The Australian sharemarket reset its record for the second time this week as fears around US President-elect Donald Trump’s tariff bluster continued to abate.

The S&P/ASX 200 Index ended Thursday up 37.6 points, or 0.5 per cent, at a fresh peak of 8444.3. The All Ordinaries also rose 0.5 per cent. Trade was subdued ahead of the US Thanksgiving holiday.

The sharemarket hit a record high on Monday but fell a day later on news that Trump would impose tariffs on China, Canada and Mexico when he retakes office in January and accelerate inflation.

Barclay’s vice president of US economics research Pooja Sriram said the impact of the tariffs on the world’s largest economy would be small and likely only seen from the second half of 2025. “We think that these tariffs, particularly on Mexico and Canada, are unlikely to come to pass as quoted,” she said, adding that they would be more likely a “negotiation tool” as happened several times during Trump’s first term.

On the ASX, index heavyweight Commonwealth Bank, which on Tuesday sank more than 3 per cent from a record high above $160, on Thursday climbed 0.6 per cent to $158.58. The other major banks also finished higher.

Health stocks performed well, led by a rally in Pro Medicus after the company announced a $330 million, 10-year contract with not-for-profit Trinity Health – its largest US deal to date. The shares jumped 8.7 per cent to $248.18. Elsewhere in the sector, CSL rose 1.6 per cent to $285.18 and ResMed added 1.3 per cent to $38.59.

The switch back to risk-on trading also helped bitcoin push back above $US97,000.

Stocks in focus

In other corporate news, IAG unveiled plans to buy the insurance underwriting business of Queensland’s RACQ in a deal valued at $855 million. The shares rose 3.6 per cent to $8.47.

Fisher & Paykel Healthcare posted growing profits and revenue in the six months through September but fell short of the market’s high expectations. That pulled the shares down 2.1 per cent to $33.85.

Star Entertainment sank 7.1 per cent to 19.5¢, a record low, after reporting an earnings loss of $27 million in the first four months of the new financial year as the casino operator continued to scramble to shore up its finances. Following the news, the company received a remuneration strike from shareholders at its annual general meeting.

Real estate investors Proprium Capital Partners and Avid Property Group joined up to lob a $370 million buyout for real estate developer AVJennings. The stock rocketed 87.9 per cent to 65¢, in line with the bid price.

And Dexus has sold two office properties for a combined $443.2 million, netting around $336.3 million. The shares rose 2.9 per cent to $7.19.