What drove the Australian market to a three-month high?

The Australian market reached a three-month high primarily due to significant gains in banking and gold mining stocks.

How did Commonwealth Bank of Australia perform?

Commonwealth Bank of Australia shares increased by 6.8% after reporting record cash earnings for the half-year ending December, boosted by its mortgage business.

What were the closing figures for the Australian indices?

The S&P/ASX 200 index closed 1.66 percent higher at 9,014.80, and the All Ordinaries index settled 1.55 percent higher at 9,281.80.

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Australian Markets Hit 3-Month High on Banking & Gold Boom

11 Feb

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Summary

ASX 200 index reached a three-month peak, rising 1.66 percent.
Commonwealth Bank shares jumped 6.8% after record profits.
Gold mining stocks also contributed to the market's ascent.

Australian Markets Hit 3-Month High on Banking & Gold Boom

Australian financial markets experienced a significant upswing, reaching a three-month zenith driven by robust performance in the banking and gold mining sectors. The benchmark S&P/ASX 200 index climbed 1.66 percent to settle at 9,014.80, while the All Ordinaries index registered a 1.55 percent increase, closing at 9,281.80.

A key contributor to this market surge was Commonwealth Bank of Australia, whose shares rose by 6.8 percent. This boost followed the bank's declaration of record-high cash earnings for the six-month period concluding in December. Growth in its primary mortgage business was identified as a major factor underpinning these impressive financial results.

Other sectors, including gold mining, also played a crucial role in lifting the overall market sentiment and index values. The broad-based nature of the gains underscored a positive trading environment for Australian equities.