The Australian share market has reached a new peak, surpassing 8100 points, fuelled by investor optimism stemming from potential interest rate cuts and rising oil prices. Cooling inflation figures and hints of a potential rate reduction by the US Federal Reserve have boosted market sentiment, particularly benefiting rate-sensitive sectors like banking and real estate.
Additionally, geopolitical tensions in the Middle East have driven up oil prices, propelling energy stocks higher and contributing to the overall market surge.
At 11:30am, the S&P/ASX 200 is 0.55 per cent higher at 8,136.50.
The SPI futures are pointing to a rise of 27 points.
Best and worst performers
The best-performing sector is Information Technology, up 1.46 per cent. The worst-performing sector is Industrials, down 0.17 per cent.
The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 3.07 per cent higher at $3.02. It is followed by shares in Mercury NZ (ASX:MCY) and Technology One (ASX:TNE).
The worst-performing large cap is Qantas Airways (ASX:QAN), trading 2.48 per cent lower at $6.30. It is followed by shares in TPG Telecom (ASX:TPG) and Qube Holdings (ASX:QUB).
Commodities and the dollar
Gold is trading at US$2497.90 an ounce.
Iron ore is 2.0 per cent higher at US$100.95 a tonne.
Iron ore futures are pointing to a 2.53 per cent rise.
One Australian dollar is buying 65.46 US cents.