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Australian Shares Hit Record High as Mining and Energy Stocks Gain

September 30, 2024, 08.47 AM | Source: Reuters
Australian Shares Hit Record High as Mining and Energy Stocks Gain

ILUSTRASI. Australian shares rose to an all-time-high on Monday, as miners extended gains on fresh stimulus measures announced by China


GLOBAL MARKET - SYDNEY. Australian shares rose to an all-time-high on Monday, as miners extended gains on fresh stimulus measures announced by top trade partner China and energy stocks jumped on increasing concerns of potential supply disruptions from the Middle East.

The S&P/ASX 200 index rose 0.6% to 8,263.40 by 0045 GMT, with most major sectors trading in the positive territory. The index surpassed the previous life high of 8,246.20 touched earlier this month.

China's central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans by the end of October to support the country's beleaguered property market.

This follows a series of monetary, fiscal and liquidity support measures announced last week in China's biggest stimulus package since the pandemic.

In Australia, investors awaited the August retail sales report, due on Tuesday, for more clues on the central bank's interest rate outlook.

Read Also: MORNING BID ASIA-China Stimulus, Japan Politics Dominate Q3 End

Last week, the Reserve Bank of Australia kept its cash rate steady while maintaining a hawkish stance.

Energy stocks rose as much as 2.5% as oil prices inched higher on Middle East supply risks. Sector major Woodside Energy and Santos gained 2.8% and 1.8%, respectively.

Miners climbed 1.8% to their highest in more than three months and were on track for a fifth straight session of gains. Rio Tinto and BHP rose 1.9% and 2.7%, respectively.

Financials rose 0.4%, with the "Big Four" banks up between 0.4% and 0.8%.

Gold stocks declined 2% despite higher bullion prices, with Northern Star Resources and Evolution Mining down 1.6% and 2.1%, respectively.

On Friday, the Dow Jones Industrial Average rose 0.33%, the S&P 500 lost 0.13%, and the Nasdaq Composite lost 0.39%.

Read Also: Japan's Incoming PM Ishiba Calls for Loose Monetary Policy

In New Zealand, the benchmark S&P/NZX 50 index inched 0.1% higher to 12,471.83.

Fonterra shares rose over 3% to hit a more than three-year high as the dairy firm upgraded its dividend payout policy.

 

Next: MORNING BID ASIA-China Stimulus, Japan Politics Dominate Q3 End

Editor: Anna Suci Perwitasari

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