The Australian sharemarket briefly touched a new record high on Monday, mirroring a surge in US stocks. Banks and gold stocks led the gains, while energy and health sectors lagged.
At the closing bell, the S&P/ASX 200 was 0.27 per cent higher at 8,121.60, driven by optimism about a potential interest rate cut by the Federal Reserve. Gold miners benefited from a stronger gold price, while lithium miner Mineral Resources rallied on positive gas resource estimates. However, some stocks, including Cettire, Emerald Resources, and Rio Tinto, faced declines due to various factors such as regulatorya concerns, mining incidents, and weaker iron ore prices. Overall, the market was characterized by mixed performances across different sectors and individual stocks.
Futures
The Dow Jones futures are pointing to a rise of 12 points.
The S&P 500 futures are pointing to a rise of 0.5 points.
The Nasdaq futures are pointing to a fall of 17.75 points.
The SPI futures are up 19 points.
Best and worst performers
The best-performing sector was Communication Services, up 1.08 per cent. The worst-performing sector was Health Care, down 1.06 per cent.
The best-performing large cap was Evolution Mining (ASX:EVN), closing 4.17 per cent higher at $4.50. It was followed by shares in Westpac Banking Corporation (ASX:WBC) and SEEK (ASX:SEK).
The worst-performing large cap was Telix Pharmaceuticals (ASX:TLX), closing 6.46 per cent lower at $17.82. It was followed by shares in Meridian Energy (ASX:MEZ) and Pro Medicus (ASX:PME).
Asian markets
Japan’s Nikkei has lost 0.68 per cent.
Hong Kong’s Hang Seng has gained 0 per cent.
China’s Shanghai Composite has gained 0.65 per cent.
Commodities and the dollar
Gold is trading at US$2,616.50 an ounce.
Iron ore is 2.1 per cent lower at US$92.65 a tonne.
Iron ore futures are pointing to a 0.2 per cent fall.
Light crude is trading $0.25 higher at US$68.90 a barrel.
One Australian dollar is buying 67.26 US cents.