Australian shares continued their upward trajectory, following Wall Street’s rally, driven by rising commodity prices in the energy and mining sectors. At 11:30am, the S&P/ASX 200 is 0.53 per cent higher at 8,118.90, close to its all-time high. U.S. markets saw the Nasdaq rise 1%, with Nvidia leading the gains, adding over $US1.3 trillion to the S&P 500 this week. Gold prices surged to a record $US2,560 per ounce, prompting significant gains for gold miners, with Perseus Mining and Evolution Mining up over 6%. Energy stocks also benefited from rising oil prices, driven by supply concerns due to Hurricane Francine. Major banks saw moderate gains, and in corporate news, Namoi Cotton rose following an improved takeover offer. Some companies, including Cleanaway Waste Management, experienced declines after trading ex-dividend.
The SPI futures are pointing to a rise of 42 points.
Best and worst performers
The best-performing sector is Materials, up 2.26 per cent. The worst-performing sector is Communication Services, down 0.34 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 6.93 per cent higher at $4.32. It is followed by shares in Fortescue (ASX:FMG) and Northern Star Resources (ASX:NST).
The worst-performing large cap is Medibank Private (ASX:MPL), trading 1.83 per cent lower at $3.76. It is followed by shares in Pilbara Minerals (ASX:PLS) and SEEK (ASX:SEK).
Commodities and the dollar
Gold is trading at US$2590.60 an ounce.
Iron ore is 2.5 per cent higher at US$94.60 a tonne.
Iron ore futures are pointing to a 2.08 per cent rise.
One Australian dollar is buying 67.26 US cents.