ASX rallies to intraday record; REA Group soars 9pc

The Australian sharemarket set a new intraday trading record at the open, shaking off a sluggish lead in from Wall Street after data on the US services sector disappointed, and oil fell after a report that Russia is set to propose an air truce with Ukraine.
The Institute for Supply Management's index of services declined last month to 50.1, below all estimates in a Bloomberg survey of economists. The employment index contracted. The group's measure of prices paid for materials and services climbed to the highest since October 2022.
The S&P/ASX 200 rallied 0.6 per cent to 8819.50 at 10.15am AEST - its highest intraday level ever set by the benchmark index. Nine of the 11 index sectors were up led by interest rate sensitive real estate and communication services.
Gold miners extended strong gains already this week as the price of the precious metal flirted with $US3400 an ounce amid expectations the Federal Reserve will cut interest rates next month following a spate of weaker economic data. Newmont rallied 2.1 per cent, while Evolution Mining and Northern Star lifted 2.4 per cent and 3.1 per cent respectively.
Commonwealth Bank paced gains in financials, lifting 1 per cent in early trade, while Westpac rose 0.7 per cent, ANZ 0.3 per cent and National Australia Bank 0.1 per cent.
Communication services was stronger after REA Group soared 8.8 per cent after it announced a record dividend of $1.38 a share following a double-digit jump in revenue and earnings.

Sumber : AFR