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Market Wrap

ASX closes at record high; ARB Corporation, Amotiv jump

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The news: The Australian sharemarket ended higher to reach a new record close as broad gains offset losses in the mining sector.

The benchmark ASX 200 rose 0.08% to end at 8603, beating the record set on 2 July, with eight of the 11 sectors finishing in the green.

Materials (-1%) was the worst sector performer with falls from BHP (-1.4%) and Rio Tinto (-1.3%) fell while Fortescue (+0.4%) finished higher.

Meanwhile, the consumer discretionary sector (+0.8) was the best performing as Wesfarmers (+0.8%), Aristocrat Leisure (+1.4%), and JB Hi-Fi (+0.6%) all gained.

Biggest movers:

  • ARB Corporation (+3.6%) and Amotiv (+3.4%) were among the biggest gainers on the ASX 200 as analysts flagged sales growth in the automotive sector.
  • Hub24 (+2.9%) – Citi and Bell Potter analysts lifted their forecasts on the investment platform. Citi also downgraded its position on rival platform Netwealth (+0.6%).
  • Silk Logistics Holdings (+23.3%) – The ACCC greenlit DP World’s buyout of the small-cap logistics company. The proposed deal includes a cash consideration of $2.14 per share.
  • New Hope Corporation (-3.2%) – The biggest loser on the ASX 200, dampening gains made on Thursday when coal mining stocks rallied as UBS analysts flagged “limited downside” to metallurgical coal at current prices. Whitehaven Coal (-2.1%) and Yancoal (-1.8%) also fell.
  • The Lottery Corporation (-2.8%) – One of the worst performers on the ASX 200 as Citi analysts downgraded their position on the stock as they expect full-year earnings before interest and tax could decline by 13%.

Deals:

  • Orica (-0.4%) – ARENA committed $432 million to the Hunter Valley Hydrogen Hub even after Origin Energy (%) withdrew from the project in October 2024.
  • Pro Medicus (+0.2%) – Bell Potter analysts downgraded their rating on the medical imaging IT provider after its shares soared on Thursday following the announcement of two US contracts collectively worth $190 million.
  • Monadelphous (+0.7%) – Secured two new energy sector contracts, with Shell and Origin Energy, collectively worth more than $100 million.
  • Santos (-0.3%) – Signed a two-year liquefied natural gas (LNG) supply contract with state-owned QatarEnergy Trading.

Other news:

  • Cleanaway (+0.7%) – The ACCC greenlit its proposed $377 million acquisition of oil and gas industrial waste specialist Contract Resources.
  • Magellan Financial Group (+0.4%) – Reported estimated performance fees for financial year 2025 that are 43% lower than the previous year.
  • Capricorn Metals (-0.5%) – Output at its Karlawinda gold project in Western Australia increased from Q3 to Q4, which puts annual production figures at the top end of its guidance range.
  • Boss Energy (-2.2%) – Uranium miner Boss Energy extended an existing loan agreement with US joint venture partner enCore Energy to help it ramp up production at the co-owned Alta Mesa uranium project in Texas.

What’s ahead:

  • The US market will not be open overnight due to the Independence Day public holiday.
  • ANZ and Indeed will release data on the number of jobs advertised in major daily newspapers and websites covering capital cities for June on Monday at 11:30am AEST.

By Brandon How