that left production levels undecided, Cooper Energy lost 2.78 per cent to 35 cents and Woodside Petroleum dipped 0.76 per cent to $22.20.

But Santos delivered a well-received company updated and was up 0.8 per cent at $6.21.

Domino’s Pizza rocketed 12.36 per cent to $83.17 after brokers upgraded their share price valuation for the fast food chain following its investor day presentation on Thursday.

Collins Food, which is a KFC and Taco Bell franchisee, surged 10.9 per cent to $10.37 after reporting a more than 11 per cent rise in half year revenue.

The company, which recently closed the last of its remaining Sizzler restaurants, mainly attributed the strong result to the fried chicken chain.

Gaming machine manufacturer Aristocrat Leisure inched 1.44 per cent higher to $32.52 despite going ex-dividend.

Penfolds owner Treasury Wine Estates slipped 2.2 per cent to $8.40 as tensions continue to mount between China and the Australian government.

Sandfire Resources strengthened 9.8 per cent to $4.81 after approving development of a new copper mine in Botswana.

Rio Tinto advanced 1.53 per cent to $102.95, BHP was 1.29 per cent higher at $38.56 and Fortescue lifted 0.55 per cent to $18.33.

ANZ found 1.06 per cent to $22.88, Commonwealth Bank added 1.49 per cent to $80.25, National Australia Bank rose 0.66 per cent to $23.04 and Westpac firmed 0.75 per cent to $20.28.

The Aussie dollar was buying 73.67 US cents, 55.11 British pence and 61.58 Euro cents in afternoon trade.

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