Australian shares log record closing high on lithium boost; RBA decision in focus

Published on 08/11/2025 at 02:51 am EDT

• ASX200 hits all-time high of 8,852.30
• Lithium stocks rally, lead miners to 10-month high
• RBA policy decision due on Tuesday
• NZ50 inches higher

(Reuters) - Australian shares rose to a record close on Monday, with lithium stocks leading index heavyweight miners higher, while investors awaited the local central bank's monetary policy decision on Tuesday for further direction.
The S&P/ASX 200 index rose 0.4% to its highest close of 8,844.80. The benchmark gained 0.5% earlier in the day to hit a record high of 8,852.30.
Mining stocks climbed to a 10-month peak in their sixth straight session of gains, with BHP and Rio Tinto advancing 1.6% and 1.5% respectively, as iron ore futures rose.
Lithium miners were the top gainers after battery giant Contemporary Amperex Technology Co Ltd ( CATL ) said it had suspended production at a major lithium mine in China, which is capable of producing about 3% of the world's total forecast output in 2025.
Pilbara Minerals was the biggest gainer on the main index, surging 19.7%, while Liontown Resources, Mineral Resources and IGO rose between 8.6% and 18.3%.
"Any reduction of lithium supply on a global scale bodes well for our local producers like Pilbara, as there is currently an oversupply of the commodity, placing downward pressure on spot prices," said Grady Wulff, senior market analyst at Bell Direct.
Financials closed slightly higher, with Commonwealth Bank of Australia up 1.1%, ahead of the Reserve Bank of Australia's policy meeting on Tuesday.
The central bank is expected to cut interest rates by 25 basis points, according to a Reuters poll.
Most major banks are scheduled to report their earnings this week, starting with CBA on Wednesday. The country's top lender is expected to report a rise in full-year cash profit, according to estimates.
Consumer discretionary stocks fell 1.6%, eating into the overall gains. Energy stocks edged 0.4% higher.
In New Zealand, the benchmark S&P/NZX 50 index ended 0.5% higher at 12,911.86.
 (Reporting by Nikita Maria Jino in Bengaluru; Editing by Subhranshu Sahu) 

Sumber : Reuters