CSL leads the market to three-month closing high
THE Australian share market finished at a three-month closing high after a broad rally led by CSL and three of the four big banks.
The ASX200 closed yesterday up 48.4 points, or 0.72 per cent, to 6772.5 points, while the All Ordinaries was up 43.8 points, or 0.64 per cent, to 6877 points.
It was the ASX200’s highest close since it finished at 6780.6 on August 1.
“We’re back in record territory,” Bell Direct market analyst Jessica Amir said. “Most of the market is pushing forward.”
CSL accounted for more than a quarter of the index’s gains, closing up 3.5 per cent to hit another all-time high of $270.56 after a broker upgraded its price target to $295.
The biotech giant pulled the sector 2.8 per cent higher, with Starpharma, Clinuvel, Pro Medicus, Mayne Pharma and Sigma Health chipping in as well with gains of between 3.7 and 6.6 per cent.
ANZ, trading ex-dividend, dropped 2.6 per cent to $25.58 but the other big banks were up sharply.
NAB climbed 1.4 per cent to $28.87, Commonwealth gained 1.1 per cent to $80.05 and Westpac rose 1.3 per cent to $27.78.
Afterpay rose 4.6 per cent to $28.20, also on a broker upgrade.
Mining was the only sector to drop after the price of iron ore hit a nine-month low.
Fortescue Metals dropped 5.5 per cent to $9.05, Rio Tinto was down 2.4 per cent to $92.98 and BHP dropped 0.3 per cent to $37.18.
The dollar was buying 68.53 US cents, down from 68.82 on Friday.