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ASX 200 LIVE: ASX hits intraday record before banks drag lower; Sharon AI wins $500m contract; CBA, banks sell-off
The Australian sharemarket set a record intraday high on Wednesday afternoon, as hopes for an imminent reopening of the Strait of Hormuz overpowered a sell-off in bank and energy stocks.
The S&P/ASX 200 Index was up 72.6 points or 0.8 per cent, to 9218.4 on near 3pm AEST on Wednesday afternoon. Five of the 11 sectors were lower, led by the banks and energy stocks.
Wall Street rallied overnight, sending the S&P 500 and Dow Jones to record closes on news of another interim peace deal between the US and Iran to end the war, which is now in its sixth month. A robust quarterly earnings season is also helping.
Markets live updates: ASX briefly hits new record high, pressure eases on Japanese yen
SpaceX's results beat analyst estimates, but the firm is yet to turn a profit.
Meanwhile, the Australian share market started its day higher on hopes the US and Iran will reach a deal to reopen the Strait of Hormuz. Pressure has also eased on the Japanese yen after more intervention.
Space X is making headlines this morning with its first earnings report since the tech titan went public in June. So what to make of its astronomical revenue growth? And what is still pulling its share price back to earth?
Meanwhile hundreds of ASX-listed companies are getting ready to report over the coming weeks and analysts are concerned about an earnings momentum slow-down. Could profits even be going backwards for many big companies?
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