Aussie shares rally to 100-day high, edge all-time peak

The local share market has finally joined a global risk-on rally, climbing to its highest intraday level in 100 days and finishing within a whisker of its highest-ever close.

The benchmark S&P/ASX200 index on Thursday gained 72.8 points, or 0.93 per cent, at 7,889.6, less than eight points shy of its record closing high of 7,896.8 set on March 28.

The broader All Ordinaries gained 75.1 points, or 0.93 per cent, to 8,133.4.

The rally followed a strong lead from Wall Street, where the S&P500 rose 1.0 per cent to close at an all-time high for the 37th time this year following more dovish commentary from Fed chairman Jerome Powell.

In his second day of testimony before the US Congress, Mr Powell did little to alter expectations of US rate cuts in 2024 - something most analysts expect will begin in mid-September.

"You don't want to wait (to cut interest rates) until inflation gets all the way down to two per cent," he told House lawmakers. 

"If you waited that long, you probably waited too long because inflation will be moving downward and would go well below two per cent, which we don't want."

Monthly US inflation data that could alter expectations on the pace of rate cuts will be released late Thursday night Australian time. 

Every sector of the bourse finished higher on Thursday as the ASX200 finally broke out of the trading range it had been in since early June.

Property was the biggest gainer, rising 1.6 per cent, with tech close behind with a 1.5 per cent gain.

Tech and property were the biggest gainers, rising 1.5 and 1.6 per cent, respectively. 

Real estate developer Mirvac climbed 4.3 per cent to a two-week high of $1.93, while New Zealand cloud accounting firm Xero added 3.4 per cent to a two-and-a-half-year high of $141.50.

Commonwealth Bank, JB Hi-Fi, owner REA Group, Brisbane-based enterprise software company Technology One and Melbourne-based radiopharmaceutical company Telix Pharmaceuticals were among the companies whose shares closed at all-time highs.

Telix was also the biggest gainer in the ASX200, rising 10.5 per cent to $19.39 after the US Medicare system made a decision that would improve payments for diagnostic radiopharmaceutical procedures such as the one Telix sells.

Uranium companies Deep Yellow, Paladin and Boss Energy were close behind, with Deep Yellow rising 9.2 per cent and the other two adding more than six per cent.

In the heavyweight mining sector, goldminers shone as the precious metal changed hands at $US2,376 an ounce.

Newmont added 3.7 per cent, Northern Star rose 2.1 per cent and Perseus Mining climbed 5.2 per cent.

Elsewhere in the sector, Fortescue climbed 1.9 per cent to $22, BHP added 0.9 per cent to $43.56 and Rio Tinto edged 0.2 per cent higher at $119.62.

In the financial sector, CBA shares traded at more than $130 for the first time before finishing at $129.92, up 1.1 per cent from Wednesday's close.

NAB rose 1.1 per cent to $36.20 and Westpac added 0.4 per cent to $27.63 but ANZ dropped 1.2 per cent to $29.34 following media reports about alleged rigging of government bond rates by its markets division.

In the consumer discretionary sector, JB Hi-Fi gained 1.2 per cent to an all-time high of $65.15 despite the Australian Competition and Consumer Commission initiating court proceedings against its Good Guys subsidiary over allegedly misleading store credit promotions.

The Australian dollar was buying 67.54 US cents, from 67.46 US cents at Wednesday's ASX close.


* The benchmark S&P/ASX200 index finished Thursday up 72.8 points, or 0.93 per cent, at 7,889.6

* The broader All Ordinaries rose 75.1 points, or 0.93 per cent, to 8,133.4


One Australian dollar buys:

* 67.54 US cents, from 67.46 US cents at Wednesday's ASX close

* 109.25 Japanese yen, from 108.87 Japanese yen

* 62.35 euro cents, from 62.34 euro cents

* 52.52 British pence, from 52.72 pence

* 110.91 NZ cents, from 110.82 NZ cents.

License this article

What is AAPNews?

For the first time, Australian Associated Press is delivering news straight to the consumer.

No ads. No spin. News straight-up.

Not only do you get to enjoy high-quality news delivered straight to your desktop or device, you do so in the knowledge you are supporting media diversity in Australia.

AAP Is Australia’s only independent newswire service, free from political and commercial influence, producing fact-based public interest journalism across a range of topics including politics, courts, sport, finance and entertainment.

What is AAPNews?
The Morning Wire

Wake up to AAPNews’ morning news bulletin delivered straight to your inbox or mobile device, bringing you up to speed with all that has happened overnight at home and abroad, as well as setting you up what the day has in store.

AAPNews Morning Wire
AAPNews Breaking News
Breaking News

Be the first to know when major breaking news happens.

Notifications will be sent to your device whenever a big story breaks, ensuring you are never in the dark when the talking points happen.

Focused Content

Enjoy the best of AAP’s specialised Topics in Focus. AAP has reporters dedicated to bringing you hard news and feature content across a range of specialised topics including Environment, Agriculture, Future Economies, Arts and Refugee Issues.

AAPNews Focussed Content
Subscription Plans

Choose the plan that best fits your needs. AAPNews offers two basic subscriptions, all billed monthly.

Once you sign up, you will have seven days to test out the service before being billed.

AAPNews Full Access Plan
Full Access
  • Enjoy all that AAPNews has to offer
  • Access to breaking news notifications and bulletins
  • Includes access to all AAPNews’ specialised topics
Join Now
AAPNews Student Access Plan
Student Access
  • Gain access via a verified student email account
  • Enjoy all the benefits of the ‘Full Access’ plan at a reduced rate
  • Subscription renews each month
Join Now
AAPNews Annual Access Plan
Annual Access
  • All the benefits of the 'Full Access' subscription at a discounted rate
  • Subscription automatically renews after 12 months
Join Now

AAPNews also offers enterprise deals for businesses so you can provide an AAPNews account for your team, organisation or customers. Click here to contact AAP to sign-up your business today.

Download the app
Download AAPNews on the App StoreDownload AAPNews on the Google Play Store