ASX hits record high; CBA eclipses BHP as Australia’s biggest company

The Australian sharemarket hit a record high on Friday as the Commonwealth Bank surpassed BHP as the country’s biggest company.

The financials sector rose 1 per cent, with the four big banks gaining ground. National Bank shares climbed 2.1 per cent, Westpac was up 1 per cent and ANZ added 0.9 per cent.Real estate investment trusts led the way, with Charter Hall Group gaining 5.2 per cent and GPT Group advancing 5.3 per cent. Other interest-rate sensitive sectors, including healthcare and consumer discretionary were also stronger.

“The next 12 months are likely to be more constrained compared to 2023-24,” he said, although he noted easing inflation pressures and prospects for stronger growth could make for reasonable returns. Capital.com senior financial market analyst Kyle Rodda said the market is pricing in three US rate cuts, but the fundamentals for domestic stocks is not so rosy.

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