ASX 200 LIVE: Shares reset record high; Synlait posts giant loss; Pacific Smiles rejects Genesis bid; AGL nabs new deal with Portland smelter; iron ore prices leap 7pc.

Pinned post – 4.20PM – Sep 30, 2024 The Australian sharemarket closed at a record high on Monday for the seventh time this month as news of additional stimulus measures from China and escalating tensions in the Middle East bolstered commodity prices, lighting a fire under energy and mining stocks. The S & P/ASX 200 Index lifted 0.7 per cent or 57.6 points to 8269.8, ending the September quarter with a 6.5 per cent increase – the best three-month gain in a year. Higher oil prices fuelled energy returns after Israel’s attacks in Lebanon and Yemen revived worries that the escalation could prompt Iran, a key producer and member of the Organisation of the Petroleum Exporting Countries, to directly enter the conflict. Beach Energy added 3.4 per cent to $1.21, Santos 2.6 per cent to $7.02 and Woodside 3.5 per cent to $25.20. Meanwhile, iron ore futures surged an eye-popping 10 per cent in Asia, extending last week’s gains after China pumped more relief measures into its sputtering economy over the weekend. The move sent BHP 2.7 per cent higher to $45.96, Rio Tinto 1.3 per cent to $129.13 and Fortescue 2.9 per cent to $20.68. “The markets are pricing resource stocks as if the stimulus plan was similar to the one we saw in 2009 or 2012 when we had massive infrastructure being built and massive demand for Australian iron ore,” said Hugh Dive, chief investment officer of Atlas Funds Management. “This particular stimulus plan is more about trying to clear the pipeline of all housing projects by providing financing for developers so they can finish their work,” he said. It rebounded 18 per cent to 29.5¢ following the worst crash in its history on Friday, when it lost 44 per cent. – This Summarize was created by Neural News AI (V1). Source: http://www.afr.com/markets/equity-markets/asx-to-rise-oil-in-focus-on-heightened-tensions-in-the-middle-east-20240928-p5ke6u