Sea of green as Aussie shares notch highest-ever close
The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8.
The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July.
The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher.
On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said.
"We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP.
"Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets."
Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said.
Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80.
The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80.
Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks.
Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall.
Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher.
Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out.
Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment.
Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers.
The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4
* The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.60 US cents, from 64.81 US cents on Monday .
* 95.17 Japanese yen, from 95.68 Japanese yen
* 55.93 euro cents, from 65.02 euro cents
* 48.65 British pence, from 48.80 British pence
* 109.68 NZ cents, from 109.60 NZ cents
Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns.
The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8.
The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July.
The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher.
On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said.
"We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP.
"Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets."
Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said.
Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80.
The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80.
Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks.
Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall.
Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher.
Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out.
Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment.
Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers.
The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4
* The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.60 US cents, from 64.81 US cents on Monday .
* 95.17 Japanese yen, from 95.68 Japanese yen
* 55.93 euro cents, from 65.02 euro cents
* 48.65 British pence, from 48.80 British pence
* 109.68 NZ cents, from 109.60 NZ cents
Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns.
The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8.
The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July.
The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher.
On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said.
"We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP.
"Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets."
Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said.
Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80.
The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80.
Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks.
Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall.
Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher.
Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out.
Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment.
Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers.
The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4
* The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.60 US cents, from 64.81 US cents on Monday .
* 95.17 Japanese yen, from 95.68 Japanese yen
* 55.93 euro cents, from 65.02 euro cents
* 48.65 British pence, from 48.80 British pence
* 109.68 NZ cents, from 109.60 NZ cents
Australia's share market has posted its best-ever close as confidence around company earnings and future interest rate cuts washed out global growth concerns.
The S&P/ASX200 surged 106.7 points higher, up 1.23 per cent, to 8,770.4, while the broader All Ordinaries shot 106.8 points higher, or 1.20 per cent, to 9,028.8.
The result pipped the top-200's previous record close of 8,757.2, but finished just six points shy of its intraday best of 8,776.4 set in mid-July.
The prospect of cheaper US and Australian borrowing costs helped interest rate-sensitive sectors like financials, real estate, technology and consumer discretionary stocks lead all 11 segments higher.
On top of this, Australia's prospect as a market where investors could weather uncertainty elsewhere was likely growing, Pepperstone head of research Chris Weston said.
"We've got a very, very stable banking sector with excellent liquidity, so you're looking for a safe harbour in this kind of area, I think Australia ticks the right boxes" he told AAP.
"Now, you're not going to get a huge amount of foreign investments looking at Australia, because you do have a scarcity of incredibly liquid assets."
Tuesday's performance showed investors weren't worried about taking on risk heading into earnings season, Mr Weston said.
Consumer discretionary stocks led the gains with a 1.8 per cent surge, as Bunnings owner Wesfarmers jumped 2.83 per cent to $87.52 per share and JB Hi-Fi lifted 1.8 per cent to $115.80.
The financial sector surged 1.5 per cent as all big four banks' respective market caps sailed 1.4 per cent or more higher on a sea of green. NAB was the best performer, rallying 1.6 per cent to $38.80.
Australia's IT sector wiped out Monday's losses with a 1.3 per cent gain, tracking with an overnight rally in US tech stocks.
Hopes of cheaper borrowing costs helped real estate stocks push 1.4 per cent higher, with strong performances by Dexus, GPT Group and Charter Hall.
Miners rallied for a second straight day, as continued strength in iron ore prices helped push large caps BHP, Rio Tinto and Fortescue 0.4 per cent to 0.5 per cent higher.
Gold producers also pushed higher despite a slight downtick in the gold prices during the session, with Newmont Corporation (+4.1 per cent) and Ramelius Resources (+3.9 per cent) standing out.
Rare earths miner Iluka Resources was the top-200's best performer with a 8.7 per cent surge after federal resources minister Madeleine King flagged setting a price floor for the commodity group to shore up investment.
Also with some help from government was second-best performer Austal, the shipbuilder's shares pushing 7.9 per cent higher after securing billions in defence contracts and winning strategic asset designation by the federal government, which will make it a tough takeover target for overseas buyers.
The Australian dollar is buying 64.60 US cents, edging higher than 64.41 US cents on Monday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday gained 106.7 points, or 1.23 per cent, to 8,770.4
* The broader All Ordinaries rose 106.8 points, or 1.20 per cent, to 9,028.8
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.60 US cents, from 64.81 US cents on Monday .
* 95.17 Japanese yen, from 95.68 Japanese yen
* 55.93 euro cents, from 65.02 euro cents
* 48.65 British pence, from 48.80 British pence
* 109.68 NZ cents, from 109.60 NZ cents
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