ASX 200 LIVE: Shares scale all-time high; UBS lifts NAB, Westpac price targets; Myer cuts dividend; Regis Healthcare and Kelsian nab contracts; Namoi Cotton backs Olam Agri bid

Pinned post – 4.23PM – Sep 20, 2024 Australian shares scaled another record high on Friday, tracking a global wave of optimism that the US Federal Reserve will deliver a much-hoped-for soft landing for the world’s largest economy. Earlier this week, the Fed cut interest rates by a bold half a percentage point and flagged more cuts were coming, sending Wall Street to record highs. The S & P/ASX 200 Index added 17.6 points or 0.2 per cent to 8209.5, the highest closing level in its history. “It will be a 10 – like it was in 2007 – when the overvaluation climbs to 25 per cent or past 9000 points,” he said. Family app Life360 punched 5.2 per cent higher to $18.09 and payment outlet Zip powered up 2.7 per cent to $2.67. National Australia Bank romped to a 17-year peak and finished 0.4 per cent up at $39.67. Westpac rallied 0.6 per cent to $33.57, having climbed a seven-year top intraday. Macquarie Group ended 0.2 per cent lower at $231.17 despite scaling an all-time high of $233.91 early in the session. Miners had a choppy session with index giant BHP up 0.4 per cent to $40.34, but Rio Tinto shed 0.5 per cent to $113.02 and Fortescue nudged 0.1 per cent lower at $17.63. Fellow retailer Harvey Norman rallied 1.6 per cent to $4.96 as investors shrugged off a second class action alleging “misleading and deceptive” conduct over extended warranty sales. Car equipment provider Bapcor notched a 2.2 per cent gain to $5.13 on news it was selling its diesel fuel injection business MTQ Engine Systems. Namoi Cotton lifted 2.1 per cent to 73¢ after the board unanimously recommended shareholders approve Olam Agri’s “fair and reasonable” takeover bid at 75¢ a share. – This Summarize was created by Neural News AI (V1). Source: http://www.afr.com/markets/equity-markets/asx-to-rise-s-and-p-500-closes-at-a-record-high-20240920-p5kc1u