At the closing bell, the S&P/ASX 200 was 1.66 per cent or 118.50 points higher at 7,254.20, marking its third consecutive day of gains.
Among the gold majors, Newcrest Mining (ASX:NCM) saw a 3.7% surge, while Northern Star Resources (ASX:NST) gained 4.3%.
The real estate sector also experienced growth as investors adjusted their expectations regarding the pace of interest rate increases. Westfield-owner Scentre Group (ASX:SCG) advanced 3.4%, and Goodman Group (ASX:GMG) jumped 4.1%.
Alliance Aviation (ASX:AQZ) witnessed a significant 13.7% increase after upgrading its profit guidance.
Futures
The Dow Jones futures are pointing to a rise of 32 points.
The S&P 500 futures are pointing to a rise of 8.75 points.
The Nasdaq futures are pointing to a rise of 54 points.
The SPI futures are up 112 points.
Best and worst performers
All sectors are in the black. The best-performing sector was REITs, up 3.18 per cent. The sector with the fewest gains was Utilities, up 0.66 per cent.
The best-performing large cap was Evolution Mining (ASX:EVN), closing 7.33 per cent higher at $3.66. It was followed by shares in Seven Group Holdings (ASX:SVW) and Northern Star Resources (ASX:NST).
The worst-performing large cap was Meridian Energy (ASX:MEZ), closing 3.13 per cent lower at $4.95. It was followed by shares in Mercury NZ (ASX:MCY) and QBE Insurance Group (ASX:QBE).
Asian markets
Japan's Nikkei has gained 1.52 per cent.
Hong Kong's Hang Seng has gained 2.36 per cent.
China's Shanghai Composite has gained 1.15 per cent.
Company news
Alliance Aviation (ASX:AQZ) has upgraded profit guidance due to increased flying activity. Estimated full-year profit before tax is now expected to be $56.9m, surpassing previous guidance. The company also confirmed it has renewed its contract with Incitec Pivot for a further 5 years and has acquired 4 additional Embraer E190 airframes to address capacity shortfall in Q1 2024. On funding outlook, the Company announced it has secured a $100m debt facility from Pricoa for aircraft settlements and working capital. Shares closed 13.4 per cent higher $3.21.
Vulcan Energy Resources (ASX:VUL) has announced that the Landau City Council has formally approved a decision to enter into contractual negotiations with Vulcan to acquire an area of land for the construction of its integrated geothermal renewable energy and lithium extraction plant. In addition to land negotiations, the State Mining Directorate has approved Vulcan's plan for new wells in its Insheim license. These developments are crucial for Phase One execution of the project. Vulcan’s Chief Development Officer, commented: “We are now working closely with the Landau city council. The relationship is strong, and we will continue to move forward as planned with consistent communication and transparency.”Shares closed 3.94 per cent higher at $4.49.
Leading IT solutions provider Cirrus Networks Holdings (ASX:CNW) has announced a collaboration with NVIDIA to leverage the power of accelerated computing and artificial intelligence (AI) to drive innovation, improve efficiency, and promote sustainability across the Australian resources sector. Shares closed 15 per cent higher at 4.6.
Commodities and the dollar
Gold is trading at US$1,963.20 an ounce.
Iron ore is 2.7 per cent higher at US$110.55 a tonne.
Iron ore futures are pointing to a 1.53 per cent rise.
Light crude is trading $0.17 higher at US$75.92 a barrel.
One Australian dollar is buying 68.18 US cents.
