October 2024

A rally in mining stocks and banks helped the Australian sharemarket hit a new record high on Tuesday. The benchmark S&P/ASX 200 Index rose 0.9% to 8331.7 points in the afternoon, surpassing its previous peak of 8285.7 points set last month. Investor sentiment was boosted by a strong session on Wall Street, where the S&P 500 hit another record, driven by a surge in tech stocks, particularly chipmakers.

Mining stocks have driven a late rally on the ASX, pushing the index closer to its record high set last month. In late afternoon trading, the S&P/ASX 200 was up 44.3 points, or 0.5%, at 8240, nearing its previous high of 8269.85 from September 30. Mining shares led the way, rising 1.5% after being flat for much of the session.

Australian shares dipped at midday, mirroring a weaker U.S. session as September inflation exceeded forecasts, and weekly jobless claims hit a 12-month high. The S&P/ASX 200 Index fell 0.2% or 14.4 points to 8208.6, with losses in seven out of 11 sectors.

Australian shares were set to close at a new record high, following gains on Wall Street, with miners and energy stocks leading the rise amid expectations of further policy easing in the U.S. and China.

The S&P/ASX 200 climbed 0.4% or 28.8 points to 8216.2, approaching its September 30 peak of 8269.8. Iron ore prices rose 1.5% in Singapore, lifting materials stocks, while anticipation of fresh Chinese stimulus supported sentiment.

Australian shares edged higher on Wednesday afternoon, as gains in consumer discretionary and utilities stocks outweighed weaker performance in the commodities sector. The S&P/ASX 200 Index rose 0.1%, or 5 points, to 8181.9 by early afternoon, supported by eight of the 11 sectors. A Wall Street rally, driven by a 4.1% gain in Nvidia, also lifted market sentiment.