Markets Rally: ASX Hits New Record High Amid Steady Unemployment
Market Performance Overview
The Australian sharemarket witnessed a significant rally in line with stable unemployment figures, propelling the ASX to a new record high for the third day in a row.
ASX 200 Gains Strength
The benchmark ASX 200 ascended by 0.61%, closing at 8,191.9. During trading, the index reached an intraday peak of 8,199.6, showcasing strong investor confidence.
Sectors Analysis
- Materials sector led gains, rising by 2.31%
- Utilities sector followed with a 1.37% increase
- Industrials were the worst performers, declining by 1.32%
- Healthcare also dipped by 0.52%
Top Performing Stocks
- Sims: surged by 12.42% with impressive quarterly results
- Strike Energy: shares rose 9.76% following the lift of an export ban
- Uranium stocks: Morgan Stanley's upgrades secured gains, with Paladin Energy up 7.66%
Market Sentiment and Future Outlook
After the rally, attention turns towards the Bank of England's upcoming monetary policy decision, expected to maintain interest rates. Additionally, tonight’s release of US unemployment claims data will likely impact market sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.