Australian shares at record close as investors seek shelter from AI volatility

Northern Star Resources

06/08/2026 08:41

Updates to close
ASX 200 logs fifth straight session of gains
Benchmark up about 6% since June, outperforming regional and U.S. tech-heavy peers
Miners, Banks up 1.1% and 0.5%
Investors look to August earnings season for next market cue
By Kumar Tanishk
Aug 6 (Reuters) - Australian shares ended at a record close on Thursday, as the country's defensive-heavy stock market continued to draw investors wary of AI-linked volatility, helping banks and miners, with lower oil prices lifting risk appetite.
The S&P/ASX 200 .AXJO ended 0.5% higher at 9,271.60 points, its fifth consecutive session of gains, after touching an intraday record high of 9,296.7 points.
The Australian bourse, dominated by banking, miners and healthcare stocks, has been outperforming its more volatile peers in the region since June.
It climbed about 6% versus a 2.6% fall in MSCI’s broad Asia-Pacific ex-Japan index .MISX00000PUS, dominated by the AI-heavy South Korean and Taiwanese benchmarks, and tech-heavy Nasdaq’s .IXIC roughly 2% decline. MKTS/GLOB
"Australia’s ASX 200 is emerging as a relative haven from the global AI trade unwind affecting technology-heavy markets such as South Korea," said Hugh Lam, investment strategist at Betashares.
Lam said rising inflows into Australian equities are also offering investors a diversification hedge from U.S. markets, where returns are more heavily concentrated in technology stocks.
Investor sentiment also improved as oil prices extended losses on reports of progress in Qatar's mediation to end the U.S.-Iran conflict. O/R
On the day, miners .AXMM surged 1.1% to an over six-week high, on back of higher iron ore prices. IRONORE/
Heavyweights BHP BHP.AX and Fortescue FMG.AX rose between 0.5% and 1.4%.
Gold miners .AXGD advanced 3.7% to a seven-week high as the metal's prices strengthened. GOL/
Financial stocks .AXFJ rose 0.5% as three among the "big four" banks added between 0.3% and 0.9% each.
Healthcare .AXHJ rose 0.8%, while consumer stocks .AXSJ climbed 0.4%.
Investors are now waiting for the upcoming August earnings season, which could influence market sentiment in the coming weeks.
Among the companies due to report are AMP AMP.AX, James Hardie JHX.AX, Commonwealth Bank CBA.AX, Westpac WBC.AX, Telstra TLS.AX and ANZ ANZ.AX.
New Zealand's benchmark S&P/NZX 50 index .NZ50 slipped 0.3% to 13,958.06 points.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Harikrishnan Nair)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))