The ASX gained 0.34% or 26.3 points to 7,759.80, now up 0.79% for the last five days and just 0.12% off its 52-week high.
There was strong upward movement across most sectors; Tech made a particularly strong showing with a 1.08% uptick – WiseTech Global lifted 1.21%, NextDC 3.01% and Megaport 4.76%.
Banks were also stronger. Commonwealth Bank shares tipped to a new high after a 1% gain today before settling into a 0.56% gain for the day, while NAB shares climbed to their highest levels since just after the GFC intraday before settling on a 0.5% increase.
Industrials, Consumer discretionary, Consumer Staples, Info Tech, Utilities and Real Estate sectors were all up between 0.45% and 1.08%, with smaller gains in Health Care, Financials and Communication Services.
Only Energy fell, shedding 1.09%, as Materials remained mostly flat.
Gold and Bitcoin push to records
“Gold and Bitcoin continued to push to record levels overnight, although the latter failed to break that milestone and carve out a new higher high,” Capital.com senior analyst Kyle Rodda writes.
“A break of $US70,000 could be required to maintain the bullishness in the market. The rally in both assets has market participants scratching their heads.
“Typically, such price action would indicate very low real yields and a subsequent push for stores of value.
“However, with US real yields close to 2% – at least in some parts of the curve – that dynamic isn’t driving current market behaviour.
“The crypto surge is likely to be connected with the greater risk-taking being observed in equity markets.
“However, with the US Dollar firm, yields grinding higher, and rate cuts priced out of the market, explaining the fundamental driver of gold is difficult to ascertain.”
Five at five
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Far East Gold starts scout drilling at Victory Vein
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