Australia Market climbs to new record

Australia stock market finished session at fresh record high on Friday, 01 March 2024, as risk sentiments underpinned on tracking a surge in the overnight U.S. stock market, better-than-expected half-year corporate results, and hopes for interest rate cuts later this year.

At closing bell, the benchmark S&P/ASX200 index was up 46.91 points, or 0.61%, to 7,745.61, hitting a record high for the second straight session. The broader All Ordinaries index grew 47.56 points, or 0.6%, to 8,007.10.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Material was the best performing sector, gaining +1.99%, followed by information technology and energy sectors, rising 1.87% and 0.94%, respectively. Healthcare sector was bottom performer, falling 1.52%.

The top performing stocks in S&P/ASX200 index were LIFE360 INC. and CORE LITHIUM LTD, up 38.48% and 14.29% respectively. The bottom performing stocks in S&P/ASX200 index were COLLINS FOODS and BEGA CHEESE, down 8% and 5.7% respectively.

Shares of materials were among the best market performers, with gold and lithium companies leading the way. Pilbara Minerals was up 4.3%. Iron ore heavyweights Fortescue (up 1.1%) and BHP (up 2.3%) also higher.

Information technology stocks surged, with Xero adding 6% and Altium climbing 0.7%.

Healthcare stocks were the weakest in the benchmark index, with hearing implants maker Cochlear sliding 3.9%, Sonic Healthcare losing 2.4% and Ramsay declining 0.8%. Ampol was down 5.1% as it went ex-dividend on Friday.

Graphite producer Syrah Resources soared 13.1% after inked an offtake deal with South Korea's Posco Future M.

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