Australian shares rallied to a new record on Wednesday, following rallies on Wall Street as tech companies post strong earnings and oil prices fall.
The S&P/ASX 200 Index gained 0.9%, or 82 points, to close at 9,227.80, reaching an all-time high.
Overnight on Wall Street, the Nasdaq Composite, the S&P 500, and the Dow Jones Industrial Average rose 2.6%, 1.8%, and 1.7%, respectively.
Brent crude oil futures fell to trade around $78 per barrel. Qatar said mediators were making progress in efforts to end the US-Iran conflict.
On the domestic front, the living cost indexes in Australia posted increases of between 0.5% and 1.5% in the June quarter, with all household types recording rises in living costs, according to a report by the Australian Bureau of Statistics
The Australian Industry Index continued to show weakness in July, remaining steady at negative 29.9 in seasonally adjusted terms, with pricing indicators stabilizing following three months of very high scores caused by energy prices, according to a report released by the Australian Industry Group.
Australia's seasonally adjusted S&P Global Services purchasing managers' index (PMI) business activity index reached a six-month high of 53.6 in July, rising from 50.5 in the previous month, boosted by a rise in new orders, the first time in five months, signs of improving market confidence and expanded capacity, according to a report by S&P Global.
In company news, Light & Wonder (ASX:LNW) logged $1.99 in adjusted EPS for the second quarter, compared with $1.58 a year ago. For the three months ended June 30, revenue was $828 million versus $809 million previously.
Endeavour Group (ASX:EDV) reported preliminary fiscal 2026 underlying profit after tax of AU$363 million, down from AU$426 million in the previous fiscal year. The company expects to recognize a net AU$$372 million of pre-tax significant item expenses in fiscal 2026.
Lastly, NexGen Energy (ASX:NXG) logged CA$0.02 in loss per share for the second quarter, compared with a loss of CA$0.14 a year ago.