The Australian sharemarket closed at fresh record on Tuesday in a broad rally led by technology and healthcare stocks as investors brushed off US President Donald Trump’s latest tariff threats.

The S&P/ASX 200 Index rose 59.9 points, or 0.7 per cent, to a fresh record of 8630.3 as 10 out of the 11 sectors advanced. Wall Street edged higher as Trump indicated he was open to trade talks after unleashing more tariff threats over the weekend.

On the ASX, investors piled into the tech sector tracking Nasdaq futures higher after Nvidia said it planned to resume sales of its H20 artificial intelligence chip to China.

WiseTech Global advanced 1.8 per cent to $112.65, Xero gained 1.2 per cent to $174.56, Life360 rocketed 8 per cent to a fresh record of $35.23, and Appen climbed 7 per cent to $1.15.

Investor appetite was also bolstered by a strong GDP print from China which showed the world’s second-largest economy expanded at a robust 5.2 per cent, beating economists’ forecasts.

ASX-listed healthcare stocks were also well bid, led by index giant CSL, which finished up 3.8 per cent to $250.66, and Pro Medicus, which rose 2.4 per cent to $324.74. The big banks also rose with Commonwealth Bank adding 0.5 per cent to $179.76 and Macquarie up 1.4 per cent to $224.39.

“It looked like one of the big super funds allocated some cash to the market given the large gain, the stocks that led the rise and the number of blocks trades that went through,” said Bell Potter’s Richard Coppleson.

Only the ASX’s materials sector finished in the red, dragged down by a weaker iron ore price after separate Chinese data showed new home prices in major cities fell 3.2 per cent year-on-year in June – the 24th month of decline in a row.

“The implications aren’t particularly good for the Australian economy given the Chinese property market is so important for key exports such as iron ore, hence the decent fall in the big miners,” said IG market analyst Tony Sycamore.

BHP fell 0.9 per cent to $39.39, Fortescue came off 0.7 per cent to $16.78, and Rio Tinto, which on Tuesday appointed Simon Trott as its new chief executive, slid 1.3 per cent to $110.28.

Stocks in focus

In corporate news, Hub24 shares jumped 6.4 per cent to $100.57 – at one point reaching a record intraday high of $102.66 – after funds under management climbed 10 per cent in Q4 to $112.7 billion. It also hit record annual platform net inflows of $19.8 billion.

Outdoor media company oOh!media rose 1.7 per cent to $1.76 despite being informed by the Auckland Transport Authority that its contract, which was due to expire at the end of September, would not be renewed.

Tyro Payments close down 2.7 per cent to 89.5¢ after earlier tanking more than 10 per cent after the Reserve Bank announced it would ban surcharges on all debit and credit transactions under eftpos, Mastercard and Visa networks.

Paladin shares jumped 7.9 per cent to $7.69 after Bell Potter retained its “buy” rating but upgraded its short-term target price form $6.50 to $9.20, implying more than 20 per cent upside.

And Droneshield leapt 14.8 per cent to $3.72, extending its rally, after announcing on Monday plans to invest $13 million to triple its Australian manufacturing capacity.