The Australian sharemarket’s push towards a record high was stalled this afternoon as losses in banking stocks offset strong gains in the energy and mining sectors. The benchmark S&P/ASX 200 rose 0.2% or 13 points to 8088.70 by 2 pm, having briefly touched 8135 earlier in the session, nearing its all-time high of 8148.7 set last month.

Bank stocks fell in afternoon trading, with National Australia Bank down 0.9%, ANZ slipping 0.7%, and Commonwealth Bank losing 0.8%.

Meanwhile, gold miners surged, driven by rising gold prices hitting $US2,567.93 an ounce amid expectations of US Federal Reserve rate cuts. West African Resources soared nearly 9%, while Evolution Mining gained 7.6%, and Perseus Mining rose 6.8%. BHP and Rio Tinto each added 2.2%, with Fortescue advancing 4.8%.

Energy producers also gained on stronger oil prices, with Santos rising 1.4% and Woodside up 1.7%. Brent crude traded at $US72.41 per barrel, fueled by potential supply disruptions.