The S&P/ASX 200 Index (INDEXASX: XJO) reeled off its third straight day of gains on Wednesday to close 0.93% higher.
The Aussie benchmark index gained 63.10 points to close at 6,850.60 points – just 0.4% shy of its record high.
Here are 3 things you might have missed on a relatively subdued day of trade in Aussie equities.
1. Bravura shares continue to soar higher
The Bravura Solutions Ltd (ASX: BVS) share price led the ASX 200 gainers on Wednesday and closed 14.48% higher.
Bravura shares are now sitting at $4.98 per share, having climbed an astonishing 27.70% higher in the last 2 days.
The big catalyst was Bravura’s strong trading update on Tuesday. Bravura said it is on track to achieve its FY20 guidance of mid-teen net profit growth.
That update sent Bravura shares rocketing higher on Tuesday before following that up with another strong day of trade on Wednesday.
2. Westpac misses out on Government home loan scheme
The headaches continued on Wednesday for Westpac Banking Corp (ASX: WBC).
Westpac shares fell lower after losing its status as one of the two banks to be involved in the Federal Government’s first home loan deposit scheme.
Aussie media on Wednesday reported that National Australia Bank Ltd (ASX: NAB) will be picked for the scheme with either Australia and New Zealand Banking Group (ASX: ANZ) or Commonwealth Bank of Australia (ASX: CBA) instead.
Westpac shares closed 0.20% lower at $24.81 per share on the ASX 200 on Wednesday following the reports.
3. Record highs coming thick and fast on the ASX 200
It wasn’t just the ASX 200 that was approaching record high levels on Wednesday.
The Aussie index is just 0.4% shy of its record high set in late July this year. This comes as investors expect the RBA to slash rates once more and the potential for quantitative easing (QE) kicks in.
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Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd, Cochlear Ltd., and CSL Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Bravura Solutions Ltd and Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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