Australia’s share market pipped its intraday record high as strong financials and real estate stocks push the bourse towards a three-session win streak.
The benchmark S&P/ASX200 gained 85.2 points by midday, up 0.95 per cent, to 9,076.1, as the broader All Ordinaries rose 81.1 points, or 0.94 per cent, to 9,386.5.
The top 200 spiked above its previous 9,054 intraday record after September unemployment figures came in higher than expected at 4.5 per cent, leaving the door open to a Reserve Bank interest rate cut in November.
“Today’s labour force report strengthens the case for the RBA to cut the cash rate in November, bringing it to 3.35 per cent, irrespective of the outcome of the Q3 inflation report in two weeks’ time,” IG Markets analyst Tony Sycamore said.
Only IT stocks were trading lower by lunch as real estate stocks surged 2.3 per cent higher on broad-sector strength and Stockland soared four per cent higher on sales growth in master-planned community sales during the September quarter.
Financials helped lift the bourse with a 1.8 per cent rally, tracking with strength in the big four banks.
Wealth management stalwart AMP limited rocketed more than 11 per cent to $1.96, its highest price since 2020 after its assets under management grew 3.6 per cent to $159.5 billion in the September quarter.
The growth was driven by a more than 60 per cent lift in its platforms business.
Investment giant Macquarie also rallied, up more than four per cent to $227.94 after selling a network of 50 data centres to Nvidia-backed Aligned Data Centers for $US40 billion ($A62 billion).
The raw materials sector continued to push to new heights, up 0.5 per cent by midday, as investors took profits on the recent rallies in rare earths plays like Iluka (-7.3 per cent) and Lynas (-3.4 per cent).
As iron ore giants lumbered in parallel with ore prices, again it came down to gold producers to lift the sector, as the precious metal pipped yet another record high above $US4,227 ($A6,507) an ounce.
Gold miners Northern Star and Evolution each surged more than two per cent higher, while US-headquartered Newmont jumped three per cent to $145.39.
Energy stocks posted a 0.5 per cent gain, helped by a lift in Santos shares despite a number of sales and production guidance cuts in its third quarter report.
Elsewhere in energy, coal plays were broadly higher and uranium producers were mixed after their recent run-up.
Consumer discretionary stocks jumped one per cent as CBA tracked a 12th straight month of higher household spending, signalling strength in the economy, the bank’s head of economics Belinda Allen said.
“Momentum in household spending has been building since early 2025,” Ms Allen said.
“Lower interest rates, moderating inflation and tax cuts last year have created a more favourable environment for consumers.”
The Australian dollar is buying 64.87 US cents, down slightly from 65.19 on Wednesday at 5pm, dipping roughly 0.5 per cent in the wake of the morning’s jobs data.
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