Market Wrap / topping 8500

The Australian share market hit another all-time high during Tuesday’s trade, with the S&P/ASX 200 topping 8500 points for the first time.

The index closed higher by 47.30 points or 0.6% to 8495.20, and is now up more than 11% year-to-date.

Metcash was one of the biggest gainers, posting its best gain in three years, after Citi upgraded the IGA operator to a buy from neutral.Star Entertainment also rallied after announcing it expects to receive the first $100 million of a $200 million debt facility and is working with lenders to meet conditions for the next $100 million. Star gained 7.1% to $0.225.Shares in Woolworths dipped 0.4% after flagging the ongoing strike over pay increases has led to a loss of $50 million in food sales for the retailer. Rival Coles rose 1.3%.Meanwhile, KFC operator Collins Food was one of the worst performers, falling 4.3% after lowering its FY25 earnings guidance and cutting its first half dividend.Shares in Zip fell 1% as co-founder Larry Diamond announced he was stepping down, and sold $100 million of his holdings. Zip shares have risen more than 450% this year. In the materials space, Northern Star Resources extended yesterday’s losses following its offer to acquire De Grey. De Grey shares eased 2.5% after rallying Monday. Fortescue gained 2% as the company was granted a $10 million government grant to develop chargers for electric mining trucks.The big four banks rose, with ANZ leading the charge, up 1.1%. 

Incitec Pivot traded ex-dividend.

On the economic docket, Australia’s third quarter current account deficit came in higher than expected. 

Tonight, US JOLTS openings data is due, while locally tomorrow third quarter GDP figures are released.