FX.co ★ Australian Shares Rise for 4th Session

The S&P/ASX 200 experienced an increase of 0.3%, reaching approximately 8,850 in early Thursday trading, marking a fourth day of consecutive gains. This upward trend was primarily driven by a surge in commodity-linked stocks reaching record highs. The mining sector was at the forefront, rising 1.8% to achieve a new peak, buoyed by increasing iron ore prices following China's record imports of iron ore and exports of steel. Major players in the industry, BHP and Rio Tinto, saw their shares appreciate by 2.7% and 1.3% respectively. The two companies announced collaborative plans to further develop their Pilbara operations in Western Australia, aiming to extract up to 200 million metric tons of iron ore. In parallel, gold stocks rose 0.3% to reach an unprecedented high, driven by a surge in bullion prices due to its status as a safe-haven asset amid geopolitical and economic uncertainties. However, the financial sector saw continued losses, declining by 0.5%, with all four major banks experiencing negative trading. Similarly, local technology stocks fell by 0.9%, mirroring the tech downturn on Wall Street from the previous night. Market leaders such as Wisetech, Xero, and Technology One experienced reductions between 0.7% and 2.4%.