On Thursday, Commonwealth Bank shares surged to a record high of $119.37, alongside National Australia Bank and Westpac reaching notable highs, propelling the S&P/ASX 200 index to a second consecutive day of gains, reaching 7763.7 points, with financials climbing by 0.6 percent while the resources sector dipped by 0.92 percent due to major companies going ex-dividend.
Commonwealth Bank’s rise, now 22 times its IPO value, reflects investor confidence in lower interest rates and stable earnings despite slight arrears upticks. In global markets, the Nasdaq rose by 0.6 percent, and the Australian dollar strengthened to US65.9c amid expectations of US rate cuts.
Gold prices soared to a record high, boosting gold mining stocks, with Ramelius Resources entering a trading halt amidst reports of a significant bid for Karora Resources, while Chalice emerged as the best-performing stock on the S&P/ASX 200, surging by 9.9 percent on hopes of a nickel price recovery.
Futures
The Dow Jones futures are pointing to a fall of 37 points.
The S&P 500 futures are pointing to a fall of 9.25 points.
The Nasdaq futures are pointing to a fall of 63.50 points.
The SPI futures are up 58 points.
Best and worst performers
The best-performing sector was Industrials, up 1.33 per cent. The worst-performing sector was Energy, down 1.15 per cent.
The best-performing large cap was ResMed (ASX:RMD), closing 5.45 per cent higher at $28.82. It was followed by shares in Lynas Rare Earths (ASX:LYC) and Mineral Resources (ASX:MIN).
The worst-performing large cap was Mercury NZ (ASX:MCY), closing 2.82 per cent lower at $6.55. It was followed by shares in Woodside Energy Group (ASX:WDS) and Meridian Energy (ASX:MEZ).
Asian markets
Japan’s Nikkei has lost 0.93 per cent.
Hong Kong’s Hang Seng has lost 0.66 per cent.
China’s Shanghai Composite has lost 0.27 per cent.
Commodities and the dollar
Gold is trading at US$2,164.20 an ounce.
Iron ore is 0.4 per cent higher at US$117.70 a tonne.
Iron ore futures are pointing to a 1.02 per cent rise.
Light crude is trading $0.07 lower at US$79.06 a barrel.
One Australian dollar is buying 65.82 US cents.