Australian equities climbed to a fresh record high on Wednesday, buoyed by optimism over United States-China trade developments, following news that U.S. and Chinese officials had reached a “framework” deal to restore the flow of key products between the two economies.
The S&P/ASX 200 Index just 4.9 points, or 0.1%, to close at 8,592.1, marking a new all-time closing high.
Gains were broad-based, with eight of the 11 industry sectors advancing, led by the Real Estate Investment Trusts (A-REITs) and Materials sectors.
Mirvac Group added 1.7%, Goodman Group gained 0.2%, and Stockland Group lifted 2.9%.
Miners lifted amid higher iron ore prices, with BHP, Rio Tinto, and Fortescue Metals advancing 1.5%, 0.2%, and 3.5%, respectively.
Energy stocks also performed well, with Santos adding 0.6%, Woodside Energy up 1.9%, and Viva Energy gaining 1%.
Among individual companies, Buy-now-pay-later operator Zip Co rallied 15.5% after upgrading its earnings guidance to $160 million, up from a previous forecast of $153 million, citing continued growth in the U.S. market.
Monash IVF jumped 11%, partially rebounding from a 28% plunge in the previous session following a disclosure of its second embryo mix-up in three months.
Johns Lyng Group soared 17.7% after confirming it had received a non-binding indicative takeover offer from private equity firm Pacific Equity Partners.
Fletcher Building gained 10% following disclosure of "ongoing inbound inquiries" from parties interested in its businesses, including its construction unit.
In contrast, Qantas declined 1.3% after announcing plans to shut down Jetstar Asia, its Singapore-based low-cost airline established more than two decades ago to tap into regional demand.
Australian bond yields held steady, with the 10-year yield at 4.277% and the 2-year yield unchanged at 3.359%.
