The Australian share market extended record highs on Wednesday as gains in the Materials and Energy sectors lifted the index.
The rally was supported by renewed hopes of interest rate cuts in the United States following another round of weaker-than-expected economic data.
The S&P/ASX 200 advanced 73.3 points or 0.8% to close at 8,843.7, with 10 of 11 sectors finishing in positive territory. Materials led the gains, while Utilities was the only sector to end lower.
Gold prices rallied towards US$3,400 an ounce overnight, boosting Australian gold miners.
Northern Star jumped 5%, Newmont gained 2.2%, while West African Resources surged 5.7% after upgrading its production outlook to 4.8 million ounces of gold over the next decade.
Energy stocks also contributed to the market’s strength, as Brent crude rose. Woodside and Santos rose 1.3% apiece, while Beach Energy gained 1.2%.
In company-specific news, market operator ASX Ltd fell 0.9% after it mistakenly published TPG Capital’s $651 million bid for Infomedia under the wrong ticker.
TPG Telecom, whose code was incorrectly used, resumed trading to close 5.1% lower after the error was corrected.
Pinnacle Investment Management rallied 9.5% after the firm reported a 49% rise in full-year net profit to $134.4 million, in line with market expectations.
News Corp climbed 5.1% after reporting US$8.5 billion (A$13.1 billion) in annual revenue, up 2%, and a 14% rise in earnings to $1.42 billion.
REA Group jumped 6.9% following a strong earnings report and the announcement of a record dividend of $1.38 per share.
Lindian Resources surged 33% after striking a long-term supply agreement with Iluka for rare earths concentrate. Iluka shares rose 0.8% in response.
On the bond market, yields on Australian 10-year and 2-year bonds rose to 4.253% and 3.349% respectively, up 1.1% and 0.6%.
