New financial year inflows and stronger U.S. futures supported the advance as private-sector activity hit a six-month high, while investors awaited trade data from Australia and China.
Australian shares rose 59 points, or 0.6%, to a fresh high of 9,286 in early Thursday trading, extending their winning run as stronger U.S. futures offset a mixed Wall Street close and investors reassessed valuations after a sharp rebound in AI-linked stocks. The move was also helped by start-of-financial-year inflows and recent data showing private-sector activity expanded at the fastest pace in six months, with services firming and factory orders rebounding. Non-energy minerals, consumer names, healthcare and utilities led gains, while technology, commercial services and energy minerals weakened. BHP rose 1.1%, Evolution Mining jumped 5.7%, Northern Star Resources added 4.5%, REA Group gained 2.1%, and the big four banks edged 0.3% to 0.5% higher as traders looked ahead to Australian trade figures due later in the day and Chinese data due Friday.