AU Evening Wrap | ASX 200 Slightly Up After Sell-Off; Gold Sets New Record High

Top gainers: $Qantas Airways Ltd (QAN.AU)$, $Bellevue Gold Ltd (BGL.AU)$ and $Genesis Minerals Ltd (GMD.AU)$

Top losers: $Mineral Resources Ltd (MIN.AU)$, $Audinate Group Ltd (AD8.AU)$ and $Macquarie Technology Group Ltd (MAQ.AU)$

On Wednesday, Australian shares experienced a modest rise, driven by gains in supermarket stocks that helped counterbalance earlier declines. The $S&P/ASX 200 (.XJO.AU)$ edged up to close at 8,216 points, rebounding from a 1.7% drop the day before. This previous decline was attributed to waning expectations of interest rate cuts by both the Reserve Bank of Australia and the US Federal Reserve. As investors brace for heightened market volatility ahead of the upcoming US presidential election and a busy corporate earnings season, analysts observe that range-bound trading with sporadic volatility has become a typical market pattern.

Out of the 11 sectors, seven closed in positive territory alongside the S&P/ASX 200 Index. The Consumer Staples sector emerged as the top performer, recording a gain of 1.33%. $Coles Group Ltd (COL.AU)$ and $Woolworths Group Ltd (WOW.AU)$ saw slight gains in their stock prices, with Coles increasing by 1.4% and Woolworths by 1.6%, despite both companies facing legal challenges from the Australian Competition and Consumer Commission. The commission accused them of misleading consumers with grocery promotions, while the retailers argued that the alleged deceptive discounts were largely driven by supplier demands.

ASX-listed gold miners experienced a boost as gold prices reached a historic high of over $US2750 per ounce. Notable performers included $Bellevue Gold Ltd (BGL.AU)$, which rose 3.2% to $1.62, $Genesis Minerals Ltd (GMD.AU)$, up 2.8% to $2.56, and $Perseus Mining Ltd (PRU.AU)$, which increased by 1.7% to $2.98.