The Australian share market has surged to its highest level in 20 months, driven by a broad-based rally led by mining stocks, as the year-end optimism continues.
Australian Share Market Soars
The Australian share market hit a 20-month high driven by a broad-based rally, especially in mining stocks. The ASX 200 rose by 0.8% to close at 7,561 points.
Drilling Company Boart Longyear Surges
Boart Longyear’s shares surged by more than 55% after it signed a deal with a US fund for a takeover worth $542 million.
ASX Approaches 20-Month High
The ASX 200 climbed to 7,593 points, indicating a 20-month high, driven by the expectation of interest rate cuts next year.
Christmas Storms Declared Significant Event
Christmas storms in the east coast of Australia were declared a ‘significant event’ by insurers, with over 7,500 claims received for storm-related damages.
Intel’s $US3.2b Microchip Factory in Israel
Israel’s government agreed to grant Intel $US3.2 billion for a new chip plant, amidst the ongoing conflict with Palestine.
Apple Appeals US Ban on Watch Imports
Apple lodged an appeal after being banned from selling two of its newest watches in the US, as a result of a patent infringement complaint by Masimo.
Mining Stocks Drive ASX Gains
Mining stocks dominated the list of best-performing stocks on the ASX, contributing to the overall upbeat mood of the market.
‘Santa Rally’ Drives ASX Higher
A strong day for the share market has been observed, driven by the ‘Santa rally,’ with the ASX 200 index reaching its highest level in at least 10 months.
Australian Miners Hit Eight-Month High
Australian mining stocks reached an eight-month high due to a rise in iron ore prices and hopes of stimulus measures by Chinese authorities.
ASX Opens Strongly
The ASX200 gained over 1% in the first 15 minutes of trading, showing a positive start to the market.