Stocks in Australia and New Zealand end at record highs
Stocks in Australia and New Zealand end at record highs Updates to close
By Kumar Tanishk
Aug 5 (Reuters) - Equities in Australia and New Zealand closed at all-time highs on Wednesday, with those in Sydney led by miners and technology stocks following a rally in U.S. tech shares and hopes of easing Middle East tensions.
Australia's S&P/ASX 200 benchmark index .AXJO added 0.9% to end at a lifetime closing peak of 9,227.80 points, while its counterpart in New Zealand .NZ50 finished 0.7% higher at a record 13,997.18 points.
In Sydney, a fourth consecutive session of gains pushed the relative strength index for the benchmark ASX200 index into overbought territory, and to its highest since mid-June 2025.
Risk appetite was strong following a strong rally in U.S. and European equities on the back of strong AI-driven earnings, with easing oil prices further bolstering the risk-on mood. MKTS/GLOB
"The ASX200 has received support from new money coming into the market at the start of the new financial year, while the index has also attracted inflows as a lower-beta safe-haven destination to ride out the ongoing volatility in high-beta, tech-heavy markets in Asia," said IG market analyst Tony Sycamore.
Investors now turn their attention to the August earnings season, with a packed reporting calendar likely to drive sentiment in the coming weeks.
Sycamore sees the ASX 200 at risk of slipping and retesting the 9,000 level, with a sustained breakout unlikely before reporting season concludes and potentially not until September.
On the day, miners .AXMM rose 3.7% to log their best day in over seven weeks on the back of rising iron ore prices. IRONORE/
Heavyweights BHP BHP.AX, Rio Tinto RIO.AX, and Fortescue FMG.AX gained between 0.6% and 3.3%.
Gold miners .AXGD advanced 6.4%, posting their strongest session in about a month. GOL/
Tech stocks .AXIJ added 2.5% to hit an eight-week high, tracking Wall Street rise.
Limiting some gains, financials .AXFJ slipped 0.4% log their worst day in about two weeks, with the "big four" banks declining between 0.4% and 1.4%.
Energy stocks .AXEJ fell 2.2%, posting their weakest session in over a week due to weaker oil prices.
(Reporting by Kumar Tanishk in Bengaluru; Editing by Nivedita Bhattacharjee)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))