Australian Stocks Soar, Setting One-Month High After Wednesday’s Close

Summary

    After the close on Wednesday, stocks in Australia saw an uptick, led by improvements in the sectors. The Sydney stock exchange saw its index gaining 0.31%, marking a new one-month high. The session’s top performers were Zip Co Ltd (ASX:) and Polynovo Ltd (ASX:), while Appen Ltd (ASX:) was amongst the worst performers. The volatility of S&P/ASX 200 options was up by 1.37%. Commodities saw a slight rise in gold futures and a slight drop in crude oil. The value of AUD was relatively stable against USD and JPY.

Update on Australia’s Stock Performance

The Australian stock market was bullish after Wednesday’s close, with improvements seen particularly in the and sectors. This led to gains across various shares.

The Close in Sydney

In Sydney, the index ncreased by 0.31%, reaching a new high for the past month.

Session’s Top Performers

The session’s standouts were Zip Co Ltd (ASX:), which saw an increase of 6.25%, and Polynovo Ltd (ASX:), which added 5.12%. The Star Entertainment Group Ltd (ASX:) also saw a respectable rise of 4.35%.

Session’s Underperformers

Conversely, Appen Ltd (ASX:) saw a disappointing drop of 12.50%. Other poorly performing shares included Platinum Asset Management Ltd (ASX:) and Clinuvel Pharmaceuticals Ltd (ASX:), which both saw a decline in their share price.

Overall, the Sydney Stock Exchange saw more falling stocks than rising ones, with a ratio of 636 to 559, with 404 remaining unchanged.

A Look at Volatility

In terms of volatility, S&P/ASX 200 options, as indicated by the index, jumped by 1.37%.

Commodity Trading Update

For commodities, Gold Futures for February saw a slight increase, while crude oil for January delivery fell a bit. The February Brent oil contract saw a similar decline.

Currency Exchange Rates

The exchange rates for AUD/USD and AUD/JPY were little changed. The US Dollar Index Futures, on the other hand, was up slightly by 0.01%.

Effects on Forex and Trading

The slight rise in volatility of the S&P/ASX 200 options may have an impact on Forex currency pairs that include AUD. Traders should consider the potential impact on their portfolios.

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