FX.co ★ Australian Shares Rally as NAB Hits Record

The S&P/ASX 200 advanced 0.5% to close at 9,007 on Wednesday, extending its winning streak to a third session, supported by a record high in National Australia Bank after strong first-quarter results. NAB, the country’s third-largest lender, jumped nearly 4% to an all-time peak after reporting a 16% increase in quarterly cash earnings, underpinned by solid performances in both business and home lending. The rally helped lift the financials index about 0.6%, snapping a three-day decline. Technology stocks also gained 2.3%, mirroring overnight strength on Wall Street. Sector heavyweight Technology One surged 8.2%, while WiseTech Global rose 1.5%. Among other notable movers, BlueScope Steel climbed 2.6% after SGH Ltd and US-based Steel Dynamics improved their A$15 billion takeover proposal, and biotech major CSL added 0.8% following a licensing deal with Eli Lilly. In contrast, gold miners were a drag on the broader index as bullion prices fell on waning safe-haven demand amid easing geopolitical tensions.