ASX 200 hits record high as miners gain
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The news: The Australian sharemarket has closed at a new record high, led by mining shares.
The numbers: The ASX200 finished up 0.99% to 7,896.9, with all sectors in the green. The previous record closing high was 7,847, set on 8 March.
The index also hit a new record intraday high of 7,901 around midday.
The top-performing sector was materials, up 1.8%, followed by real estate (+1.68%) and telecommunication services (+1.45%). The biggest iron ore, gold and lithium miners all enjoyed gains, including BHP (+1.63%), Fortescue (+2.14%), Rio Tinto (+0.93%), Northern Star Resources (+1.97%), Mineral Resources (+3.59%) and South32 (+2.39%).
The biggest winners overall were Arcadium Lithium (+8.15%) and Alumina (+6.72%).
Beach Energy was also one of the top performers, up 3.67% after it announced a 30% reduction in its headcount including “several” executives.
Elsewhere, Ramelius Resources rose 2.22% after it announced that it had ceased takeover talks with Canadian miner Karora.
The worst-performing sector was financials, up 0.38%, followed by IT (+0.4%) and healthcare (+0.5%). The only big four bank to fall was NAB, down 0.14%.
One of the biggest winners in the financial sector was 360 Capital Group, soaring 17.76% after it announced that it had sold its strategic stake in Hotel Property Investments at a premium of $13.9 million above the group’s carrying value of the stake. Charter Hall and Charter Hall REIT picked up the stake through a joint venture trust. Charter Hall finished 2.08% higher.
Among the worst performers across the ASX 200 was Fisher & Paykel Healthcare, which lost 3.04% following two device recalls and a tax change in New Zealand that would see the company take an $11 million profit hit.
The context: Tonight, the latest US monthly GDP figures along with unemployment figures will be released. However, the focus will be on the country’s core personal consumption expenditure index, the US Federal Reserve’s preferred inflation gauge, which will be published on Friday.
The source: Federal Reserve
