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Aust shares hit record high, hope for rate cut strong
Michael Westยท 2025-10-16 01:44
Market Performance - Australia's share market approached its intraday record high, with the S&P/ASX200 gaining 85.2 points (0.95%) to 9,076.1 and the All Ordinaries rising 81.1 points (0.94%) to 9,386.5 [1] - The top 200 index surpassed its previous intraday record of 9,054 following higher-than-expected September unemployment figures at 4.5%, suggesting a potential interest rate cut by the Reserve Bank of Australia (RBA) in November [2] Sector Performance - Real estate stocks surged by 2.3%, with Stockland increasing by 4% due to sales growth in master-planned community sales during the September quarter [3] - Financials rallied by 1.8%, driven by strong performance from the big four banks [3] Company Highlights - AMP Limited's assets under management grew by 3.6% to $159.5 billion, leading to an 11% increase in its stock price to $1.96, the highest since 2020 [4] - Macquarie's stock rose over 4% to $227.94 after selling a network of 50 data centers to Nvidia-backed Aligned Data Centers for $US40 billion (A$62 billion) [4] Raw Materials and Energy - The raw materials sector increased by 0.5%, with profit-taking observed in rare earths stocks like Iluka (-7.3%) and Lynas (-3.4%) [5] - Gold prices reached a record high above $US4,227 (A$6,507) per ounce, boosting gold miners like Northern Star and Evolution, which surged over 2% [5][6] Consumer Sector - Consumer discretionary stocks rose by 1%, supported by a 12th consecutive month of higher household spending, indicating economic strength [7] - The Australian dollar traded at 64.87 US cents, a slight decrease from 65.19, following the morning's jobs data [7]