Combank hits $300b and GDP numbers affect the market

MARKET WRAP:

• ASX200: up 75 points or 0.89% to 8,541.8
• GOLD: $3,355.27 US
• BITCOIN: $163,115
• A bumper day on the markets today after a favourable US jobs report overnight saw the ASX 200 climb close to an all time high - up 0.9% or 75 points to 8542.
• The sharemarket was buoyed by a 1% rally for the Commonwealth bank which topped $181 a share for the first time - making it the first ASX listed company to be valued at more than $300 billion dollars.
• The other banks followed suit, with Westpac seeing a 1.6% rise despite an ASIC decision to sue its subsidiary RAMS for alleged systemic misconduct.
• 9 of the 11 sectors finished higher, with telecommunications and staples finishing down 0.2 and 0.3% respectively

CURRENCY UPDATE:

• AUD/USD: 65 US cents
• AUD/GBP: 48 Pence
• AUD/EUR: 57 Euro cents
• AUD/JPY: 93 Yen
• AUD/NZD: 1.08 NZ dollars

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Quarterly GDP data shows the Australian economy has grown 0.2%

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GDP grew a measly 0.2% in the March quarter, which will push the RBA to enact another rate cut in their July meeting. Meanwhile the ASX has climbed within a hairsbreadth of an all time high.

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