The Australian share market advanced on Monday, reaching fresh record highs as strength in the Materials sector offset declines in Consumer Discretionary stocks ahead of a widely expected Reserve Bank of Australia rate cut on Tuesday.
The S&P/ASX 200 Index rose 37.7 points or 0.4% to 8,844.8, with eight of the 11 sectors finishing higher.
Lithium miners surged following the suspension of production at a major Chinese mine operated by battery giant Contemporary Amperex Technology, sparking a sharp rally in the battery metal producers.
Pilbara Minerals soared 19.7%, Mineral Resources gained 12.2%, and Liontown Resources climbed 18.3%,
Iron ore producers also benefited from firmer prices, with BHP rising 1.6% as iron ore futures lifted 1.3%. Fortescue Metals and Rio Tinto added 3% and 1.5%, respectively.
Conversely, the consumer discretionary sector was the weakest performer. JB Hi-Fi plunged 8.4% after the resignation of long-serving chief executive Terry Smart overshadowed a results announcement that was largely in line with expectations.
In company news, Car Group added 0.5% after reporting a 10% increase in net profit after tax to $275 million for the 2025 financial year.
DigiCo Infrastructure REIT jumped 9.1% after its Sydney data centre, SYD1, was awarded “certified strategic” status by the Australian Department of Home Affairs.
Charter Hall Social Infrastructure REIT rose around 4.9% after announcing a significant return to profitability for the 2025 financial year.
Meanwhile, Iress tumbled 7.2% after its half-year results to 30 June fell short of market expectations.
On the bond markets, 10-year and 2-year yields declined by 0.5 and 0.2 basis points to 4.252% and 3.352%, respectively.
