AU Morning Wrap | ASX Hits New Record; Miners Drive Market Gains

The US stock market saw positive gains on Monday, leading to all-time highs and closing highs for two indexes. Just after the close, the $S&P 500 Index (.SPX.US)$ climbed 77 bps to a high and closing high, the $Dow Jones Industrial Average (.DJI.US)$ climbed 47 bps to a closing high, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.87%. This increase was primarily driven by a resurgence in demand for technology stocks, particularly chipmakers. Nvidia closed 2.4% higher at $138.07, nearing its all-time high of $140.76.

The Australian stock market reached a new all-time high on Tuesday, opening with a 0.64% increase to 8305.70 on the $S&P/ASX 200 (.XJO.AU)$, fueled by positive momentum from Wall Street. The materials sector led the gains, supported by a rise in the price of iron ore, with $BHP Group Ltd (BHP.AU)$, $Fortescue Metals Group Ltd Sponsored ADR (FSUGY.US)$, and $Rio Tinto Ltd (RIO.AU)$ all posting gains.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $65,953, up 5.20% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,624, up 6.66% in the past 24 hours.

$Telstra Group Ltd (TLS.AU)$ has appointed former BHP executive David Lamont to its board, with Lamont set to start in December. Shares rose by 0.13 per cent.

$HUB24 Ltd (HUB.AU)$ saw a 1.72 per cent increase in its shares after reporting record quarterly net inflows of $4 billion and total funds under administration reaching $113 billion as of September 30. The company remains confident in meeting its FY25 platform funds under administration target.

$Ampol Ltd (ALD.AU)$ announced a $50 million cost reduction plan for 2025 and is looking to simplify its business operations, leading to a 0.51 per cent drop in shares.

$Australian Finance Group Ltd (AFG.AU)$ reported an increase in Q1 mortgages lodged compared to the previous year, with a lodge volume of $24.1 billion.

$Macmahon Holdings Ltd (MAH.AU)$'s subsidiary Decmil (MAH) secured a $123 million road upgrade contract for the Mt Holland Project, to be finished by Apr-25.

$Web Travel Group Ltd (WEB.AU)$ experienced a 35% drop in shares following the announcement of preliminary first-half results for WebBed business, indicating a decrease in underlying EBITDA margins due to lower revenue and increased operating expenses.