The Australian sharemarket rebounded on Tuesday, with the S&P/ASX 200 rising 0.8%, or 62.7 points, to 8050.50, driven by strength in banking and mining stocks. The index is now just shy of its all-time high of 8148.7 set in August.

All 11 sectors advanced after Monday’s 0.3% decline, with financials leading gains. Commonwealth Bank hit a record high of $145.01, marking a 30% gain for the year, while Macquarie Group surged 1.9% to $227.91, reaching a new peak of $228.50 and up 24% year-to-date. Westpac and NAB climbed to seven-year highs, and ANZ neared its own milestone.

The sector’s momentum was bolstered by APRA’s plan to phase out bank hybrid securities and a UBS report recommending bank stocks over miners for stronger valuations.

Mining giants BHP and Rio Tinto rose on recovering iron ore prices, while oil stocks gained on U.S. supply concerns from Tropical Storm Francine.

Polynovo surged 3.8%, while Steadfast fell 13% following a Four Corners investigation. Life360 was the largest laggard, down 11%.