ASX up 0.03%: Australian shares lift as markets eye central bank moves

Market Reports

by Peter Milios

At the open, Australian shares, led by gains in the technology and resources sectors, reached a record high of 7733.2 points, rising by 0.2 per cent, with optimism fueled by expectations of central bank rate cuts in 2024.

At 11:30am, the S&P/ASX 200 is 0.03 per cent higher at 7,700.80.

Additionally, mobile tracking app Life360 surged 21 per cent on robust user and sales growth, while Wall Street's S&P 500 and Nasdaq Composite also attained record closing highs amid easing bond yields and bitcoin reaching $61,166, with gold rising to $2052 an ounce.

The SPI futures are pointing to a rise of 15 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.95 per cent. The worst-performing sector is Health Care, down 1.77 per cent.

The best-performing large cap is Newmont Corporation (ASX:NEM), trading 4.24 per cent higher at $47.94. It is followed by shares in Lynas Rare Earths (ASX:LYC) and Pilbara Minerals (ASX:PLS).

The worst-performing large cap is Ampol (ASX:ALD), trading 5.03 per cent lower at $37.42. It is followed by shares in Cochlear (ASX:COH) and Ramsay Health Care (ASX:RHC).

Commodities and the dollar

Gold is trading at US$2052.00 an ounce.

Iron ore is 0.2 per cent higher at US$117.10 a tonne.

Iron ore futures are pointing to a 1.24 per cent rise.

One Australian dollar is buying 64.98 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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