Australian shares opened 0.6% higher as US tech gains and the Bank of Canada's rate cut bolstered hopes for global rate reductions. The Bank of Canada cut its cash rate to 4.75%, expressing confidence in inflation returning to 2%. Wall Street's AI-driven momentum extended to the ASX, boosting the local tech sector by 1.7%, while in the US, the S&P 500 hit its 25th record high for 2024, Nasdaq surged to a new peak, and Nvidia led notable gains, surpassing Apple in market valuation.
At 11:35am, the S&P/ASX 200 is 0.83 per cent higher at 7,833.50.
The SPI futures are pointing to a rise of 63 points.
Best and worst performersThe best-performing sector is Industrials, up 1.13 per cent. The worst-performing sector is Staples, up 0.43 per cent.
The best-performing large cap is Mercury NZ Limited
(ASX:MCY), trading 5.57 per cent higher at $6.25. It is followed by shares in Northern Star Resources
(ASX:NST) and Evolution Mining
(ASX:EVN).
The worst-performing large cap is Seek
(ASX:SEK), trading 2.31 per cent lower at $23.23. It is followed by shares in Mineral Resources
(ASX:MIN) and Rio Tinto
(ASX:RIO).
Commodities and the dollarGold is trading at US$2384.00 an ounce.
Iron ore is 0.4 per cent lower at US$106.35 a tonne.
One Australian dollar is buying 0.6675 US dollars.
