Bourse resets record high as miners, tech stocks rally

The local share market was off to a record breaking start in March, as fresh highs on Wall Street and positive manufacturing data from China bolstered the benchmark.

The ASX200 closed at a record high on Friday, echoing an impressive run on Wall Street and supported by positive manufacturing data out of China.

At the closing bell, the benchmark index reset its record, rallying 0.6 per cent, or 46.9 points, to reach 7745.6, and surpassing its previous intraday high of 7,703.8 recorded during Thursday’s session.

Meanwhile, the broader All Ordinaries finished strongly, adding 0.6 per cent to 8007.1 – also a record close.

The ASX reset its record on Friday, assisted by fresh highs on Wall Street and positive manufacturing data out of China. Picture: NCA NewsWire / Gaye Gerard

The Australian dollar was trading higher, climbing to US65.08c at the closing bell.

Betashares chief economist David Bassanese said he expected the ASX200 to reach the 8000-mark by year’s end, as the growing chance of a soft landing for the global economy bolstered the outlook for equity markets, including in Australia.

“Although the Australian corporate earnings have been going through a soft patch due to a weakened consumer and easing commodity prices, forward earnings should start to recover this year as they begin to factor in the earnings recovery expected in the 2026 and 2025 financial years,” Mr Bassanese said.

“Lower bond yields and an improving local and global growth outlook by the second-half of the 2024 financial year should also support the earnings and market outlook.”

During Friday’s session, materials stocks were the strongest performers, adding 2 per cent, as iron ore and lithium futures climbed.

Sector heavyweight BHP added 2.3 per cent to $44.92, while Pilbara Minerals surged 4.3 per cent to $4.38 and Core Lithium vaulted 14.3 per cent to 24c.

Tech stocks, echoing a record breaking session for the tech-dominated Nasdaq composite, lifted by 1.9 per cent, with Xero adding 6 per cent to $134.93.

Banks also did much of the heavy lifting. Commonwealth Bank climbed 0.8 per cent to $117.36, Westpac added 0.2 per cent to $26.41, ANZ rose 1.1 per cent to $28.75, and NAB rallied 0.6 per cent to $34.04.

Bucking the upbeat mood, health stocks shed 1.5 per cent in the sector’s worst day in almost three weeks. Sector heavyweights Cochlear sagged 3.9 per cent to $336.50, after hitting a record high during Thursday’s session, and CSL slipped 1.4 per cent to $282.35.

Outgoing NAB boss Ross McEwan will join the board of ASX-listed iron ore heavyweight BHP. Picture: NCA NewsWire / David Crosling

In corporate news, location sharing technology provider Life360 recorded a record intraday gain, vaulting 38.5 per cent to $11.30, after reporting revenue had soared 33 per cent to $US305 million in the 12 months to December 31. The company’s active users, largely parents monitoring the whereabouts of their children, grew to more than 61 million last year.

Outgoing National Australia Bank boss Ross McEwan is set to join the board of mining giant BHP from April 3.

Graphite producer Syrah Resources rose 13.1 per cent to 69c after it reported it would supply South Korean material and chemical company Posco Future M from its operations in Mozambique.

With the reporting season drawing to close, investors in ASX200 companies have been paid dividends totalling $3.3 billion, according to CommSec analysis. An additional $30.6bn will be paid over the next 7 weeks.

Originally published as Bourse resets record high as miners, tech stocks rally