The Australian share market continued its upward trajectory, marking its fifth consecutive day of gains as the S&P/ASX 200 index rose by 0.69%, or 55.6 points, to close at 8,126.2.
This positive momentum was driven primarily by strong performances in the technology and real estate sectors, which offset losses in other areas such as utilities.
Seven out of the 11 sectoral indices ended the day in positive territory, with technology stocks leading the charge with a 1.6% increase. Real estate also saw significant gains, rising by 1.5%.
Other sectors that contributed to the overall market rise included healthcare, consumer discretionary, and financials, which posted increases of 1.3%, 1.3%, and 1.1%, respectively.
Despite these gains, the market faced challenges in sectors like utilities, which experienced a selloff. Additionally, commodity-related sectors such as resources and energy faced headwinds due to declining prices for key commodities.
The gold sub-index fell by 1.8%, contributing to a broader decline in the resources sector, while the energy sector also suffered from a sharp drop in crude oil prices.
The ongoing strength in the Australian market is partly attributed to positive economic indicators, including a lower-than-expected inflation rate, which has reinforced expectations of a potential rate cut by the Reserve Bank of Australia.
This economic backdrop, combined with global market trends and sector-specific performances, continues to shape investor sentiment and drive market movements in Australia.