AU Shares Looking Positive, Eyeing on Six Consecutive Gains

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The Australian share market has seen several consecutive days of solid performance thanks to several factors. Traders are hopeful of the market performance, given that these factors remain in place.

Many experts believe that fears over the widespread banking crisis are easing, and investors are regaining their confidence. 

Steven Daghlian, a market analyst for CommSec, noted, “It looks like we’ve got a decent chance to finally end this nasty losing streak that we’ve had to endure, which has been seven-straight weeks of losses. Markets seem to feel a bit better about things at the moment. The focus and concern around regional US banks have eased a little.”

Tom Richardson, a markets reporter and commentator, added that “traders believe Australian shares should extend a week-long rally to follow Wall Street and Europe higher this week if the Reserve Bank bows to bond market pressure and worries over financial stability to keep interest rates on hold for the first time in eleven months.”

Richardson also stated that the Australian market aims to achieve its sixth straight day of gains as Futures point 0.63 per cent higher on 3 April, after its demise following the Silicon Valley Bank Crisis just last 9 March.

According to Ophir Asset Management head of research Luke McMillan, the share market may see a slight positive should the RBA pause the rate hikes. 

He also added that there might be a surprise RBA rate increase that will confirm some economists’ predictions, and this may cause a short-term reversal in asset prices, but this should not have too much effect on the market.

Contributors to the consecutive gains of the Australian market were Brent Crude Oil futures, ending at 1.8 per cent higher to $79.80 to a barrel and risk bellwether bitcoin, up 1 per cent with $28,5020 per coin. Many await the RBA’s Financial Stability Review by bank governor Phil Lowe this Thursday.

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