Australian shares opened higher on Thursday after Wall Street resumed its rally overnight and gold extended its record-breaking run beyond US$4,000 ($6,075) an ounce.
The benchmark S&P/ASX 200 gained 29.1 points, or 0.33%, to 8,976.7, with building materials and biotech stocks among the main movers. James Hardie Industries (ASX:JHX) led the benchmark with a 9.92% rise, followed closely by Mesoblast (ASX:MSB), which climbed 9.36%.
Liontown Resources (ASX:LTR) and Alcoa (ASX:AAI) were the top-performing materials companies at the open, up 6.19% and 5.6%, respectively.
On Wall Street, the S&P 500 finished 0.6% higher, setting another record high at 6,753 points, while the Nasdaq Composite jumped 1.1% to 25,136 points. The Dow Jones Industrial Average ended the session flat.
The latest tech-led rally has prompted some caution among analysts, with strong investor demand for safe-haven assets also driving fever-pitch interest in gold, now trading at US$4,002.33 per ounce, and Bitcoin.
Economists continue to monitor statements from the Federal Reserve, which cut its benchmark interest rate last month. A slowing jobs market and stubborn inflation remain key areas of concern for the world’s largest economy.
The Australian dollar edged up 0.1% to US$0.66 in early trade.
Oil prices were mixed, with WTI crude falling 0.93% to US$61 per barrel, while Brent crude traded at US$66 per barrel.
Write to Dan Petrie at Mining.com.au
Images: iStock
