Australian shares opened strongly, rising 1.1% to surpass 7900 points, nearing a record high set in April. The rally, fueled by gains in Wall Street's tech giants, saw local sectors like technology and real estate advance. Concurrently, gold miners benefited from a rise in gold prices to $2372 per ounce, while Newmont shares climbed 3.3% to $67.50. However, iron ore prices declined amid subdued demand from steel mills and developers in China, exemplified by losses reported by major firms like Angang Steel and China Vanke.
At 11:35am, the S&P/ASX 200 is 0.88 per cent higher at 7,885.40.
The SPI futures are pointing to a rise of 66 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Information Technology, up 1.29 per cent. The sector with the fewest gains is Consumer Staples, up 0.31 per cent.
The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 13.11 per cent higher at $19.85. It is followed by shares in Newmont Corporation (ASX:NEM) and Northern Star Resources (ASX:NST).
The worst-performing large cap is Netwealth Group (ASX:NWL), trading 3.7 per cent lower at $21.10. It is followed by shares in Meridian Energy (ASX:MEZ) and The Lottery Corporation (ASX:TLC).
Commodities and the dollar
Gold is trading at US$2379.30 an ounce.
Iron ore is 3.7 per cent lower at US$105.50 a tonne.
Iron ore futures are pointing to a 0.8 per cent fall.
One Australian dollar is buying 67.53 US cents.
