Closing Bell

The Australian sharemarket retreated on November 26, 2024, with the S&P/ASX 200 Index falling 0.4% to 8485 points, pulled back from Monday’s record close.

The Australian sharemarket surged to a fresh all-time high on Monday, driven by broad-based gains, with the S&P/ASX 200 Index climbing 0.7% (55.80 points) to 8449.6 by early afternoon. The index, which peaked at 8462.1 in morning trade, is within 50 points of the 8500 milestone, reflecting a nearly 3% rally this month amid optimism surrounding global economic conditions.

Australian shares extended gains into early Friday afternoon, driven by energy stocks as escalating tensions in the Russia-Ukraine conflict propelled oil prices higher. The S&P/ASX 200 rose 1.1% (88 points) to 8401, setting up a potential record close, up 1.5% for the week.

Australian shares have reversed early gains to trade lower as the S&P/ASX 200 slipped 11 points to 8324 in late afternoon trade. After opening 0.3% higher, the index lost momentum by midday. Commonwealth Bank weighed on the market, falling 1% after briefly setting a record high above $157.

Australian shares retreated from record highs as geopolitical tensions dampened investor sentiment. The S&P/ASX 200 Index fell 31 points, or 0.4%, to 8351.6, with energy stocks leading declines, down 1%. Santos dropped 1%, weighing on the sector.

The Australian sharemarket reached a new high on Tuesday, as the S&P/ASX 200 Index climbed 1.3%, or 108.9 points, to 8409.1 by mid afternoon, breaking above the 8400 threshold for the first time. All 11 sectors traded higher, led by strong performances in technology and energy stocks.

The Australian sharemarket remained flat early Monday afternoon, with the S&P/ASX 200 steady at 8285.5 points after slipping 0.1% last week. Gains in commodity-linked stocks balanced declines in health and technology sectors.

Australian shares edged higher at midday, with the S&P/ASX 200 Index rising 0.3% (24.7 points) to 8248.7, buoyed by gains across 10 of 11 sectors. Utilities led, with APA Group advancing 3.2% after reiterating its FY2025 EBITDA guidance, supported by a Q1 revenue increase to $256.4 million from $237.6 million.

A rally in technology and major banks lifted the Australian sharemarket, with the S&P/ASX 200 Index rising 0.2% (14.1 points) to 8207.5. Gains in six of eleven sectors were led by a 5.9% surge in Xero, which reported a 51% rise in EBITDA to $311.7 million and a 76% increase in net profit to $95 million for the half-year. Major banks were all in the green, with Commonwealth Bank up 1.3%.

Australian shares pared early losses on Wednesday as the post-US election rally in global equities hit resistance. The S&P/ASX 200 was down 72 points, or 0.9%, at 8183, having fallen as much as 1.4% earlier. Financials led declines, sliding 1.9% amid market shifts pushing the RBA’s anticipated rate cut to September 2025. Commonwealth Bank dropped 1.6%, Westpac 1.8%, NAB 2.2%, and ANZ 4.6% as it traded ex-dividend.

The S&P/ASX 200 is down 0.6% or 47 points at 8218 near midday AEDT, extending Monday’s 0.4% decline. Mining stocks dropped 2%, with BHP down 2.1% to $40.77 after iron ore prices slipped 1.7% to around $US100 per tonne. Gold miners faced sharp losses as spot gold fell 2.3% to $US2622.62, prompting a sell-off in West African Resources, Emerald Resources, and Bellevue Gold, each down over 5%. Energy stocks also declined by 1%.

The S&P/ASX 200 fell 0.4% (36.3 points) to 8258.8 by midday, pressured by China’s underwhelming stimulus measures, which impacted already weakened mining and energy stocks. This dip followed last week’s 2.2% rally, spurred by a Wall Street surge after Donald Trump’s decisive election win.