Investors pushed the Australian sharemarket to another record on Tuesday, as gains in healthcare and consumer stocks helped drive the market higher. The ASX 200 rose 0.6 per cent to 8,495.20 points, beating Monday’s record close, after the index hit a new intra-day high above 8,500 during the day’s trading. It was the third time in a week the market hit a record high, after US economic data improved the prospects of the Federal Reserve cutting interest rates this month.
Fed governor Christopher Waller said based on the day’s economic data, he was leaning toward supporting a rate cut at the central bank’s meeting in two weeks.Healthcare shares performed strongly, with industry giant CSL shares up 1.4 per cent, Pro Medicus up 3.2 per cent and Cochlear up 0.8 per cent. The consumer discretionary sector also had a solid day, with Wesfarmers up 0.9 per cent and poker machine maker Aristocrat up 1.9 per cent.
Insurance broker Steadfast Group gained 2.7 per cent as the company released a review of its strata insurance, after a report on ABC’searlier this year alleged the company recommended a more expensive policy from a company it owned, over a cheaper policy from a rival.The utilities sector had a weaker day, with Origin Energy losing 1.3 per cent and Meridian Energy falling 3 per cent. Shares in mining giants Rio Tinto and BHP were slightly weaker, both falling 0.2 per cent., while WiseTech fell 1.
Overnight, the S&P 500 rose 0.2 per cent from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones fell 128 points, or 0.3 per cent, while the Nasdaq composite gained 1 per cent.