by Financial market participants were looking to the June board minutes today for any clues as to what may be announced, particularly regarding quantitative easing, said Gareth Aird, CBAs head of Australian economics.
The minutes indicate that more bond buying will be announced at the July board meeting, but a number of different packages will be considered we expect the package to constitute a taper.
The Australian market was undeterred by the minutes, as myriad stocks touched record highs throughout the day; ResMed leapt 6.8 per cent to $30.31, Mineral Resources jumped 3.1 per cent to $50.96 and Commonwealth Bank firmed 2.1 per cent to $103.45.
The other Australian banks all rose with ANZ up 1.5 per cent to $28.66, NAB climbing 0.8 per cent higher at $26.67 and Westpac gaining 1 per cent to $26.55.
A solid day by healthcare companies supported the broader market gains. Fisher & Paykel Healthcare added 2.9 per cent to $28.58, Sonic Healthcare advanced 2.4 per cent to $36.46, Pro Medicus jumped 2.1 per cent to $51.36 and CSL firmed 1.7 per cent to $301.72
Consumer discretionary stocks also performed strongly. Premier Investments rose 4.5 per cent to $28.66, ARB Corp added 3.2 per cent to $46.64, Dominos Pizza Enterprises advanced 2.4 per cent to $118.08 and Wesfarmers also finished 2.4 per cent higher at $56.31.
The technology sector extended its rebound led by embattled software company Nuix, which rose 4.2 per cent to $2.76 on news that chief financial officer Stephen Doyle has resigned, while chief executive Rod Vawdrey retired.
Iress added 3 per cent to $12.95, Xero climbed 2.9 per cent to $137.91, WiseTech Global added 2.6 per cent to $31.49 and Afterpay rose 2.1 per cent to $105.70.
Fortescue Metals Group closed 0.5 per cent higher at $23.33 after confirming it is in talks with the Democratic Republic of Congo over the exclusive rights to develop the worlds largest hydro power project worth $103.8 billion.
The other iron ore majors posted gains as the commoditys price passed through $US220 a tonne; Rio Tinto added 1.2 per cent to $126.48 and BHP climbed 0.6 per cent to $49.22.
REA Group finished up 1 per cent at $168.37 on news of its $15 million acquisition of a 34 per cent interest in Simpology a provider of mortgage application and e-lodgement solutions for the broking and lending industries.
Crown Resorts fell 0.6 per cent to $12.15 after it said Oaktree Capital Management has modified its proposal to buy some or all of James Packers 37 per cent stake in the casino giant.
Austal downgraded its earnings before interest and tax and revenue guidance for year ending June 30 because of delays on programs and associated costs caused by COVID-19. The stock fell 9 per cent to $2.12.
Japara Healthcare surged 8 per cent to $1.27 after receiving a second takeover offer from RSL Care RDNS rivalling an offer from Little Company of Mary Health Care. The latest offer is worth $1.22 a share, slightly higher than the $1.20 that Little Company of Mary proposed.
