ASX 200 climbs 1.1pc to highest level since August

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Wall Street indices have leapt despite a spy scandal at Nvidia, the world's most valuable company. Follow the day's events and insights from our business reporters on the ABC News…

Australian shares have climbed to their highest level in more than two months, with the benchmark index gaining 1.1 per cent on Tuesday.

Qantas shares have jumped after the group announced it would cut 850 jobs beginning mid-2027, with CEO Vanessa Hudson saying the airline had struck an outsourcing deal with Accenture.

Wall Street indices have leapt despite a spy scandal at Nvidia, the world's most valuable company.

Look back at how the session unfolded, plus the day's financial news and insights from our specialist business reporters on our blog.

The ASX hit an 11-week high earlier today, helped along by low oil prices and a buoyant Wall Street. It ended the day up 1.2% and it was a simliar story for the All Ords.

In the end, all but one sector (Utitilies) finished the day in the green. Real estate had the biggest gains after seeing the biggest falls yesterday.

In news likely to disappoint many of you who've written in, the market clearly liked the news that Qantas would offshore hundreds of corporate jobs. The airline scraped into the list of top movers, finishing up almost 5.6%.

Shares of engineering company Monadelphous Group surged about 14%, hitting their biggest intraday percentage gain since February 2024 after it forecasts first-half FY27 revenue of about A$1.7 billion ($1.18 billion), up from A$1.53 billion reported a year earlier.

The other company to see double digit gains was surveillance provider Elsight. Yesterday it reported an order of about $1m from a US defence company.

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