The Australian sharemarket has closed at a new record high, buoyed by hopes for an imminent re-opening of the Strait of Hormuz, with technology and mining stocks leading the rally.
Market movers and expert insight
Rena Sarumpaet spoke to Jun Bei Liu, founder and portfolio manager of Ten Cap Investment Management, who highlighted the significance of US corporate reports, particularly Elon Musk's SpaceX, which reported its first quarterly earnings as a public company.
SpaceX posted a half a billion US dollar loss, roughly half of the loss from the same period last year. However, revenue nearly doubled to almost US$8 billion, though the cost of growth was substantial capital expenditure, which jumped fivefold to US$18 billion.
Impact on the market
The record close reflects investor optimism driven by geopolitical developments and strong earnings from key sectors, according to Liu. The rally underscores the market's resilience amid global uncertainties.
