Aussie shares track US rebound towards record high
By lunchtime, the benchmark S&P/ASX200 had surged 87.2 points, or 1.01 per cent, to 8,750.9, as the broader All Ordinaries jumped 89.7 points, or 1.02 per cent, to 9,012.7.
The bullish start to the day followed Wall Street's best session since May, as last week's gloomy jobs figures helped narrow interest rate market bets on incoming Federal Reserve rate cuts.
"Investors reversed their brief market retreat into a bull run overnight, applauding strong company data and cheering weaker economic data as a herald of interest rate cuts to come," Moomoo market strategist Michael McCarthy said.
"Good news is good news, and bad news is good news as US indices moved back towards all-time highs."
The local bourse is also narrowing in on its own record, pushing to within 12 points, or 0.13 per cent of its 8,776.4 intraday peak set in July.
All 11 sectors were trading higher by midday, led by IT stocks, materials, consumer discretionary and utilities stocks.
Financials have rebounded by one per cent, completely wiping Monday's 0.6 per cent loss.
All big four banks were trading higher, led by NAB (+1.2 per cent) and ANZ (+1.1 per cent), while CBA was the again the least volatile with a 0.7 per cent lift to $176.20.
The materials sector continues to show strength, up 1.3 per cent on Tuesday with strong leads from large caps BHP (0.9 per cent) and Rio Tinto (+1.2 per cent) leading the way as iron ore prices held above $US100 per tonne for the first time since mid-May.
Gold prices edged to within two per cent of record prices to $US3435 ($A5312), helping support local miners like Northern Star, which rose 1.8 per cent to $16.45.
Local energy stocks gained 0.9 per cent as oil prices hit a weekly low overnight, prompting a modest bounce and helping Woodside rise 1.2 per cent to $26.51.
Mobile and internet provider TPG will hand back up to $3 billion of the $5.3 billion sale of its fibre and fixed network business to shareholders, after finalising the sale to Vocus. TPG shares have slipped 2.3 per cent following the capital reduction and reinvestment plan announcement.
Counter-drone solution provider Droneshield was the best performer of the top-200, surging more than nine per cent on Tuesday and is up more than 450 per cent in 2025 amid rising global defence spending.
Telix Pharmaceuticals was at the other end of the leaderboard, sinking more than 14 per cent after it announced significantly higher operating expenses in the first half.
The Australian dollar is trading relatively steady against the greenback to buy 64.64 US cents, down slightly from 64.81 US cents on Monday at 5pm.
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Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. 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Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns. The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8. The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July. The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher. On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said. "We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP. "Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets." Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said. Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80. The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80. Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks. Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall. Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher. Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out. Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment. Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers. The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm. ON THE ASX: * The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4 * The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.60 US cents, from 64.81 US cents on Monday . * 95.17 Japanese yen, from 95.68 Japanese yen * 55.93 euro cents, from 65.02 euro cents * 48.65 British pence, from 48.80 British pence * 109.68 NZ cents, from 109.60 NZ cents
