The S&P/ASX 200 index hit a new high of 8,899.10 today, within touching distance of 8,900, before closing out the day at 8,873.80 for a 0.53% gain.
The Australian benchmark has demonstrated considerable strength, climbing 3.5% over the past month and boasting a 13% gain year-on-year.
Leading the charge today were Temple & Webster Group Ltd (TPW), Origin Energy Ltd (ORG), and Westpac Banking Corporation (WBC). TPW shares soared 8.75% to $28.35 following impressive FY24 results that exceeded market expectations by approximately 23%. The online retailer also reported strong early sales figures for July and August, up 26% year-on-year.
Westpac (WBC) shares climbed 6.31% to $36.04 off the back of solid earnings that has seen buyers step in.
Conversely, Liontown Resources Ltd (LTR), South32 Ltd (S32), Neuren Pharmaceuticals (NEU), and Rio Tinto Ltd (RIO) experienced significant declines.
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A new high brings with it some price discovery, but as expected the psychological levels around 8,900 have proved to be the first bump on the road. The overall market sentiment remains positive, supported by strong earnings, robust commodity prices, and interest moving as per expectations.
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