Closing Bell

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.

The Australian sharemarket faced a volatile session, weighed down by a sell-off in mining stocks and declining iron ore prices, as investors were left disappointed by the lack of further stimulus from China. The benchmark S&P/ASX 200 index fell 21.1 points, or 0.3%, to 8,184.3, after a brief rally on hopes that Beijing would announce a public spending package.

The Australian sharemarket extended its gains for the sixth consecutive session, driven by broad-based optimism as investors increased their bets on potential interest rate cuts by central banks later this year. Wall Street’s overnight rally, spurred by stronger-than-expected US retail sales data, added to the positive sentiment. The S&P/ASX 200 climbed 1.3% to 7966 points, with the materials sector rebounding 2.1%.

The jobless rate edged up to 4.2% in July, slightly higher by 0.1%. Despite adding 58,200 jobs, largely due to mass immigration, market sentiment was mixed.

Australian shares edged higher in early afternoon trade, with the S&P/ASX 200 Index up 0.3% or 21.5 points to 7835.2, extending gains for a fifth consecutive day. Real estate and mining sectors led the advance, while healthcare lagged, falling 2.6%. CSL shares dropped 4%, despite projecting double-digit earnings growth, marking one of its largest daily declines this year. Seek was the biggest laggard, plunging nearly 10% after weaker regional job ads impacted earnings.

The Australian sharemarket advanced Monday, marking its second consecutive day of gains, driven by strong earnings from JB Hi-Fi amidst a busy week of corporate results. The S&P/ASX 200 Index rose 38.7 points, or 0.5%, to 7816.4, following a Wall Street rebound as global markets stabilize after last week’s significant downturn.

The Australian sharemarket retreated on Thursday afternoon, with the S&P/ASX 200 Index declining 0.3% or 23.4 points to 7676.4. A sell-off in mining and property stocks, alongside a broader market pullback, weighed on the index. The materials sector dropped 1.5%, with BHP Group down 1.9%, Rio Tinto losing 1.8%, and Fortescue Metals falling 0.8% as Singapore iron ore futures slid 1.7% to $US99.2 per tonne. Property stocks were also hit, down 2.3%, as Goodman Group fell 2.5% and Scentre Group lost 1.5%. Mirvac shares plunged 9.5% after forecasting lower FY2025 earnings.

Australian shares rose in early afternoon trading, buoyed by positive sentiment from Wall Street and Asia as investors reassess market and interest rate outlooks. The S&P/ASX 200 gained 0.6%, or 42.9 points, to 7723.5, reversing a 0.3% loss at the open. This follows a 0.4% rebound in the previous session after Monday’s sharp sell-off.

The Australian sharemarket maintained its gains despite the Reserve Bank holding the cash rate steady at 4.35%, citing persistent inflation concerns. The S&P/ASX 200 Index was up 0.8%, trading at 7,708.7 points in late trading, with six of 11 sectors in positive territory.

The Australian sharemarket is experiencing its steepest sell-off in two years, driven by escalating U.S. recession concerns. The S&P/ASX 200 index has dropped 2.7%, or 220 points, to 7722, extending Friday’s 2.1% decline. This 5% two-day loss marks the worst single-day drop since June 2022, when U.S. inflation surged to a 40-year high, unsettling global markets.