The Australian share market surged on Thursday, driven by optimism surrounding potential new stimulus measures from China.
The benchmark S&P/ASX 200 Index rose by 1%, or 77.3 points, closing at 8203.7, with gains recorded across 10 of the 11 sectors. This broad-based rally came despite a weak session on Wall Street, where the Dow Jones dropped by 0.7%.
The All Ordinaries Index also advanced by 1.1%.
The consumer discretionary sector was among the top performers, climbing 2%. Major players such as Wesfarmers rose 1.5% to $70.99, Aristocrat Leisure jumped 2.8% to $58.09, and JB Hi-Fi gained 3% to $80.98.
The mining sector also contributed to the rally, buoyed by a rise in iron ore prices. Rio Tinto climbed 2% to $123.22, BHP rose by 1.6% to $43.36, and Fortescue Metals saw 2.9% rise to $19.40.
Washington H. Soul Pattinson, despite reporting a 27.8% drop in net profit for FY24 to $498.8 million, advanced 2.2%. The conglomerate, which has holdings in New Hope, TPG Telecom, Pengana Capital, and Brickworks, attributed the profit decline to lower contributions from Brickworks and New Hope.
Meanwhile, Platinum Asset Management rejected a takeover bid from Regal Funds Management, stating that the current proposal undervalued the company. Platinum's shares rose 1.8% to $1.145, while Regal Partners gained 2.3% to $3.60.
On the bond markets, 10-year rates were at 3.945% and 2-year rates were at 3.559%.