Australian shares rose shortly after the market opened, driven by broad gains led by the tech and energy sectors, mirroring a rally on Wall Street. At 11:35am, the S&P/ASX 200 is 0.7 per cent higher at 8,043.80, approaching its all-time high of 8148.7 set in August. The US technology sector's strong performance bolstered the ASX, despite a decrease in expectations for a substantial interest rate cut by the Federal Reserve. Nearly all ASX sectors rebounded after a previous 0.3% decline, with uranium miners and energy stocks benefiting from rising Brent crude prices and concerns about Hurricane Francine. Notably, Nine Entertainment's shares fell 3.2% due to trading ex-dividend and CEO Mike Sneesby’s upcoming departure. Brickworks dropped 2.5% after revealing a $123.5 million hit from deteriorating building activity and increased costs. In financial markets, the Australian dollar rose to US66.77¢, and the three-year Australian government bond yield increased to 3.51%. Shares in BHP, Breville, Perpetual, and TPG Telecom fell as they traded ex-dividend, while Star Entertainment remained in a trading halt amid financial struggles and a $150 million lifeline offer from its lenders.
The SPI futures are pointing to a rise of 61 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Information Technology, up 1.77 per cent. The sector with the fewest gains is Materials, up 0.16 per cent.
The best-performing large cap is Mineral Resources (ASX:MIN), trading 8.63 per cent higher at $38.15. It is followed by shares in Pilbara Minerals (ASX:PLS) and Pro Medicus (ASX:PME).
The worst-performing large cap is Amcor plc (ASX:AMC), trading 1.50 per cent lower at $16.37. It is followed by shares in EBOS Group (ASX:EBO) and Newmont Corporation (ASX:NEM).
Commodities and the dollar
Gold is trading at US$2542.40 an ounce.
Iron ore is 2.3 per cent higher at US$92.30 a tonne.
Iron ore futures are pointing to a 2.2 per cent rise.
One Australian dollar is buying 66.80 US cents.
