Afternoon trading December 6

Thanks @shovel40, @Fiji1, @Patterns and morning crew.

Half-time wrap:

The share market surged towards an 11-week closing high after unexpectedly weak economic growth figures bolstered the case for rate cuts next year.

The ASX 200 rallied 97 points or 1.38% by mid-session. Banks, supermarkets and consumer and property stocks led the advance. Gold miners were a rare pocket of weakness after the yellow metal backed off record levels.

The market added to an initial 60-point advance following mid-morning news that the economy grew at half the speed economists expected last quarter. Gross domestic product expanded by an anemic seasonally-adjusted 0.2% in the three months to the end of September, the slowest pace in two years. Annual growth was 2.1%.

“This was the eighth straight rise in quarterly GDP, but growth has slowed over 2023,” Katherine Keenan, ABS head of national accounts, said.


Personal trading: Taken speculators in LCL and NFL.