The S&P/ASX 200 rose 0.6% to 8,969 on Thursday, extending gains from the previous session and hitting a record high as investors reacted positively to strong PMI figures. Australia's private sector expanded at its fastest pace since April 2022, with the composite index coming in at 54.9 in August, driven by solid growth in both the services (55.1 vs 54.1 in July) and manufacturing (52.9 vs 51.3) sectors, amid a strong rise in new orders and an expanded customer base. Investors are now turning their attention to upcoming consumer inflation expectations data for further economic cues. Adding to the index’s positive momentum were significant gains in the heavyweight banking sector, as National Australia Bank climbed 3.7%, Westpac Banking Corporation rose 2.5%, ANZ Group Holdings gained 2%, and Commonwealth Bank of Australia was up 0.8%. On the other hand, James Hardie Industries saw sharp losses of 8.2% - its lowest level since February 2023 - amid a downbeat 2026 earnings outlook.