Australia Market extends gain to fifth day

Australia stock market finished slightly higher on Wednesday, 08 May 2024, registering fifth straight session of winning streak, with shares in industrials and technology companies leading gains.

At closing bell, the benchmark S&P/ASX200 index advanced 11.18 points, or 0.14%, to 7,804.250. The broader All Ordinaries index was up 11.24 points, or 0.14%, to 8,076.70.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Industrials was the best performing sector, gaining +0.73%, followed by information technology (up 0.59%), and REIT (up 0.37%), while consumer discretionary sector was bottom performer, down 0.63%.

The best-performing stocks in S&P/ASX200 index were POLYNOVO and PINNACLE INVESTMENT MANAGEMENT GROUP, up 8.02% and 6.68% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and DOMAIN HOLDINGS, down 7.08% and 3.67% respectively.

Shares of industrials sector strongly performed on the local bourse, with road toll developer Atlas Arteria leading sectoral gain, up 2.4%. Infrastructure investment firm Infratil (up 1.6%) and toll road operator Transurban Group (up 1.4%) were also notable gainers.

Among individual stocks, Perpetual plunged 7% after the asset manager confirmed it had agreed to sell its trustee and advice business to private equity group KKR for $2.17 billion. The buyout would leave Perpetual as a standalone manager of about $227 billion in assets.

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