The rally was led by BHP, up 3.3%, and RIO, up 2.3%. We also saw strong buying in LYC, which gained 4.8%, while the gold sector rallied across the board as the bullion price pushed higher on hopes of a resolution to the Iran conflict. NST rose 5.5%, EVN gained 6.0%, and BSL also finished up 3.0%.
The oil and gas sector moved lower, led by WDS, down 3.5%, and STO, which fell 2.2%. Uranium stocks pushed higher, with PDN up 4.2% and DYL rising 3.9%. Lithium stocks posted modest gains, with LTR bouncing 2.9% from its recent lows.
The banks eased on valuation concerns, with CBA down 1.6% and ANZ off 0.7%, leaving the Big Bank Basket down at $297.30 (-1.1%). MQG hit fresh record highs, while the broader financial sector also performed well, with ZIP up 7.8% and PNI jumping 8.4% following better-than-expected results.
Industrials also enjoyed a solid session, with BXB up 1.3%, QAN rising 2.7% on the back of lower oil prices, and SGH up 1.9%, continuing its recent strength. The technology sector rallied strongly once again, with WTC up 5.8%, XRO gaining 2.1% and 360 rising 3.7%. Healthcare also had a good day, with CSL up 1.2% and RMD gaining 2.7%.
In corporate news, EDV fell 1.4% after results showed the group flagging a $311m hit and profit down 14.7%. LNW posted better-than-expected quarterly results, and NEU jumped 18.2% on an update on Daybue sales. In economic news, China’s services activity expanded at its weakest pace in nearly two years
Asian markets were firm, with the Nikkei 225 up 3.5%, Hong Kong unchanged, China up 1.6%, and Korea up 4.5%. US futures were firmer, with the Dow up 152 points and the Nasdaq up 67 points. European markets are set to open higher.
HIGHLIGHTS
- Winners: EQR, NEU, EIQ, RXL, SX2, SMI, TPW
- Losers: LIN, SGR, MEI, WDS, ING, DMP
- Positive Sectors: Iron ore. Copper. Gold. Tech. Healthcare. Industrials.
- Negative Sectors: Banks. Oil and gas. Insurers.
- ASX 200 Hi 9230 Lo 9138 Closes on record high.
- Big Bank Basket: Falls to $297.30(- 1.1%)
- All-Tech Index: Up 2.5%
- Gold: Higher at $5874
- Bitcoin: Higher at US$64444
- 10-year yields: Fall to 4.90%
- Oil down 0.6% Gold up 2.2%
- AUD: Rises to 70.48c
MARKET MOVERS
- NEU +16.3% Daybue sales.
- EQR +17.5% record revenue on higher production.
- EIQ +14.5% AI bounce.
- AYA +9.7% AI bounce
- 4DX +9.8% another bump higher.
- MTM +17.3% good bounce.
- AI1+14.3% major graphene scale-up.
- LIN -10.0% Diggers presentation.
- MEI -4.7% profit taking.
- ING -3.2% bird flu.
- DMP -3.2% initial director’s interest.
- Yesterday’s Hero: LDX unchanged
- Speculative Stock of the Day: MYE +25.6% – New Dendrobium mining services contract valued at $255m
ECONOMIC AND OTHER NEWS
- How we spend our time, from the ABS today.
- On workdays, those who worked from home spent less time on paid work: People who worked from home worked for 7 hours 8 minutes. People who did not work from home worked for 8 hours 18 minutes.
- China’s services activity expanded at its weakest pace in nearly two years The RatingDog China services purchasing managers’ index slipped to 50.4 from 54.1 in June
- GM, Chinese automaker extend joint venture for 20 years despite geopolitical tensions with U.S.
- Bessent signals Gulf is Open – Deal is close.
- Disney reports before the bell in the US.
- India’s central bank on Wednesday held benchmark interest rates at 5.25%.
- Banks to offload $15bn of debt for Anthropic data centre backed by Google.
- Musk’s SpaceX unnerves investors with lavish AI spending plans.
- Trump administration refunds $100bn in ‘liberation day’ tariffs.
- Japan’s Cabinet to Approve Sales Tax Cut with Funding Unclear.
And finally.
My grandfather has the heart of a lion and a lifetime ban at the zoo.
My friend thinks he is smart. He told me an onion is the only food that makes you cry, so I threw a coconut at his face.
Clarence
XXXX
Beeks Downunder-Because not all financial news is boring! 