The ASX 200 climbed 82 points, or 0.9%, to close at a record high of 9,228 on Wednesday, extending its winning streak to a fourth session. Sentiment was supported by a sharp rise in U.S. futures following Wall Street’s record finish on Tuesday, as optimism over a possible diplomatic resolution to the war in Iran pushed oil prices lower for a third straight day and dragged global bond yields down.
On the domestic front, Australia’s services sector posted its strongest expansion in six months in July. However, gains were tempered by softer growth across both the manufacturing and services sectors in China, Australia’s largest trading partner. Investors also remained cautious ahead of upcoming trade data releases from both economies later this week.
Market gains were broad-based, led by non-energy minerals, technology, manufacturing, and healthcare stocks. BHP and Rio Tinto advanced 3.3% and 2.3%, respectively, supported by stronger copper revenue, while gold producers rallied in line with bullion prices, boosting Evolution Mining by 6.3% and Northern Star Resources by 5.8%. In contrast, the big four banks slipped between 0.4% and 1.4%, and energy shares also moved lower.
