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The Australian sharemarket showed positive movement in early afternoon trading on Tuesday, recovering from last week’s downturn. The benchmark S&P/ASX 200 Index rose by 0.6%, or 43.9 points, to reach 8,032, driven higher by gains in the financial and technology sectors. This performance brings the index 117 points short of its all-time high of 8,148.7, set in August.
Financials Surge to New Heights
The financial sector led the day’s gains, with major banks setting new records. Commonwealth Bank of Australia Ltd (ASX:CBA) reached an all-time high of $145.01 per share, marking a significant 30% increase in value this year alone. Similarly, Macquarie Group Ltd (ASX:MQG) achieved a new peak at $228.50, reflecting a robust 24% rise in 2024.
Other big banks also performed well. Westpac Banking Corp (ASX:WBC) and National Australia Bank Ltd (ASX:NAB) hit seven-year highs, with shares trading at $32.44 and $32.40 respectively. Australia and New Zealand Banking Group Ltd (ASX:ANZ) saw its share price climb to $31.87, just shy of its own record.
The sector's strength was bolstered by the Australian Prudential Regulation Authority’s (APRA) announcement to phase out bank hybrid securities. APRA’s plan is to have banks replace these with more reliable and cost-effective capital forms. Additionally, a UBS report suggested that investors might find more stable returns in bank stocks compared to mining stocks, further boosting financial shares.
Mining and Energy Update
The materials and energy sectors also saw some gains. Major mining company BHP Group Ltd (ASX:BHP) increased by 0.4%, while Rio Tinto Ltd (ASX:RIO) rose by 1% as iron ore prices rebounded after a week of declines. This recovery was partly driven by hopes of new stimulus measures from China, despite a recent drop in China’s iron ore imports by 1.4% from July.
Fortescue Metals Group Ltd (ASX:FMG) edged up 0.4% alongside other major miners. However, the lower steelmaking ingredient imports from China raised concerns about future demand.
Energy stocks were mixed. West African Resources Ltd (ASX:WAF) gained 3.6%, while Bellevue Gold Ltd (ASX:BGL) fell 3.1%. Woodside Energy Group Ltd (ASX:WDS) rose 0.5% due to steady oil prices amid fears of supply disruptions from tropical storm Francine. Santos Ltd (ASX:STO) slipped 0.1%, while Beach Energy Ltd (ASX:BPT) rallied 2.5%.
Notable Movers
In individual stock movements, Polynovo Ltd (ASX:PNV), a specialist in burns treatments, was the top performer of the day with a 5.5% increase. On the downside, Life360 Inc (ASX:360), a family app provider, saw a sharp decline of 7%.
Shares of Eagers Automotive Ltd (ASX:APE), Bluescope Steel Ltd (ASX:BSL), and News Corp (ASX:NWS) also fell as they traded ex-dividend, impacting their market performance.
The ASX 200 saw significant gains, particularly driven by the financial sector, individual stock performances varied, reflecting broader market trends and sector-specific developments.
