21.08.202501:03:29UTC+00Australian Shares Reach Record Peak

The S&P/ASX 200 increased by 0.6% to reach 8,969 on Thursday, marking a consecutive session of gains and even reaching a record high as investors responded favorably to robust PMI data. Australia's private sector experienced its most rapid expansion since April 2022, with the composite index registering at 54.9 in August. This growth was supported by substantial advancements in both the services sector, which rose to 55.1 from 54.1 in July, and the manufacturing sector, which climbed to 52.9 from 51.3. These gains were underpinned by a notable surge in new orders and an enlarged customer base. Investors are now focusing on the forthcoming data regarding consumer inflation expectations for further economic insights. Contributing to the index's upward momentum were significant increases in the major banking sector, with National Australia Bank rising by 3.7%, Westpac Banking Corporation by 2.5%, ANZ Group Holdings by 2%, and Commonwealth Bank of Australia by 0.8%. Conversely, James Hardie Industries experienced a sharp decline, falling by 8.2% to its lowest point since February 2023, due to a pessimistic earnings outlook for 2026.