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The ASX 200 is trading 4 points lower at 8310 as caution prevails ahead of the Federal Open Market Committee meeting. Speculation about the Santa Claus rally is growing, with mixed performances across sectors; property and healthcare stocks gained, while big banks generally declined. The energy sector hit a three-year low before seeing some buying interest, and technical analysis suggests a potential rebound if the index remains above 8236.7.
The ASX 200 is up over 8% year-to-date as 2024 closes, driven by strong performances in financial stocks, particularly the Commonwealth Bank, which rose 40%. In contrast, the tech sector surged over 50%, while energy and materials faced declines. Looking ahead, forecasts for 2025 vary, with predictions for the ASX 200 ranging from 7900 to 9300 points, influenced by geopolitical developments and potential RBA rate cuts.
The ASX 200 fell 19 points (-0.23%) to 8333, marking its lowest level in three weeks as markets reassessed the likelihood of an RBA interest rate cut in February following a strong November jobs report, which showed unemployment at 3.9%. The property and consumer discretionary sectors experienced notable declines, while the energy sector rebounded after crude oil prices rose above $70. Technical analysis indicates the index may close below a critical support level, potentially leading to further declines.
Pro Medicus has seen a significant boost in market confidence, with Bell Potter upgrading its price target to $260, nearly doubling its previous estimate. The company recently secured a landmark 10-year, $330 million contract with a major U.S. hospital system, reflecting its successful transition to larger public systems. Despite impressive growth figures, including a 30%-40% increase in revenues, concerns about its high valuation persist, prompting some analysts to recommend caution before further investment.
The ASX 200 reached a new milestone, surpassing 8500 points for the first time, driven by positive US economic data and dovish comments from Federal Reserve Chair Waller. Key sectors saw gains, with healthcare stocks like Ramsay Health Care rising 3.15% and technology stocks boosted by a record high in the Nasdaq 100. The market's upward momentum is supported by strong retail sales and improved manufacturing data from China.
Pro Medicus has secured a $330 million contract with Trinity Health, marking it as the company's largest customer to date. The Visage 7 platform will be utilized by over 650 radiologists and thousands of clinicians, with phased implementations starting in early Q3 of 2025. Following the announcement, shares rose 8.66% to close at $248.18.
Following Donald Trump's election victory, US stocks surged, with the S&P 500 closing above 6000 points and banking stocks seeing significant gains. Trump's protectionist policies are expected to benefit small businesses and the cryptocurrency sector, with bitcoin reaching over $87,000. However, concerns over renewed US-China trade tensions arise as Trump threatens tariffs, prompting mixed expert opinions on the potential for a trade war.
Pro Medicus (ASX: PME) holds a modest 7% share of the US market, presenting significant growth potential, according to Goldman Sachs, which maintains a Buy rating. Investors in growth stocks should consider price pullbacks as buying opportunities while balancing risk through a diversified portfolio.
Pro Medicus Limited
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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