Australian Shares Rise as Gold Miners Hit Record High Amid Earnings Focus

2 min read | February 11, 2025 11:43 AM AEDT | By Team Kalkine Media

Australian Shares Rise as Gold Miners Hit Record High Amid Earnings Focus — Image source: Shutterstock

Gold Miners Soar to Record Highs

Gold miners were the standout performers, with the sector gaining 2.6% as gold prices soared past $2,900 per ounce due to strong safe-haven demand.

Northern Star Resources (ASX:NST) climbed 3.1%, while Evolution Mining (ASX:EVN) advanced 2.5%.
The gold rally comes amid ongoing global economic uncertainty, boosting investor interest in the precious metal.

Financials and Energy Stocks Gain Ground

The financial sector rose 0.1%, led by Westpac (ASX:WBC), which gained 0.5%, ahead of its first-quarter results.

Macquarie (ASX:MQG) jumped 1.7% after reporting flat nine-month profit, as investors focused on its robust capital position.
Energy stocks gained 0.6%, supported by a nearly 2% jump in oil prices. Brent crude settled at $75.87 per barrel, while WTI crude rose to $72.32 per barrel.

CSL and SGH Shine on Strong Earnings

CSL (ASX:CSL) rose 1.7%, driven by a solid half-year profit and an upbeat earnings forecast for FY25.
Seven Group Holdings (ASX:SGH) surged 9.4% to a record high, after first-half earnings more than doubled, exceeding analyst expectations.

Global Market Trends & Outlook

Overnight, Wall Street saw positive momentum:

Dow Jones up 0.38% to 44,470.41 points.
S&P 500 climbed 0.67%, while Nasdaq surged 0.98%.

With Commonwealth Bank of Australia (ASX:CBA) set to report on Wednesday, investors will closely watch for further earnings-driven market movements.

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