The S&P/ASX 200 Index has achieved a new intraday record, reaching 9121.90 as the market continues its upward trajectory following the release of January’s inflation figures. The benchmark index increased by 99.6 points to reach this peak, surpassing the previous high of 9118.30 set earlier in the month.
Driving these gains is a notable rebound in the technology sector, coupled with strong performance in consumer staples. Woolworths Group, a major player in the Australian consumer staples market, saw its shares soar by more than 11 per cent after announcing a profit that exceeded expectations. Woolworths Group operates a network of supermarkets and retail stores, providing everyday goods and services to Australian consumers.
The positive inflation data has buoyed investor confidence, leading to increased buying activity across various sectors. The tech sector, which had previously experienced some volatility, has shown renewed strength, contributing significantly to the overall market rally. This positive momentum suggests continued investor optimism in the Australian economy.
Market analysts will be closely monitoring upcoming economic data releases and global market trends to assess whether the ASX 200 can sustain these gains and potentially reach new record highs. The performance of key sectors, such as technology and consumer staples, will also be crucial in determining the market’s overall direction.
