Proactive’s Tylah Tully gives a market wrap for the 20th of September.
The ASX rose by 0.21% today, closing at 8,209.5 points after a late afternoon surge. Over the last five days, the index gained 1.35% and is now 0.45% below its 52-week high.
Leading performers included Telix Pharmaceuticals, which surged 6.98% to $20.07, and Tabcorp Holdings, up 5.81% to $0.45 per share. Among the declining stocks, Deep Yellow dropped 4.49% to $1.17, while Paladin Energy fell 4.6%, closing at $9.42.
Sector-wise, performance was mixed. Consumer discretionary surged 1.21%, followed by gains of about 0.5% in information technology and utilities. Real estate was the weakest sector, falling 0.58%.
Regarding the Australian economy, the Reserve Bank of Australia (RBA) is expected to keep its cash rate target at 4.35%. Inflation remains high, easing to 3.5% in July, still above the RBA's 2-3% target range. A strong labour market has constrained the possibility of rate cuts.