Australian share market rallies after reaching 2023 low

Traders have ended the day on a high after poor results on the Australian share market earlier this week.

The Australian share market has managed to rally for a second day in a row after reaching one-year lows in recent days.

The S&P/ASX200 gained 57.60 points or 0.85 per cent on Wednesday, closing the day at 6,838.30.

The market managed to recover its losses from the last week, where it reached a 2023 low of 6,812.00 last Thursday.

“Over the last five days, the index is virtually unchanged, but is down 2.85 per cent for the last year to date,” the ASX website said.

Regal Partners came out as one of the top gainers on Wednesday. Picture: NCA NewsWire / Christian Gilles

Meanwhile, the All Ords also rose, adding 57.1 points or 0.82 per cent to its value, leaving it at 7,024.60.

The Australian share market followed gains on Wall Street, where investors are waiting for the US Federal Reserve’s latest policy statement, where it is expected to hold interest rates steady.

Most industries saw their share prices go up, with nine of the 11 sectors ending higher, with the exception of consumer staples and utilities.

The sectors were led by real estate which rose by 1.85 per cent followed by healthcare and energy which each increased by 1.45 per cent and 1.13 per cent respectively.

One of the major winners from the day’s trading was Regal Partners, which received an 7.71 per cent boost, leaving its share price at $1.885.

The improved result comes after Regal purchased a 50 per cent stake in Taurus Funds Management, a global commodities financier, bringing its assets to $8bn.

Other companies receiving a boost were Chalice Mining, which saw its share price rise by 8.94 per cent to $1.95, and Pro Medicus which shot up by 5.18 per cent to $78.40 after signing an eight year contract with South Shore Health worth $16m.

The market is continuing to rebound after reaching a 2023 low last week. Picture: NCA NewsWire / Christian Gilles

Joining in on the days gains were the miners, with the biggest companies seeing considerable boosts to their share prices.

In the lead was Fortescue, which was up 2.51 per cent to $22.86, followed by Rio Tinto which rose 2.45 per cent to $120.44 and BHP which increased by 1.55 per cent to $45.19.

The big banks also improved their share price, led by Westpac which increased its price by 0.68 per cent to $20.74.

That was followed by ANZ which rose 0.65 per cent to $24.87, NAB which was up 0.39 per cent to $28.16 and CBA which rose 0.32 to $96.87.

Macquarie Bank didn’t share the love with the other big banks, with its share price dipping by 0.09 per cent to $104.90

Leading the losses today was the New Hope Corporation which fell by 4.51 per cent to $5.51 and Bellevue Gold, down 4.50 per cent to $1.38.

Originally published as Australian share market rallies after reaching 2023 low