Proactive's Tylah Tully gives a market wrap for the 26th of August.
Australian shares were driven up by news from the United States suggesting that Federal Reserve Chair Jerome Powell may consider easing monetary policy.
As a result, the ASX rose by over 60 points or 0.76%, closing at 8,084.5. Over the past five days, the index has gained 1.42% and is now 0.79% below its 52-week high.
Trading volume was lower than usual, with eight out of eleven sectors reporting gains. Communication Services led with a 1.25% increase, followed closely by Financials at 1.23% and Energy at 1.16%.
The top performer of the day was Deep Yellow, surging 17.5% to $1.17 per share. Paladin Energy followed with an almost 12% increase, trading at $10.88. These gains were largely due to Kazatomprom, the world's largest uranium producer, announcing a reduction in next year’s uranium production outlook.
Conversely, Kelsian Group experienced the largest decline, falling over 23% to $3.82, despite reporting a 42% revenue increase for the fiscal year.