The local share market has finished ever-so-slightly higher to hit a new record amid potential peace negotiations between Russia and Ukraine as US inflation re-accelerated.
The benchmark S&P/ASX200 index on Thursday rose 4.7 points, or 0.06 per cent, to 8,540, breaking Wednesday's record for its highest-ever close.
The ASX200 also broke its previous intraday record of 8,566.9 set on January 31, rising as high as 8,572.2 before noon.
The broader All Ordinaries gained 4.6 points, or 0.05 per cent, to 8,804.2.
The record-setting day came after US government statistics released overnight showed monthly headline inflation rose 0.5 per cent in January, its biggest jump since August 2023.
This brought the annual inflation rate to 3.0 per cent, up from 2.9 per cent.
"The January CPI print was much hotter than expected and will likely make for a very uncomfortable reading for the Federal Reserve," Principal Asset Management chief global strategist Seema Shah said.
Meanwhile, US President Donald Trump and Russian President Vladimir Putin held a 90-minute phone call during which they agreed negotiations to end the almost three-year-old war in Ukraine should begin immediately.
“As we both agreed, we want to stop the millions of deaths taking place in the war with Russia/Ukraine,” Mr Trump posted on social media.
Brent crude fell to a six-day low of $US74.50 a barrel following the announcement.
Capital.com analyst Kyle Rodda said while a peace deal was a longshot - especially if it required Ukraine to give up territory - markets had welcomed the marginally lower odds of the conflict escalating.
Eight of the ASX's 11 sectors finished lower but the heavyweight mining sector climbed 1.5 per cent, with lesser gains for industrials and consumer discretionary shares.
Utilities was the biggest mover, dropping 2.4 per cent as AGL fell 6.6 per cent to a six-week low of $10.96 a day after releasing its half-year earnings.
In the financial sector, IAG plunged 12.6 per cent to a three-month low of $7.80 after the insurance giant posted better-than-expected earnings but a smaller-than-expected dividend and predicted easing premiums.
Suncorp fell 4.6 five per cent and QBE dropped 2.8 per cent.
Shares in the ASX itself gained 5.0 per cent to a two-month high of $66.35 after the market operator posted an underlying half-year profit of $253.7 million, up 10.1 per cent from a year ago.
In the consumer discretionary sector, Temple & Webster soared 13.0 per cent to an all-time high of $16.14 after the furniture e-retailer reported its first-half profit had more than doubled to $9 million as sales rose 23.6 per cent to $313.7 million.
"Temple & Webster has again delivered a record half, with strong performance against all key metrics, against a challenging macro and consumer backdrop," CEO Mark Coulter said.
Domain Holdings climbed 7.0 per cent to a three-month high of $2.92 after the property website delivered $33.1 million in half-year profit, up 28.3 per cent from a year ago.
In the heavyweight mining sector, BHP rose 2.1 per cent to $40.99, Fortescue climbed 1.8 per cent to $19.66 and Rio Tinto advanced 1.1 per cent to $120.35.
Two of the four big retail banks finished higher, with NAB up 0.3 per cent to $41.24 and CBA rising 0.5 per cent to an all-time closing high of $166.72.
ANZ and Westpac were basically flat at $31.24 and $34.65 respectively.
The Australian dollar was buying 62.93 US cents, from 62.74 US cents at 5pm on Wednesday.
ON THE ASX:
* The benchmark S&P/ASX200 index on Thursday rose 4.7 points, or 0.06 per cent, to 8,540.
* The broader All Ordinaries climbed 4.6 points, or 0.05 per cent, to 8,804.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 62.93 US cents, from 62.74 US cents at 5pm AEDT on Wednesday
* 96.92 Japanese yen, from 96.68 yen
* 60.28 euro cents, from 60.75 euro cents
* 50.35 British pence, from 50.56 pence
* 111.23 NZ cents, from 111.13 NZ cents
