Riding high
The ASX jumped to another record today. If investors are at all worried about bloated valuations and rising geopolitical risks, they're not showing it.
The Australian sharemarket closed today at a record high — its second this week — as ASX companies of all stripes continue their defiant climb.
The rally comes on the back of a surprisingly strong AGM season, which is providing a steady stream of good news, guidance upgrades, takeover offers and premium cap raises. Valuations, which have seemed full for much of the year, now seem positively swollen. And investors keep buying.
Whether it’s the so-called Trump trade or the Santa rally, market exuberance shows no signs of waning. Why would it, when investors are happy to continue paying up for growth?
Pro Medicus is a case in point. The medical imaging firm surged as much as 11% on Thursday after landing its largest contract to date, adding $2.5 billion to its market capitalisation in just 20 minutes.
