Australian Shares Extend Rally to New Record

Australian shares continued their winning streak Thursday, climbing 59 points, or 0.6%, to a fresh high of 9,286 in early trade, buoyed by stronger U.S. futures despite Wall Street’s mixed overnight close as investors reassessed valuations following a sharp rebound in AI-linked stocks. Locally, sentiment was lifted by inflows at the start of the new financial year. Meanwhile, recent data showed private sector activity expanding at the fastest pace in six months, with services firming and factory orders rebounding. Gains were led by non-energy minerals, consumer names, healthcare, and utilities, while weakness was seen in tech, commercial services, and energy minerals. Heavyweights BHP rose 1.1%, Evolution Mining surged 5.7%, Northern Star Resources added 4.5%, and REA Group advanced 2.1%. The big four banks edged up between 0.3% and 0.5%. Traders now turn to trade figures due later today from Australia and from main trading partner China on Friday.

ASX200 increased to an all-time high of 9231.00 Index Points. Over the past 4 weeks, Australia Stock Market Index (AU200) gained 4.48%, and in the last 12 months, it increased 4.33%.

The ASX 200 rose 82 points, or 0.9%, to end at a record high of 9,228 on Wednesday, marking its fourth session of gains. Sentiment was buoyed by a sharp rise in U.S. futures after Wall Street’s record close Tuesday, as hopes for a diplomatic resolution to the war in Iran drove oil lower for a third day and pulled global bond yields down. Meanwhile, July services activity in Australia showed its strongest growth in six months. However, strength was capped by softer growth in manufacturing and services sectors in China, Australia's largest trading partner. Traders also stayed cautious ahead of trade data from both economies later this week. Sector gains were broad, led by non-energy minerals, tech, manufacturing, and healthcare. BHP and Rio Tinto rose 3.3% and 2.3% on copper revenue, while gold producers rallied with bullion, lifting Evolution Mining (6.3%) and Northern Star Resources (5.8%). In contrast, the big four banks slipped between 0.4% and 1.4%, and energy stocks also slipped.