Midday market report: Polynovo rallies on record sales as ASX avoids trading disruption [Video]

Proactive’s Tylah Tully gives a midday market update.

The ASX avoided a prolonged trading outage after resolving a technical glitch in its ageing settlement systems, which had disrupted billions of dollars in trades last week.

Over the weekend, the daily batch settlement period was extended by 30 minutes to address delays. Despite the disruption, the ASX opened on time today, during a critical pre-holiday trading period.

At midday, the ASX was up 1.17% to 8,161 points, with Real Estate (+2%), Financials (+1.8%) and Consumer Discretionary (+1.52%) sectors leading gains.

This comes after a lacklustre week where the ASX200 fell 2.76%, attributed to a hawkish Fed rate cut that unsettled global equity markets.

In the US, stocks rebounded on Friday due to cooler inflation data. However, for the week, the Nasdaq fell 2.25%, the S&P 500 lost 1.99%, and the Dow Jones declined 987 points (-2.25%).

Individual ASX stocks showed mixed performance today. Polynovo gained 7.95% to $2.10 after reporting record unaudited monthly sales of $10 million in November. Clarity Pharmaceuticals declined 6.37%, trading at $4.26.

This is Proactive’s last market update for 2024. Merry Christmas and a Happy New Year. Regular updates will resume in early 2025.

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