ASX Approaches Record Close as Mining Stocks Rally

October 14, 2024 03:02 PM AEDT | By Team Kalkine Media
 ASX Approaches Record Close as Mining Stocks Rally
Image source: shutterstock

Highlights

  • ASX nears all-time high, driven by a mining rally.
  • Mining stocks rise after China hints at stimulus measures.
  • Index climbs by 0.6%, just shy of the previous record.

The Australian Securities Exchange has surged close to a record high, boosted by a late rally in mining stocks. The index gained 0.6%, equivalent to 48.8 points, reaching 8263.3 points. This leaves it only 6 points away from its record close of 8268.9, which was set on September 30. 

Throughout much of the session, the market remained relatively flat, but the mining sector picked up momentum toward the end. Key miners like (ASX:BHP) and (ASX:RIO) saw increased activity following news that Chinese authorities are planning new stimulus measures, which traders view as a positive development for the resources sector. 

Although no specific figures or timelines were provided, market participants remain optimistic about the impact of the potential fiscal support. According to analysts, the market might be eager for clear details, but the complexity of rolling out such measures means it could take time. (ASX:FMG) also saw gains, contributing to the overall uplift in the index. 

Comments from financial experts suggest that the signaling from China remains positive. ASX miners continue to benefit from expectations that further information on the stimulus plan will be released in the coming weeks. The optimism has sparked a renewed interest in the resources sector, driving the ASX toward a potential new record close. 

While the market awaits more precise details, the overall mood in the sector remains upbeat, reflecting confidence in the broader impact of China’s economic support. The ASX remains just a few points short of breaking its previous high, with mining stocks playing a critical role in this surge. 


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