The Australian sharemarket hit new highs during the morning session with the S&P/ASX 200 trading above 8000 for the first time. As midday approached the index was 0.9 per cent higher at 8033 as local traders embraced speculation that the US Federal Reserve will move to cut rates in September with as much as a 50bps cut first up.
The SPI futures are pointing to a rise of 60 points.
All sectors were in the green with the exception of Gold which was trading lower. Healthcare names delivered some of the biggest gains with blood plasma giant CSL jumping 1.0 per cent and Cochlear surging 2.5 per cent. The materials sector also rallied with ASX heavyweights, BHP trading up close to 0.8 per cent, FMG up 1.3 per cent and RIO up 0.3 per cent at 11.30am.
In company news, Aussie Broadband shares fell almost 18 per cent after it lowered its earnings guidance for the 2025 Financial Year. Lifestyle Communities stock also fell sharply trading close to 14 per cent lower following a news report from the ABC that featured residents accusing the company of immoral and unethical conduct.
Commodities and the dollar
Gold is trading at US$2411.40 an ounce.
Iron ore is 0.1 per cent lower at US$108.00 a tonne.
One Australian dollar is buying 67.69 US cents.