Market report September 10: ASX Rises 0.3%, Commonwealth Bank Hits Record High [Video]

Proactive’s Tylah Tully gives a market wrap for the 10th of September.

The ASX gained 0.3%, closing at 8,011.9, with 10 of 11 sectors posting gains. Energy and communication services led with nearly 1% increases. Financial stocks were also strong, with Commonwealth Bank of Australia (CBA) reaching a record high of over AUD 145 per share before settling at AUD 143.77. CBA now holds the distinction of being the world’s most expensive bank, with a market capitalisation exceeding AUD 240 billion. Some brokers have raised concerns about high valuations in the Australian banking sector, while UBS notes that global banks have risen by 40% since October 2022.

Paladin Energy was the top performer of the day, rising by 5.85% to trade at AUD 8.86. In contrast, Steadfast Group took the biggest hit, declining by 10.74% to AUD 5.32.

In economic news, NAB’s business survey for August reported a drop in business confidence, now in negative territory, although business conditions remain positive. Employment was highlighted as a key factor contributing to the downturn. Despite this, retailers are actively hiring for the Christmas season, with job postings on par with last year, despite reduced retail sales volumes.

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