The Australian share market struggled for direction on Thursday but ended the day in the black, up 0.1 per cent to 7407.3, ahead of the crucial Black Friday sales.
A staggering 31.27 per cent rise in EML Payments’ share price made it the best performer by far, with investors impressed by the good news that the Irish regulator was allowing the company to sign new customers and launch new programs.
“Markets have certainly been mixed today,” said VanEck deputy head of investments and capital markets Jamie Hannah.
“It’s a story of different sectors today, from what I’ve seen.”
The tech sector was the strongest performer, up 2.4 per cent on Thursday, following a strong US lead overnight. Afterpay closed more than 4 per cent higher at $111.74, and WiseTech rose 2.3 per cent.
Real estate investment trusts (REITs) and banks dragged down the ASX200.
The resources sector rose with Nickel Mines and Mineral Resources, in particular, among the top five performers of the day, gaining 7.22 per cent and 4.43 per cent respectively. Mr Hannah said there appeared to be no discernible reason why given iron ore prices had not rallied particularly strongly.
Fisher and Paykel healthcare also posted big gains, up more than 6.9 per cent to a high of $33.01 despite posting flat revenue and earnings for the six months to September as global demand for ventilators tapered off.
AMP was the worst-performer, sliding 5 per cent, and fellow financial institution Bendigo and Adelaide Bank not too far behind with a 3.37 per cent drop.
Bank investors may have been spooked by the US Federal Open Market Committee minutes, released overnight, that signalled the US Federal Reserve was prepared to “raise the target range for the federal funds rate sooner than participants currently anticipated”, Mr Hannah noted.
Kogan also drove losses, dropping 4.28 per cent despite offering investors guidance in the form of a $3 billion gross sales target by 2026. Shareholders also delivered a 41 per cent strike but declined the opportunity to sweep the board.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.