Australian shares climbed to their highest level since late August on Tuesday, as a chip-led rally on Wall Street and a slide in oil prices lifted property stocks, small caps and the big banks.
MoneyTurkey Foreign Markets Desk | 10 November 2026
Key points
- The S&P/ASX 200 ended about 1.2% higher at around 9,137, against Monday’s close of 9,029.70, according to Yahoo Finance data at about 05:15 London time. Market Index said earlier in the afternoon that the index was within 1.5% of its 6 August record.
- Real estate was the best-performing sector, up 2.6% and at a three-month high, Market Index said. Overnight, the S&P 500 rose 2.35% and the Nasdaq 2.74% as chipmakers rebounded.
- New Zealand’s NZX 50 closed up 1.3% at 14,167.41, against Monday’s 13,986.14.
What happened
The rally was broad. Smaller companies led early, with the Small Ordinaries up 1.6% in the morning, Market Index said, while defensive utilities, health care and telecoms lagged. Lower oil prices also helped: crude fell after US President Donald Trump played down the chance of renewed strikes on Iran, easing inflation worries, the ABC reported. Analysts had flagged a tough day for energy producers after the oil slide.
The big four banks rose too. Commonwealth Bank was up 1.8% at A$168.95 (about US$117.01) near the close. Among miners, BHP gained 1.4% to A$60.01 (about US$41.56), helped by a rebound in copper.
Movers
Mining services group Monadelphous was the index’s biggest gainer, up 14.4% at A$32.37 (about US$22.42), after guiding to first-half revenue of A$1.7 billion (about US$1.18 billion) and reporting A$830 million (about US$575 million) of new contracts this financial year, according to the ABC and AAP. Qantas rose 5.5% to A$9.82 (about US$6.80) after announcing it would cut 850 office jobs from mid-2027 under an outsourcing deal with Accenture. Life360 fell after its third-quarter results disappointed, AAP reported.
Why it matters
Cheaper oil eases inflation worries, and the rally came on a day when local consumer mood weakened: the Westpac-Melbourne Institute consumer sentiment index fell 2.7% to 78.2 in November. The Australian dollar traded at about 69.3 US cents.
What to watch
- Whether the ASX 200 can close the remaining gap to its 6 August record
- US consumer price data for October, due on Tuesday in the US
- Oil prices and energy stocks
For information only. Not investment advice.
Sources
- Yahoo Finance market data (index, stock and currency quotes, about 05:15 London time): finance.yahoo.com
- Market Index: ASX 200 Live Today, Tuesday 10 November
- ABC News: ASX reaches highest level since August
- AAP: Aussie shares surge on improving risk sentiment
