Market Wrap / resetting records

The local market hit a fresh record during Thursday’s trade, closing up 0.5%. The S&P/ ASX 200 came close to breaking through 8,480 points intraday before closing at 8,444.30. All sectors closed in the green, with the banks and healthcare stocks the best performers. The health sector rose 2% today, supported by gains from CSL, ProMedicus and Sigma Healthcare. However, Fisher & Paykel lost 2.1%. Despite higher earnings, the company reaffirmed its full year guidance below market expectations, with a net profit after tax in the $320 to 370 million dollars range. In the financial sector, IAG announced it will buy the insurance underwriting business of Queensland’s RACQ in a deal valued at $855 million. This sent the stock 3.5% higher during today’s trade. CBA, NAB and Westpac all gained over 1%.  In the mining space, the Western Australian government unveiled a $150 million assistance package for struggling lithium miners in the state. This was not reassuring for Mineral Resources and Liontown Resources’ investors as both stocks closed in the red. BHP and Rio Tinto helped buoy the overall sector.  Elsewhere, Star Entertainment shares lost 7.1% after reporting  a loss of $8.5 million for October, taking losses for the first four months of the financial year to $27 million. US markets are closed for the Thanksgiving Day holiday. Locally tomorrow, October private sector credit data is due.