Market Wrap / Santa shows up

The local market finally showed some signs of a “Santa rally”, following three straight sessions of declines.The S&P/ASX 200 climbed 1.7% to 8201.60 points, with banking and gold stocks leading the rebound.

Telstra shares rose 1% while News Corp gained 3.3% as the two companies announced plans to sell their Foxtel stakes to Britain’s DAZN for $3.4 billion.The financial sector gained 2.3% with CBA recovering from recent losses to add 2.9% to $154.70. The market heavyweight has seen its share price climb around 30% in 2024. Shares in Westpac rose 2% despite the lender admitting to overcharging more than 24,000 customers in New Zealand.

Star Entertainment shares rose 2.6% to $0.2. JPMorgan has exited the troubled casino operator, less than three months after acquiring a substantial stake worth more than 5%.Gold stocks rallied in line with higher bullion prices. Evolution Mining was up 0.8% while Northern Star gained 1.6%.

Pro Medicus rose 2.7% after securing a seven-year, $30 million deal with US-based Duly Health and Care. 

Polynovo shares had their best session since mid-July after the medical devices maker recorded its highest ever monthly sales in November, worth more than $10 million. 

Heading the other way, EML Payments fell 22.2% after the board dismissed CEO Ron Hynes, citing the need for new leadership to drive its "EML 2.0" strategy. 

UK 3Q GDP is released later today; while in the US, consumer confidence data is due.