ASX reaches new peak as materials sector surges

On 19 September, the ASX 200 reached a record high of 8,200 points, closing 0.61% higher at 8,191.9 points reports Proactive's Tylah Tully.

Top performers included SIMs Limited, which rose 12.42%, trading at $12.40. The company released its guidance for the first quarter of FY25, projecting an estimated EBIT of $55 million for its Metals businesses. Notably, its North America Metals division expects to contribute $29 million in EBIT with a 22% trading margin.

In contrast, ALS Limited saw its shares fall 8.56% to $13.67.

Sector-wise, six of the eleven sectors gained. The materials sector led the gains, up 2.3%, driven by strong performances from BHP (up 2.6%), Rio Tinto (up 3.43%), and James Hardie Industries (up 5.44%). However, the industrials sector was the worst performer, down 1.32%, followed by healthcare, which dropped just over 0.5%.

In economic news, the Australian Bureau of Statistics reported the national unemployment rate remained stable at 4.2% in August, with the economy adding 47,500 jobs, surpassing expectations.

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