Australian shares edged higher at midday, with the S&P/ASX 200 up 10 points to 8233 after a weak start. A recovery in the banking sector, particularly Commonwealth Bank’s 1.2% rise, offset broader market declines. Technology stocks dropped 2%, following the overnight fall of US mega-caps like Nvidia and Apple.
The Australian sharemarket tumbled on Tuesday, with the S&P/ASX 200 Index falling 1.4%, or 226.4 points, to 8228 by midday, following a sell-off across all sectors.
The Australian sharemarket tumbled on Tuesday, with the S&P/ASX 200 Index falling 1.4%, or 226.4 points, to 8228 by midday, following a sell-off across all sectors.
Australia’s sharemarket rose 0.7% on Monday, with the S&P/ASX 200 Index gaining 55.2 points to 8338.7, driven by strength in the materials and healthcare sectors. Mining stocks led the charge, with iron ore prices rebounding and gold prices surpassing $US2700 per ounce.
Australian shares extended losses into the early afternoon, as weak Chinese economic data weighed on market sentiment, hitting commodity stocks particularly hard. The S&P/ASX 200 dropped 0.9%, or 73.6 points, to 8282.3, retreating from the previous session’s record close of 8355.9. All sectors traded in the red, with Utilities leading the declines, driven by a 6% slump in APA Group after major shareholder Unisuper offloaded $500 million in shares.
The S&P/ASX 200 Index was up 73 points, or 0.7%, at 8363.5 by midday, having earlier climbed as much as 1.2% to a new intraday high. The Australian economy added 64,100 jobs in September, more than double the forecast, with the unemployment rate steady at 4.1%.
Australian shares trimmed losses but remained down in early afternoon trade on Wednesday, driven by a tech sector slump after a surprise report from Dutch chipmaker ASML raised concerns over the global AI boom. The S&P/ASX 200 fell 0.1% to 8309, retreating from Tuesday’s record close of 8318.4.
A rally in mining stocks and banks helped the Australian sharemarket hit a new record high on Tuesday. The benchmark S&P/ASX 200 Index rose 0.9% to 8331.7 points in the afternoon, surpassing its previous peak of 8285.7 points set last month. Investor sentiment was boosted by a strong session on Wall Street, where the S&P 500 hit another record, driven by a surge in tech stocks, particularly chipmakers.
Mining stocks have driven a late rally on the ASX, pushing the index closer to its record high set last month. In late afternoon trading, the S&P/ASX 200 was up 44.3 points, or 0.5%, at 8240, nearing its previous high of 8269.85 from September 30. Mining shares led the way, rising 1.5% after being flat for much of the session.
Australian shares dipped at midday, mirroring a weaker U.S. session as September inflation exceeded forecasts, and weekly jobless claims hit a 12-month high. The S&P/ASX 200 Index fell 0.2% or 14.4 points to 8208.6, with losses in seven out of 11 sectors.
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.
