ASX200 rises amid potential US rate cuts and Chinese stimulus as mining and banks drive market gains.
In Short
The Australian share market rose, driven by hopes for a US interest rate cut and potential Chinese stimulus, with significant gains in resources and energy sectors. The ASX200 closed up 64.4 points, while some tech stocks had mixed results and Clarity Pharmaceuticals was the biggest loser.
The Australian share market experienced a significant uplift today, driven largely by discussions surrounding a potential interest rate cut by the US Federal Reserve and the anticipated stimulus measures from China.
The ASX200 rose by 64.4 points, or 0.83 per cent, closing at 7854.1. The All Ordinaries index also saw gains of 68.80 points, or 0.86 per cent, ending at 8082.1.
The Australian dollar appreciated by 0.03 per cent, purchasing US63.25 cents at the market close.
Eight of the eleven sectors in the ASX concluded positively, with the materials sector leading the way, increasing by 1.58 per cent.
Speculation on new Chinese stimulus measures contributed to this rise, with BHP, Rio Tinto, and Fortescue all recording notable gains.
Mineral Resources surged by 11.57 per cent, marking it as the day’s top performer.
Many mining stocks also witnessed substantial increases, including IGO and Pilbara Minerals.
In the energy sector, Woodside Energy and Ampol saw price increases amid renewed investor interest in riskier assets.
The big four banks notably supported the market’s advance, with Commonwealth Bank and ANZ both rising.
Meanwhile, local tech stocks showed mixed results as excitement grows with the US GTC conference beginning today.
The tech sector in Australia is anticipated to reach substantial growth in the coming years, as experts express cautious optimism amidst current market sentiment.
