Tuesday 2nd June – ASX 200 fights back from 100 down to close off 5 – Banks and healthcare fall – Tech jumps – BHP at new record.

02 Tuesday Jun 2026

Posted by in Daily Reports

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The ASX 200 rallied hard off lows to close down 5 pts at 8724 (0.1%). CBA turned around, recovering well, the Big Bank Basket closed at $269.61 (- 0.8%). Insurers slipped, led by QBE off 1.3% and IAG down 2.2%. REITs too were under pressure, GMG off 0.4% and CHC falling 1.0%. Healthcare remains in the kennel, CSL falling another 1.7% with RMD off 2.1% and COH down 4.3%. Industrials slipped a little, BXB down 1.6% and ALQ falling 1.1%. Retail stocks were also on the nose following the minimum pay award update. JBH crumbled 5.4%, NCK down 3.1%. DMP dropped 5.9% on the wage news. Tech stocks were the stars of the show again today, WTC up 7.9% and XRO jumping 7.5%, with the All-Tech Index up 3.9%. REA had a good day, as did CAR.

BHP and RIO once again pushed higher on copper exposure, the Big Australian hitting new records, up 1.4%. Gold miners recovered, with NST shooting the lights out as activist shareholder Elliott took a big position and called for change. Uranium stocks eased back again, PDN down 5.9% and DYL falling 5.3%.

In corporate news, SRG jumped 16.6% on $1.85bn in new contracts. TEA soared 16.2% on an acquisition, DRO up 3.6% on a new $24.1m contract, and 4DX had a bad day on CT news. NST jumped on calls for change. On the economic front, consumer sentiment rose and the BoP fell as exports eased back.

Asian markets mixed. Japan down 0.5%, Hong Kong up 1.8%, and China up 1.3%.

US futures: Dow down 172 and Nasdaq down 83. Oil up1.25%.

HIGHLIGHTS

  • Winners: SRG, TEA, NST, LIN, 360, PME, WTC
  • Losers: TPG, RAC, VMM, PDN, 4DX, DMP
  • Positive Sectors: Iron ore. Tech. Gold miners.
  • Negative Sectors: Banks. Healthcare. REITs. Retail.
  • ASX 200 Hi 8724 Lo 8626
  • Big Bank Basket: Lower at $269.61(-0.8%)
  • All-Tech Index: Up 3.9%
  • Gold: Higher at $6305
  • Bitcoin: Falls to US$70281
  • 10-year yields: Steady at 4.87%
  • AUD: Higher at 71.75c.

MARKET MOVERS

  • TEA +16.2% good acquisition.
  • SRG +16.6% contract wins.
  • NST +13.6% shareholder calls for change.
  • 360 +% tech bounce.
  • PME +10.8% tech bounce.
  • AIS +11.4% big line of stock.
  • USL +14.7% commences trading on OTCQX
  • TPG -7.5% investor day presentation.
  • DMP -5.9% stuffed crust on wage deal.
  • VMM -6.7% strategic offtake with Solvay.
  • KMD -12.2% sellers back.
  • AXE -9.1% no quantum, no solace!
  • RAC -7.1% no reason, thin volume.
  • PDN -5.9% DYL -5.3% uranium sell down.
  • COH -4.3% continues lower.
  • Yesterday’s Hero: VMC – 3.4%   
  • Speculative Stock of the Day:  EWC +102.8% Selling its Siemens gas and steam turbines for US$350m.

ECONOMIC AND OTHER NEWS

  • Australian consumer confidence rose 2.7 points last week to 68.8, its highest level since early March, according to ANZ-Roy Morgan data.
  • The current account balance fell to a deficit of $27.1bn in the March quarter. Exports of goods and services fell 1.2% in the March quarter, led by a 1.2% fall in goods. Iron ore and coal led the fall in mining commodity exports.
  • Fair Work ruled the minimum wage of $24.95 an hour should increase to $26.44 or from $948 a week to $1004 for 100,000 of the lowest-paid employees from July 1.
  • Building approvals – Total dwellings approved fell 3.4%, to 16,710. The value of total non-residential building rose 29.4% to $7.75bn.
  • Atlas Arteria (ALX) has urged shareholders to reject IFM Investors’ takeover offer, saying the bid materially undervalues the toll road operator and remains below independent valuation estimates.
  • Aluminum rose for a fourth day to hit its highest since 2022, extending this year’s powerful gain.
  • Mette Frederiksen secures third term as Danish premier after coalition deal.
  • Top AI labs expand research into machine ‘consciousness’.
  • Trump administration proposes 25% tariff on Brazilian goods over unfair trade practices.
  • Softbank CEO says AI revolution 50 times bigger than Dotcom.

And finally….

What is the similarity between my pencil case and Arsenal at the champions league final??

They’re both missing two pens.

I said to my friend, “My girlfriend keeps asking me if I’m an Alice in Wonderland character, and it’s getting really annoying!”

He said, “Are you mad at her?”

I said, “Geez! Don’t you start too!

Clarence

XXXX

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