ASX reaches record high, fueled by real estate stocks

The Australian sharemarket achieved a new record high for the second consecutive day on Monday, driven by gains in real estate stocks.

The S&P/ASX 200 Index closed at 8417.60, up 0.3 per cent, or 23.8 points, surpassing Friday’s record.

The index has increased nearly 3 per cent this month amid positive investor sentiment towards the incoming Trump administration.

Seven out of twelve sectors saw gains, with real estate leading. Mirvac rose 3.3 per cent to $2.11, Vicinity Centres increased 2.3 per cent to $2.19, and Goodman Group climbed 1.5 per cent to $37.81.

Oil prices

The energy sector also saw increases as oil prices remained stable amid ongoing tensions in the Ukraine-Russia conflict. Woodside gained 1.2 per cent to $25.36.

In the commodities market, coal miners faced challenges, and major mining companies had mixed performance despite stronger iron ore prices.

Rio Tinto decreased by 0.4 per cent, BHP remained unchanged, and Fortescue grew by 0.4 per cent.

Financial stocks were under pressure after APRA retained its strict mortgage serviceability buffer due to high household debt and economic uncertainties.