ASX hits all-time high as CBA resets peak

The Australian sharemarket reset its all-time high for a second consecutive session on Monday as real estate stocks gained, with the index closing less than 80 points away from the 8500-point milestone.

The S&P/ASX 200 Index added 0.3 per cent, or 23.8 points, to 8417.60, eclipsing Friday’s record close. The gauge is up nearly 3 per cent this month with investors bullish on Trump’s incoming administration. The All Ordinaries also rose 0.3 per cent.

Of the 11 sectors, seven climbed on Monday. Real estate was the best performer with Mirvac advancing 3.3 per cent to $2.11. Vicinity Centres added 2.3 per cent to $2.19 and Goodman Group rose 1.5 per cent to $37.81.

The energy sector also pushed higher as oil prices held recent gains amid rising tensions in the Ukraine-Russia conflict. Woodside jumped 1.2 per cent to $25.36.

Elsewhere in commodities, coal miners struggled, while the mining heavyweights ended mixed in choppy trading despite stronger iron ore prices. Rio Tinto lost 0.4 per cent to $116.71, BHP ended flat at $40.2 and Fortescue firmed 0.4 per cent to $18.38.

Financials also weighed after APRA maintained its strict serviceability buffer for mortgages because of high household debt, persisting cost-of-living pressures, and a weakening jobs market.

While the regulator’s update contributed to the banks’ subdued tone, profit-taking was more likely the main driver, said Ryan Felsman, chief economist at ComSec. Indeed, banks have rallied 6 per cent in November.

ANZ fell 1.3 per cent to $31.83, National Australia Bank lost 1.2 per cent to $39.61 and Westpac also shed 1.2 per cent to $33.41. Commonwealth Bank once again bucked the trend and extended its record run with a fresh intraday high of $160.27. It ended the session up 0.7 per cent at $160.14.

Stocks in focus

Shares in Bendigo and Adelaide Bank fell 1.7 per cent to $13.37 as profit takers swooped in. The shares hit a 10-year peak set last week after the government proposed a regional bank branch and ATM levy that is set to benefit Bendigo the most because of its large rural branch network.

In deal news, online broker Bell Financial dropped 3.8 per cent to $1.265 after it sweetened its takeover bid of retail broker Selfwealth by 3¢ to 25¢ a share. Selfwealth shares lifted 4 per cent to 26¢.

Car leasing company SG Fleet Group rocketed 18 per cent to $3.16 after Pacific Equity Partners made a takeover bid at $3.50.

And battery materials supplier Novonix jumped 30 per cent to 96.5¢ after inking an offtake deal with PowerCo.

In other corporate news, Air New Zealand leapt 3.2 per cent to 49¢ after indicating that first-half earnings would turn positive following a horror end to 2024 driven by delays receiving planes and engines.

Payments infrastructure business Cuscal tumbled 7.6 per cent to $2.31 on its first day of trading, closing below its IPO price of $2.50.

Dairy company Synlait Milk dropped 4.1 per cent to 35.5¢ despite lifting its milk price forecast for the 2024/2025 season.