The Australian share market rebounded on Thursday, erasing losses from its worst session since May and notching a fresh all-time high, as a surprise uptick in unemployment bolstered expectations for an interest rate cut by the Reserve Bank next month.
The benchmark S&P/ASX 200 Index rose 77.2 points or 0.9% to 8,639.0, with all 11 sectors finishing in positive territory.
Rate-sensitive property stocks were among the largest gainers amid renewed hopes of monetary easing.
Goodman Group climbed 0.8%, Mirvac added 3.2%, while Scentre Group and Charter Hall both lifted 1.9% apiece.
Industrials were also firmer, supported by gains at Auckland International Airport, up 4.3%, Transurban, gaining 2%, Atlas Arteria, lifting 3.4%, and Computershare, which added 3%.
The financial sector contributed to the upbeat tone. ANZ and Westpac rose 1.1% and 1.2%, respectively, while Commonwealth Bank 1.8% and National Australia Bank gained 1.1%.
In company news, Car Group fell 2.9% after announcing long-serving chief executive Cameron McIntyre would step down, to be replaced by CFO William Elliott. The company also reported a net profit after tax of A$123 million for the six months to December 2024, marking a 5% increase from the prior period.
Australian government bond yields fell in response to the softer labour data, with the 10-year yield down 0.5% to 4.358% and the 2-year yield falling 1.6% to 3.349%, as traders priced in a higher likelihood of near-term easing by the RBA.
