The ASX rallied today with the benchmark index trading 1.13% higher in afternoon trade, bringing weekly gains to 2.43%.
Today’s market strength tracks that of Wall Street overnight, which gained on hopes the Federal Reserve is finished raising interest rates.
Real Estate stocks are leading the gains today, up 2%, with Goodman Group (ASX:GMG) up 2.1% and Charter Hall up 3.1%. Lendlease was also trading higher on news it was ending an agreement with Google (NASDAQ:GOOGL) to help develop four major San Francisco Bay Area neighbourhoods.
Industrials, Healthcare and Financials are also strong. Meanwhile, the Energy sector is in the red, down 0.1%.
Qantas held its AGM today where shareholders made their views on management clear. The airline's remuneration report received a staggering protest vote of 83%.
Outgoing chair Richard Goyder ordered his microphone to be switched off when questioned on what Qantas knew about the ACCC’s investigation. The Australian Financial Review reports that the airline was aware of the investigations when Goyder approved former CEO Alan Joyce to sell $17 million worth of shares. Qantas shares are trading 2.4% higher.
Macquarie Group shares are up 0.88%, having recovered from earlier losses after reporting a 39% fall in half-year profit to $1.4 billion and declaring a $2.55 interim dividend. Net income from investments from its asset management division fell to $49 million in the six months to September 30, down from $877 million a year earlier. The division saw a 71% fall in net profit to $407 million during the half. Barrenjoey analysts anticipate a 5-10% downgrade on Macquarie’s 2024 financial year expectation.
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