The ASX 200 hit a fresh all-time high as miners rallied on record copper prices and a six-month gold rally. BHP, Fortescue and REA Group led gains. Earnings season starts next week.
The Australian share market pushed to another record high on Thursday. The ASX 200 rose 0.4% by lunchtime after touching a fresh all-time intraday high. Optimism over progress toward reopening the Strait of Hormuz helped lift sentiment, traders said, ahead of a busy earnings season next week.
Materials led the charge. Copper prices hit fresh record highs. Gold extended its strongest rally in six months. BHP gained 0.7%, Fortescue rose 1.6%. Rio Tinto edged lower after Glencore confirmed plans to pursue a secondary ASX listing following failed merger talks earlier this year.
Energy stocks remained under pressure despite Brent crude recovering toward US$77 a barrel. Woodside and Santos both traded lower as markets continued to monitor shipping developments through the Strait of Hormuz.
Technology stocks weakened after the overnight sell-off in US growth names filtered through. WiseTech Global and Life360 both traded lower.
In company news, REA Group climbed after reporting an 11% increase in full-year revenue. AMP jumped after delivering a 57% rise in half-year profit and announcing a $150 million share buyback.
Beach Energy slipped after reporting a 21% decline in full-year underlying profit. Block also traded lower despite beating market expectations with its latest US earnings.
Markets looked through a mixed night on Wall Street. The Dow finished higher but the S&P 500 and Nasdaq slipped as Alphabet and SpaceX came under pressure. Investors also weighed hawkish comments from US Federal Reserve governor Lisa Cook, who said she would support another interest rate rise if inflation remains elevated.
The ASX 200 closed at a record high. The full earnings season kicks off next week.
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