On Monday, the Australian stock market climbed by 0.4%, or 31.7 points to 8131.6, closing at record highs amid advances in the banking and gold sectors.
Out of the 11 sectors, seven saw gains, with banks and communications services leading. In contrast, the health and energy sectors underperformed.
US stocks experienced a robust rally on Friday as anticipation builds for the Federal Reserve’s imminent rate cut. The markets are currently predicting a 60% chance that the Fed will start its easing cycle with a substantial half-percentage point cut.
Gold miners experienced notable gains as bullion hit a record high of $2,588.81, driven by a weaker US dollar. Evolution Mining saw a 4.8% increase, St Barbara surged by 7.8%, and Northern Star climbed 1.1%. Conversely, Emerald Resources fell nearly 5% due to news of a wall slip at its Cambodian mine.
Lithium producer Mineral Resources saw a 1.3% rise following positive estimates of potential gas resources from its Lockyer gas project in Western Australia’s Perth Basin.
Meanwhile, major iron ore producers showed a decline. BHP remained unchanged, while Rio Tinto and Fortescue dropped by 0.7% and 1.7%, respectively, influenced by lower iron ore futures in Singapore and disappointing Chinese economic data released over the weekend.
All major banks rose, with Westpac leading the gains with a 1.7% increase.
On the bond markets, 10-year and 2-year rates were at 3.821% and 3.492%, respectively.