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Market Wrap

ASX hits new record close as property sector rally leads broad gains

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The news: The Australian sharemarket closed at a new record high as the property sector led broad gains across the exchange and as an unexpected increase in unemployment spurred interest rate cut hopes.

The benchmark ASX 200 rose 0.86% to end at 9,068.4 with nine out of the 11 sectors finishing in the green.

The real estate sector (+2.8%) finished higher as Goodman Group (+4.9%), Scentre Group (+1.2%) and Stockland Group (+3.9%) finished higher. Stockland delivered a Q1 operational update in which it reaffirmed FY26 funds from operations and distributions guidance.

A surprise increase in the unemployment rate to 4.5% in September, from 4.3% in August, has bolstered hopes that the RBA could cut the cash rate at its next meeting in November. This is the highest unemployment rate since November 2021.

Biggest movers:

  • Mayne Pharma (+11.3%) – The Supreme Court ruled that Cosette Pharmaceuticals could not terminate its deal to acquire Mayne Pharma, although Cosette may still appeal. The deal still requires Foreign Investment Review Board approval, which will not meet Mayne’s preferred timeline.
  • AMP (+8.5%) – Delivered a 3.6% quarter-on-quarter increase in total assets under management in the September quarter amid improved cash flow.
  • Infratil (+6.6%) – The investor's part-owned data centre operator CDC announced a strategic partnership with AI chip giant Nvidia and Australian data centre owner Firmus Technologies.
  • Macquarie Group (+5.1%) – Macquarie Asset Management has agreed to sell Aligned Data Centers to a consortium led by BlackRock’s Global Infrastructure Partners and Nvidia for approximately USD40 billion ($61.4 billion).
  • GQG Partners (+3.9%) – Declared a quarterly dividend of 5.6775 cents per share, 7.2% higher year-on-year.
  • Gold miners – Tracked further gains in the spot price of gold, which is above USD4,200 per ounce. Genesis Minerals (+8%), Bellevue Gold (+5.9%) and Vault Minerals (+4.8%) posted gains.
  • Rare earth producers – Iluka Resources (-10.6%) and Lynas Rare Earths (-5.7%) were among the biggest losers after US Treasury Secretary Scott Bessent floated the idea of extending a pause on US tariffs on Chinese goods if China walks back strict rare earth export control plans.

Other news:

  • Challenger (+2.5%) – Reaffirmed its full-year earnings guidance after reporting an uptick in first-quarter sales from its annuity arm Challenger Life, up 4% to $2.5 billion compared to the prior corresponding period.
  • Polynovo (+2.2%) – Appointed Bruce Peatey as its new chief executive, starting 1 December.
  • Treasury Wine Estates (+1.8%) – Chair John Mullen warned that China sales are going to fall "well below" expectations for the 2026 financial year if current trends persist.
  • Santos (+0.8%) – Reported a 12% drop in sales for the third quarter, as production lowered during the period.
  • Westpac (-0.3%) – Will recognise a pre-tax restructuring charge of $273 million in the second half of its 2025 financial year, as part of productivity initiatives through its 'Fit for Growth' program.

What’s ahead:

  • The Federal Reserve Bank of Philadelphia will release manufacturing index data for October tonight at 11:30pm AEDT.

By Brandon How