Australian stock market hits record high amidst holiday optimism

March 28, 2024 06:03 PM AEDT | By Team Kalkine Media

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Australian stock market hits record high amidst holiday optimism — Image source: PopTika

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Australian shares surged to an all-time high on Thursday, with most sectors trading positively as investors remained upbeat ahead of a long holiday weekend. The S&P/ASX 200 index rose by 0.99% to reach 7,896.90. March has seen a notable increase of 2.6%, marking the fifth consecutive monthly gain, and the quarter has seen a robust rise of nearly 3.8%.

Recent data revealed that Australian consumer price inflation remained at a two-year low in February, contrary to expectations of a slight uptick. This unexpected stability has fueled hopes for a potential interest rate cut later in the year. Additionally, data from the Australian Bureau of Statistics (ABS) indicated modest growth in retail sales for February, attributed in part to packed Taylor Swift concerts that boosted consumer spending.

Internationally, traders awaited the key personal consumption expenditures price report from the United States for further insights into the Federal Reserve's policy trajectory.

In Sydney, mining stocks saw a significant rise of up to 1.75%. Notable industry giants such as Rio Tinto (ASX: RIO), Fortescue (ASX: FMG), and BHP Group (ASX: BHP) recorded gains ranging between 1.5% and 1.8%.

The surge in gold prices drove gold stocks up by as much as 2.53%, marking their highest level in nearly three months. Energy stocks also saw a notable increase of up to 1.08%, reaching their highest level since February 12th. Meanwhile, financial stocks rose by 0.38%, and real estate stocks advanced by 1.68%.

Across the Tasman Sea, the benchmark S&P/NZX 50 index .NZ50 experienced a slight decline of 0.05% to 12,004.47. A recent survey indicated a drop in consumer confidence for March, signaling pessimism among consumers amidst recent recession headlines. However, Reserve Bank of New Zealand Governor Adrian Orr suggested that conditions favoring a potential official cash rate cut were becoming increasingly apparent.

Both Australian and New Zealand markets are set to close on Friday for Good Friday, adding to the holiday optimism among investors.

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