Australian Share Market Hits Record High But Expected to Rebound Slightly

The Australian share market is expected to open slightly lower on Thursday after reaching a record high on Wednesday. The S&P/ASX 200 closed at 9,227.8, surpassing its previous peak from early March.

Mining and technology stocks led the advance, with BHP Group Ltd up 3.3% and Rio Tinto Ltd rising 2.3%. Copper prices also surged to their highest level since mid-May, trading above US$14,000 a tonne in London.

However, banks and energy companies weighed on the broader market, with Commonwealth Bank of Australia falling 1.4% and Woodside Energy Group Ltd declining 3.6%. The major index is expected to decline by 6 points, or 0.1%, for the S&P/ASX 200.