Index Update: The S&P/ASX 200 Index closed higher on Thursday, rising 47.00 points or 0.51% to 9,175.30 and marking a fresh 100-day high. Over the past five sessions, the benchmark has advanced 0.98% and now sits just 0.30% below its 52-week peak. Seven of the eleven sectors finished in positive territory. Information Technology led the gains, climbing 5.19% on the day and adding 0.20% over the past five days. Other advancing sectors included Consumer Staples (+1.61%), Telecommunication Services (+1.61%), Health Care (+1.58%), A-REITs (+1.16%), Materials (+1.00%), and Consumer Discretionary (+0.55%). On the downside, Energy fell 1.48%, Industrials declined 0.83%, and Utilities slipped 0.75%. The Australian sharemarket extended its record-breaking run as concerns about the impact of artificial intelligence eased and investors assessed a series of better-than-expected corporate results.

Macro Update: A steady lift in wages and investment marked the latest economic snapshot, with average weekly ordinary time earnings for full-time adults reaching $2,051.10 in November 2025, according to the Australian Bureau of Statistics. This represents a 2.0 per cent increase from $2,010.00 in May 2025.

Private new capital expenditure rose 0.4 per cent in the December quarter and was 7.8 per cent higher than the same quarter last year in seasonally adjusted chain volume terms. The increase was driven by strength in buildings and structures, particularly renewable energy projects, while a fall in equipment and machinery followed record-high data centre investment in the previous quarter.

Business investment in non-mining industries increased 0.8 per cent, while mining declined 0.8 per cent. Overall, buildings and structures rose 2.3 per cent, whereas equipment, plant and machinery fell 1.7 per cent. Estimate 1 for 2026–27 totalled $158.4 billion, 7.3 per cent higher than Estimate 1 for 2025–26.

Top Market Movers: On the ASX, Megaport Limited (ASX:MP1) led the gains, surging AUD 1.020 or 12.592% to AUD 9.120, followed by Telix Pharmaceuticals Limited (ASX:TLX), up AUD 1.000 or 10.869% to AUD 10.200, and Ramsay Health Care Limited (ASX:RHC), which climbed AUD 3.950 or 10.348% to AUD 42.120. Among the laggards, Worley Limited (ASX:WOR) fell AUD 1.330 or 10.200% to AUD 11.710, Qantas Airways Limited (ASX:QAN) dropped AUD 0.980 or 9.202% to AUD 9.670, and Liontown Limited (ASX:LTR) declined AUD 0.170 or 8.565% to AUD 1.815.

Commodity Update: The U.S. dollar traded softer in early Asian hours on Thursday as upbeat earnings from Nvidia supported broader risk sentiment, while markets awaited clarity on fresh U.S. import tariffs. Precious metals eased, with gold declining 0.52% to USD 5,199.00, silver slipping 2.54% to USD 88.68, and copper down 0.38% to USD 13,279.00. Brent crude edged up 0.30% to USD 71.12, holding near seven-month highs despite rising U.S. inventories.

Our Stance: Australian equities pushed to a fresh 100-day high, supported by technology gains, encouraging earnings outcomes, and steady macroeconomic signals. Improving wages and a lift in investment pointed to underlying economic resilience, even as sectoral performance and commodities remained mixed.

The market’s advance was broad-based, with defensives and cyclicals providing balance while weakness in energy, industrials, and utilities capped overall momentum. Strength in buildings and renewable-related investment alongside selective stock rallies reflected a risk-on but discerning environment. Softer, precious metals, firmer oil, and a weaker U.S. dollar indicated a stable external backdrop, suggesting confidence in growth trends, although the divergence across sectors and commodities highlights a measured and rotation-driven rally rather than a uniform surge.

In the latest session, the S&P/ASX 200 gained 47.00 points to close at 9,175.30, forming a strong bullish candlestick on elevated volumes, signalling robust investor confidence and active participation. Technically, the index remains comfortably above its 50-period SMA on the daily chart, reinforcing the prevailing short-term uptrend. Immediate support is seen near 9,090.50; sustained trade above this level would preserve the bullish structure and support further upside. A break below may trigger short-term volatility. On the weekly timeframe, the index continues to hold well above its 50-period SMA, highlighting a firm medium- to long-term trend and confirming that the broader market bias remains constructive despite near-term fluctuations.