Aust shares hit record high, hope for rate cut strong
Australia’s share market hit an intraday record as strong financials and property stocks pushed the stock market towards a three-session winning streak.
The benchmark S&P/ASX200 gained 85.2 points at midday, up 0.95 per cent to 9,076.1 points, while the broader All Ordinaries rose 81.1 points, or 0.94 per cent, to 9,386.5 points.
The top 200 rose above the previous intraday record of 9,054 after September unemployment figures came in at a higher-than-expected 4.5 percent and the Central Bank left the door open to a rate cut in November.
“Today’s labor report strengthens the case for the RBA to cut the cash rate in November to 3.35 per cent within a fortnight, regardless of the outcome of the third quarter inflation report,” said IG Markets analyst Tony Sycamore.
Only BT shares were trading lower at lunch, with property stocks up 2.3 per cent on strength in the broader sector and Stockland up 4 per cent on sales growth in master-planned communities in the September quarter.
Finance helped lift the stock market, with a 1.8 percent gain, as the big four banks strengthened.
Asset management powerhouse AMP Limited rose more than 11 percent to $1.96, its highest price since 2020, after its assets under management rose 3.6 percent to $159.5 billion in the September quarter.
The growth was driven by a more than 60 percent increase in platform business.
Investment giant Macquarie also rose more than four per cent to $227.94 after selling a network of 50 data centers to Nvidia-backed Aligned Data Centers for US$40 billion ($62 billion).
The raw materials sector continued to hit new highs, up 0.5 percent in midday trading, as investors took profits from recent rallies in rare earth plays such as Iluka (-7.3 percent) and Lynas (-3.4 percent).
While the iron ore giants have strengthened in line with ore prices, it is once again up to gold producers to revive the sector, with the precious metal hitting a new record above US$4,227 ($6,507) per ounce.
Gold miners Northern Star and Evolution were up more than two per cent, while US-based Newmont rose three per cent to $145.39.
Energy stocks rose 0.5 percent, helped by a rise in Santos shares despite a series of sales and production guidance cuts in its third-quarter report.
Elsewhere in the energy sector, coal volatility was generally higher and uranium producers were in a mixed situation after recent increases.
Belinda Allen, the bank’s head of economics, said consumer discretionary stocks rose one per cent as the CBA tracked rising household spending for the 12th month in a row, signaling strength in the economy.
“The momentum in household spending has been increasing since early 2025,” Ms. Allen said.
“Low interest rates, moderate inflation and last year’s tax cuts have created a more favorable environment for consumers.”
The Australian dollar was trading at 64.87 US cents, down slightly from 65.19 at 5pm on Wednesday, and was down roughly 0.5 per cent following the morning’s employment data.
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