The Australian sharemarket has reset its record high, recouping all its losses triggered by US Donald Trump’s sweeping tariffs, amid ongoing trade talks between the US and China in London.

The S&P/ASX 200 Index rose 71.5 points, or 0.8 per cent, to close at a fresh peak of 8587.2 as nine out of 11 sectors climbed. The benchmark gauge has now surpassed the February 14 record high as the Australian dollar flirted with a fresh six-month high at US65.25¢.

Ophir senior portfolio manager Andrew Mitchell said many investors had expected global growth to slow dramatically after Trump’s so-called “liberation day” tariffs on April 2, which had not yet materialised.

‘Ripping higher’

“So you are seeing more investors dragged into the market who went bearish post-liberation day,” he said. “With this backdrop, growth stocks are ripping higher ... look at the Aussie tech stocks, many are hitting all-time highs without any meaningful upward earnings revisions.”

Indeed, energy, banks and technology stocks pushed the local bourse higher on Tuesday as traders took their cues from positive US rhetoric on the trade talks with China.

China and US delegates met for more than six hours overnight in London with further talks due later today. US President Donald Trump said the talks were positive but “not easy”, while US Commerce Secretary Howard Lutnick said the discussions were “fruitful” and Treasury Secretary Scott Bessent cited a “good meeting”.

Energy stocks tracked a higher oil price, with Santos rising by 1.2 per cent to $6.66 and Woodside Energy edged up by 0.7 per cent to $29.09. Coal miner Yancoal climbed 4 per cent to $5.51.

The big four banks were also well bid, with index heavyweight Commonwealth Bank leading the big lenders higher, rallying 1.2 per cent to $182 after briefly touching a fresh record of $182.50. National Australia Bank climbed 1.5 per cent to $39.17, ANZ rose 1.1 per cent to $29.83 and Westpac edged up 1 per cent to $33.50.

Investors also piled into the tech sector, driven by data operator NextDC
which jumped 5.2 per cent to $13.86 after reporting an increase in its pro forma contracted utilisation. WiseTech also advanced, climbing 2.4 per cent to $108.1 and Xero gained 1.8 per cent to $192.10.

Stocks on the move

Elsewhere on the ASX, gold miners fell as bullion pushed lower to about $US3320 an ounce. Evolution fell 3.8 per cent to $8.60, Newmont dropped 3.8 per cent to $3, and Genesis dropped 1.3 per cent to $4.50.

Monash IVF plunged 26.9 per cent to 55¢ after reporting a second IVF embryo incident this year. The shares have now plunged 60 per cent in the past 12 months.

Austal jumped 7.3 per cent to 42¢ after South Korea’s Hanwha Group was given approval by foreign investment officials in the United States to buy out the entirety of Australia’s largest shipbuilder.

And finally Johns Lyng Group has requested a trading halt pending the release of an announcement. Street Talk reported earlier that the property services business had received a takeover approach from Pacific Equity Partners. The stock last traded at $2.54.