All Ords index tops $3.2 trillion as shares beat record
Markets extend record-breaking run
Australia’s share market has set a second record high in as many days as gold stocks rally on hopes global energy supply disruptions will soon end.
The S&P/ASX200 gained 43.8 points on Thursday, up 0.47 per cent to a record close of 9,271.6, after easing from a new intraday best of 9,296.7.
The broader All Ordinaries rose 46.6 points, or 0.5 per cent, to a highest-ever 9,452, pushing its combined market value above $3.2 trillion.
Oil prices clung to recent losses while gold surged as inflation fears softened on reports Iran and Oman had agreed to a proposed Strait of Hormuz shipping route, and the US touted an imminent peace deal.
Investors piled into local mining stocks as gold traded at its highest price in seven weeks before easing to $US4,256 ($A6,043) an ounce, while copper hovered near record highs.
Megacap stocks were more measured, with BHP edging 0.5 per cent higher to $62.82 while CommBank was the best of the big four banks, with a 0.9 per cent lift to $179.87.
CBA’s move came as it appointed Julie Coates to its board as an independent non-executive director.
Gold becomes Australia’s no. 2 export
The Australian Bureau of Statistics figures also revealed gold overtook coal as Australia’s second most valuable export next to – but a long way from – iron ore.
Consumer-facing sectors made modest improvements, with cyclicals up 0.2 per cent and staples gaining 0.4 per cent.
Real estate trusts underperformed the market with a 0.9 per cent slip.
The Australian dollar is buying 70.42 US cents, down from 70.49 US cents on Wednesday at 5pm.
