ASX closes at highest in more than three months
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket finished at its highest level in more than three months, boosted by well-received Nvidia earnings and a US court's ruling that President Donald Trump’s imposition of global tariffs was illegal.
The benchmark ASX 200 rose 0.15% to close at 8,409.8, a 50-session high, with seven of 11 sectors finishing in the green.
Biggest movers:
- Capstone Copper (+4.7%) – Led gains on the ASX 200 as the Chilean government’s copper commission lifted forecast copper prices.
- Energy (+1.5%) – The top performing sector was led by Woodside (+2.8%), with shares rallying for a second day after gaining federal approval to extend the life of its North West Shelf gas plant. A jump in oil prices also helped lift the sector, with Santos (+1.5%) and Yancoal (+0.4%) also gaining, but Ampol (-0.7%) closed lower.
- Data Centre companies – Shares in HMC Capital (+2.2%), Megaport (+3%) and DigiCo Infrastructure REIT (+2.1%) all climbed after chipmaker Nvidia posted 69% year-on-year profit growth and CEO Jensen Huang said demand for AI computing is set to accelerate. However, NextDC (-1.1%) finished lower and Infratil (+0.6%), a major shareholder in CDC Data Centres, finished flat.
- Uranium miners – Paladin Energy (-5%) led losses on the ASX, eating into gains made earlier in the week following Trump executive orders aimed at accelerating the nuclear industry. Boss Energy (-3.6%) and Deep Yellow (-3.2%) also fell.
More mining movements:
- Mineral Resources (+1.2%) – Wealth management business Morgans lifted its target price in the stock from $23 to $26 on Wednesday.
- Champion Iron (+0.5%) – Reported a 39% decline in full-year net profit but paid an eighth consecutive semi-annual dividend of 10 cents per share.
- Gold miners – Share prices fell as demand for the haven metal continues to slip after the US trade court moved to block Trump’s tariffs. The worst hit on the ASX 200 was Vault Minerals (-1.1%).
- Resolute Mining (-2.4%) – The company responded to reports that its exploration permits were being revoked by the Guinean government. It is seeking further information and clarification.
Other news:
- Macquarie Group (+1.7%) – Macquarie Asset Management is acquiring a portfolio of Brazilian toll road assets from private equity firm Monte Capital Management.
- Elders (+1.1%) – The ACCC outlined its competition concerns regarding the agribusiness’ proposed $475 million acquisition of Delta Agribusiness.
- Clairty Pharmaceuticals (+0.5%) – Successfully used its diagnostic drug to image the first patient under the AMPLIFY trial for participants with biochemical recurrence of prostate cancer.
- Metrics Master Income Trust – Metrics Credit Partners' private debt fund entered a trading halt as it launched a wholesale placement to raise up to $315 million.
- Web Travel Group (-1.7%) – Macquarie analysts upgraded their position on the stock from ‘neutral’ to ‘outperform’ and increased its target price by 28% after the business-to-business travel company posted improved earnings on Wednesday.
- EBOS (-4.5%) – The medical product wholesaler and distributor confirmed major shareholder Sybos will sell NZD949 million ($881 million) worth of shares, or about 13.2% of issued capital.
What’s ahead:
- The Australian Bureau of Statistics will release data on Australian industry for FY24 at 11:30am tomorrow, along with monthly data on retail trade and building approvals
- The US Bureau of Economic Analysis will release quarterly GDP figures and the Labor Department will release weekly unemployment claims data at 10:00pm this evening.
- Bank of England Governor Andrew Bailey will speak at an Irish Association of Investment Managers Dinner in Dublin tomorrow morning at 4:00am.
