Market Close 12 July 24: Fresh record highs broken for Aussie stocks

The ASX soared to record highs today, buoyed by easing inflation in the US and speculation of potential interest rate cuts. This marks the first time since April that the ASX has reached such heights, closing up 0.8%. Among the notable developments, the Commonwealth Bank of Australia (CBA) surpassed BHP to become the largest company on the Australian market. Key sectors like property and financials led the gains, with tech stocks as the only sector in the red. CBA's strong performance, rising by 17% this year, contrasted with BHP's 14% decline, driven by weak iron ore and nickel prices. Looking ahead, significant updates are expected, including US profit reports from major banks and key economic data from China.  The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.

There are no comments yet.

Please log in to write the first comment.