The Australian sharemarket surged to a record high on Wednesday, driven by broad gains across sectors, particularly materials and energy. The S&P/ASX 200 rose 0.6% to 8823.30 by 2:10pm AEST, having touched an intraday record of 8824 earlier in the session.
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The Australian sharemarket rallied on Tuesday, with the S&P/ASX 200 Index advancing 1.1% or 97.7 points to 8761.40 by 2:05pm AEST. The index tracked Wall Street gains amid growing expectations of a US interest rate cut in September, with markets now pricing in a total of 63 basis points of easing by year-end.
The Australian sharemarket erased earlier losses to trade flat on Monday afternoon, supported by gains in gold and materials stocks. The S&P/ASX 200 index was down just 1.3 points to 8660.70 at 2:10pm AEST, recovering from an intraday low of 8630.90.
The ASX narrowed earlier losses on Friday as a rebound in iron ore prices lifted major miners, despite renewed global trade tensions and inflation concerns. The S&P/ASX 200 was down 71.70 points, or 0.8%, to 8671.10 at 12:10 p.m., recovering from an intraday drop of 1% to 8650.9. The partial recovery followed a modest improvement in S&P 500 futures, which trimmed losses to 0.2%.
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The ASX slipped slightly in afternoon trade, with the S&P/ASX 200 Index down 0.2%, or 13.4 points, to 8743 at 2.10pm AEST, rebounding from an intraday low of 8701.30. Weaker commodity prices weighed on the market after copper fell nearly 20% overnight—its sharpest drop since 1988—on news that US tariffs would apply only to semi-finished imports.
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The Australian sharemarket surged towards a record high on Wednesday after softer-than-expected inflation data bolstered expectations of an imminent interest rate cut. At 2:05pm AEST, the S&P/ASX 200 rose 56.9 points, or 0.7%, to 8761.50, surpassing the previous record of 8757.20 set on July 18. The broader All Ordinaries Index posted similar gains.
The Australian sharemarket traded marginally lower on Tuesday as investors exercised caution ahead of Wednesday’s critical quarterly CPI release, a key determinant for the Reserve Bank of Australia’s next interest rate decision.
The Australian sharemarket traded higher on Monday afternoon, supported by strength in US equity futures following a US-EU trade agreement and signs of a continued tariff truce with China. The S&P/ASX 200 Index rose 25.1 points, or 0.3%, to 8692 at 2.10pm AEST, with healthcare and communication services leading sector gains. CSL advanced 1% and Telstra added 0.8%.
