Market Wrap / banking boost

The local market rebounded on Tuesday, driven by a rebound in financial stocks. The S&P/ASX 200 gained 0.8% to 8314 points. 

The big banks led the rally, with Commonwealth Bank up 1.6% to $161.13, touching near-record highs. Westpac shares jumped 0.7% amid news CFO Michael Rowland is set to retire next year, but will remain in the role whilst the search for his successor is undertaken. HMC Capital surged 3%, recovering from Monday’s sharp decline of over 10% following the disappointing debut of DigiCo, of which HMC is a major investor.

Industrials, communications, and real estate sectors also contributed to the market’s upward momentum.

Energy stocks weighed on the index, falling 1.1% after Brent crude fell amid concerns over decreasing demand in China.

Iconic Australian canned foods company SPC Global made its return to the stock market following a 20 year absence. SPC merged with the Original Juice Company and Singapore-based Nature One Dairy to trade under the code SPG. The company had a a tepid response in its debut. 

Property settlement exchange PEXA appointed Russell Cohen as its new CEO. Cohen will succeed Glenn King, who is stepping down after having guided the company through its ASX listing in 2021. Shares rose 8.2%. 

At its AGM, Orica announced chairman Malcolm Broomhead will step down from the board within the next year. Shares rose 0.1%.

Karoon Energy plunged 9.7% on a profit downgrade and IT provider Data#3 was also a laggard, falling 9.8% following changes to its domestic partnership with Microsoft. 

Ahead tonight, US November retail sales and industrial production data will be released. Tomorrow, National Australia Bank holds its AGM.