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Australian shares near over 2 months high, CBA losses cap upside

By Reuters News

By Anjali Singh

Nov 11 (Reuters) - Australian shares closed near a two-and-a-half-month high on Wednesday, led by miners and technology stocks, though losses in Commonwealth Bank of Australia after a decline in home loan applications capped gains.

The S&P/ASX 200 <.AXJO> rose 0.3% to 9,153.20 points, after closing at its highest since August 26 on Tuesday. Its relative strength index hovered near 70 for a second day, signalling overbought conditions.

The market is "increasingly vulnerable" to short-term profit-taking rather than a major correction, said Grady Wulff, senior market analyst at Bell Direct.

"It is selective sectors and key market heavyweights driving the RSI index higher, with strong performances from ... companies including BHP, RIO and major banks which disproportionately influence the index," Wulff said.

Investors shrugged off concerns over a potential US Federal Reserve rate hike after hotter-than-expected US inflation.

The U.S.-Australia 10-year bond yield spread fell to its narrowest level since late August 2025, reflecting a narrowing of the premium U.S. Treasuries offer over Australian government bonds.

Financials .AXFJ fell 0.4%, with National Australia Bank NAB.AX and Commonwealth Bank CBA.AX down 1.5% and 1.2%, respectively.

CBA reported an 8% rise in first-quarter cash profit, but the number of home loan applications slid 16% as high interest rates and new tax reforms dented demand. "Stable margins are encouraging but slowing mortgage demand and rising arrears are critical areas to watch," Wulff said.

Miners .AXMM rose 0.8%, extending gains to a third straight session and hitting a one-month high. BHP Group BHP.AX and Rio Tinto RIO.AX gained 0.9% and 0.7%, respectively.

Technology stocks .AXIJ rose 1.5%, highest closing level since September 1, on fresh buying after a period of AI-linked turbulence.

Energy .AXEJ and consumer discretionary .AXDJ stocks added 0.7% and 0.5%, respectively.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.1% to a record high of 14,179.86 points.

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