Tuesday 28th July – ASX 200 up 54 – Banks shine – Resources sag – Good turnaround Tech bounces again

28 Tuesday Jul 2026

Posted by in Daily Reports

≈ Leave a comment

The ASX 200 shrugged off early losses to close 54 points higher at 8948 (0.6%), with the banks proving resilient yet again. CBA rose 1.5% and NAB gained 0.7%, taking the Big Bank Basket to $295.23 (+1.3%) Other financials also had a better day, with HUB up 1.8% and ASX rising 1.5%.

REITs also performed well, with GMG up 0.2% and SGP gaining 2.7%. Industrials were firm, led by a rebound in the tech sector, with XRO up 3.7%, WTC up 8.1% and TNE rising 3.3%. TLS had a good day, up 1.6%, while retailers also performed well, with JBH up 3.3% and WES gaining 2.1%. Healthcare was also in the pink, with CSL up 2.7% and RMD rising 3.4%.

It was a different story in resources, with BHP down 1.2% and RIO falling 2.5%. Gold stocks gave back some of yesterday’s gains, with GMD down 1.1% and EVN easing 1.8%. Lithium stocks remained under pressure, with PLS down 4.9% and MIN falling 2.9%.

Oil and gas stocks enjoyed a better session, with WDS rallying 2.8% and STO up 1.2%, although coal stocks continued to drag. Uranium stocks were also back under pressure as part of the AI trade unwind, with PDN down 4.4% and DYL falling 2.2%.

In corporate news, DRO fell 13.2% after warning that margins would come under pressure. WEB surged 17.1% following plans to buy back up to $90m of its shares and a stronger forecast for first-half earnings. ILU had a good day despite warning that Balranald production would be lower than previously expected, while WHC eased 4.6% after finishing the year at the top end of production guidance.

In economic news, the ANZ-Roy Morgan Consumer Confidence Index fell 4.4 points last week to 71.2.

Asian markets were weaker, Nikkei 225 down 4.4%, HK down 0.1% and China down 2.8% – Korea down 10.4%. US futures mixed Dow up 4 Nasdaq down 290

HIGHLIGHTS

  • Winners: WEB, SGR, WTC, GYG, LOV, VEA, SEK
  • Losers: DRO, WBT, SMR, BMN, LIN, FRS, AYA
  • Positive Sectors: Banks. Industrials. Oil and gas. Tech.
  • Negative Sectors: Iron ore. Gold miners. Rare earths.
  • ASX 200 Hi 8945 Lo 8857 – Good turnaround.
  • Big Bank Basket: Rises to $295.23 (+1.3%)
  • All-Tech Index: Up 1.7%.
  • Gold: Falls to $5808
  • Bitcoin: Falls to US$63356
  • 10-year yields: Lower at 4.96%
  • AUD: Slips to 69.65c
  • Oil down 6.1% – US Futures down.

MARKET MOVERS

ECONOMIC AND OTHER NEWS

  • The ANZ-Roy Morgan index dropped 4.4 points last week to 71.2 points, with all subindices declining, including a 7.6-point fall in sentiment around buying major household items and a 5.5-point drop in expectations for household finances over the next year.
  • Microsoft talked up its first artificial intelligence model for finding risky parts of source code. It’s Microsoft’s first major cybersecurity push since a leadership shake-up in February.
  • Harvey Norman (HVN) has been fined $35m in penalties by the Federal Court, while Latitude Finance (LFG) was ordered to pay $20m after the corporate regulator was successful in its case over a misleading ad campaign.
  • About 900,000 former and existing customers of Origin Energy have been affected by the data breach.
  • Data centre developer ​Firmus has hired an experienced general counsel, naming Viva Energy’s chief strategy officer Lachlan Pfeiffer to replace Ben Webb as it prepares for an initial public offering.
  • Trump says Israel ‘would not survive’ without US.
  • Johnson & Johnson settles US talcum powder lawsuit with $5.5bn payout.

And finally.

Clarence

XXX

Previous articles