Market Wrap / resetting records

It was another record day on the local market, with the S&P/ASX 200 hitting an intraday all-time high of 8639.1 points. The gains petered out somewhat in the afternoon session, with the index settling higher by 0.06% to 8592.10 points, a fresh closing high.

Materials stocks had a positive session pushed by Chinese tailwinds with market heavyweight BHP up 1.5%. PLS jumped 5.6% as it flagged a 23% increase in lithium reserves at its Pilgangoora mine.

Lynas Rare Earths led the losses however, falling 8.2% as optimism over trade talks hurt its prospects of benefiting from potential Chinese export limits on rare earths.

The banks were overall in the red. CBA shed 0.3% today. 

Johns Lyng Group skyrocketed 17.7% after confirming it's received a takeover proposal from Pacific Equity Partners. 

The “buy-now, pay-later” company ZIP swung 15.5% higher with an upgraded FY25 guidance. Cash earnings are now expected to reach $160 million.Monash IVF rallied 11% after plunging almost 30% during Tuesday's session following another embryo mix-up at its Melbourne laboratory.

Elsewhere, Qantas announced the closure of its intra-Asia Jetstar flights, in a move to recycle $500 million in capital to support its fleet renewal program. Shares fell 1.3%.

Tonight, global investors will keep a keen eye on US inflation, with core CPI expected to lift.