ASX Reaches Record High as AMP, Santos, and Woodside Lead the Surge

Highlights  

• ASX 200 hits a new record high, led by energy and financial sectors.  
• AMP sees strong growth, shares rise significantly.  
• Santos and Woodside surge following oil price gains.

The Australian stock market has surged to a new record, with the S&P/ASX 200 Index climbing 1% to 8363.5 points, surpassing its previous high. This rise follows positive cues from Wall Street and is supported by strong performances across all sectors, particularly energy and financial stocks.

Energy companies Woodside Energy Group Ltd (ASX:WDS) and Santos Ltd (ASX:STO) are among the top performers, benefiting from overnight gains in oil prices. Their robust performances helped drive the energy sector higher, contributing significantly to the ASX’s overall upward movement. The broader market's strong showing is a result of all 11 sectors pushing forward, reflecting a broad-based rally.

Wall Street also experienced gains, with Morgan Stanley leading the charge in the US markets. Nine of the 11 S&P 500 sectors closed higher, while the Russell 2000 index, representing smaller companies, jumped by 1.6%, marking its highest point in almost three years. The rally on Wall Street added momentum to the Australian market ahead of the Australian Bureau of Statistics’ latest jobs report, set to be released later today.

In domestic news, AMP Ltd (ASX:AMP) has also attracted attention, with its shares surging by 12.9% to $1.53. The company announced that it had returned $1.1 billion to its investors through dividends and share buybacks as part of its ongoing business strategy. Additionally, AMP's wealth management division saw a rise in inflows during the third quarter, contributing to the company’s positive outlook.

Star Entertainment Group Ltd (ASX:SGR) has temporarily halted trading following regulatory action. The company will keep its Sydney casino operational, but it will be required to pay a hefty fine and remain under the oversight of a government-appointed manager. This regulatory intervention has drawn attention as the company seeks to manage its financial and operational challenges.

In the mining sector, BHP Group Ltd (ASX:BHP) is holding steady, with shares trading near $43.55. The company’s iron ore division has seen a solid start to the financial year, despite delays related to the installation of a new rail signaling system. Speculation has also emerged regarding BHP’s potential interest in expanding its portfolio through a possible bid for Anglo American.

On the banking front, Commonwealth Bank of Australia (ASX:CBA) saw a 1.2% increase in its stock price, trading around $141.41, after the Australian Communications and Media Authority fined the bank $7.5 million for customer spamming violations.

As the ASX continues its upward momentum, all eyes remain on the upcoming labor market data, which is expected to confirm the unemployment rate holding steady at 4.2%.