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Market Wrap

ASX closes flat as CBA sets new record close

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The news: The Australian sharemarket ended flat after a mixed trading day, as losses among mining majors offset a rally in bank stocks that saw Commonwealth Bank reach a new record close.

The benchmark ASX 200 fell 0.09% to end at 8523.70, with four of the 11 sectors finishing in the green. Materials (-1.8%) was the worst performing sector while financials (+0.9%) was the best performing.

The Australian Bureau of Statistics released labour force data for May, showing the unemployment rate remained steady at 4.1%.

Biggest movers:

  • Big banks – Commonwealth Bank (+1.5%) closed at a new record high of $182.85. Westpac (+1.7%), ANZ (+0.3%) and NAB (+1.1%) all finished higher.
  • Iron ore miners – BHP (-2%), Fortescue (-1.7%) and Rio Tinto (-2.3%) shares tracked low iron ore index futures prices on the Singapore exchange. It was also reported that Rio Tinto has agreed to pay USD138.75 million ($213.65 million) to settle a lawsuit. Champion Iron (-3.5%) was also one of the biggest losers on the ASX 200.
  • Gold miners – Bellevue Gold (-5.5%), Evolution Mining (-4.5%) and Perseus Mining (-3.8%) were among the biggest losers on the ASX as gold prices retreated overnight after the US Federal Reserve left interest rates unchanged. Northern Star Resources (-1%) also fell.
  • Generation Development Group (-5.8%) – The investment company fell after announcing the appointment of Evidentia Group's co-founder and former chief executive Peter Smith as an executive director. Generation completed its acquisition of Evidentia in February.
  • Tabcorp Holdings (+2.8%) – The gambling company led gains on the ASX 200 despite there being no company-specific news.
  • Mesoblast (-6.7%) – The regenerative medicine company led losses on the ASX 200, also in the absence of company-specific news.

Executive and board moves:

  • Equity Trustees (+0.6) – Non-executive director Glenn Sedgwick will retire from the role at its next annual general meeting which is scheduled for 30 October 2025.
  • ANZ (+0.3%) – Retail business head Maile Carnegie will retire from the role on 1 July after a nine year executive career with the bank. Suncorp Bank chief executive Bruce Rush will act as group executive Australia retail and Suncorp Bank in the interim.
  • WiseTech Global (-1.9%) – The logistics software giant appointed Sandra Hook and Rob Castaneda to its board, effective 1 July. Meanwhile, Charles Gibbon will retire from the board on 30 June and Michael Gregg will retire before the company’s annual general meeting in November.

Penalties paid:

  • NAB (+1.1%) – Paid $751,200 in penalties for four ACCC infringement notices alleging breaches of the consumer data right rules.
  • Equity Trustees (+0.6%) – Paid $56,340 for three ASIC infringement notices alleging Artesian Green and Sustainable Bond Fund made misleading investment statements.

Distributions announced:

  • Charter Hall Group (+2.1%) – Listed fund Charter Hall Long Wale REIT (+1.2%) announced a half-year distribution of 6.25 cents per stapled security while Charter Hall Retail REIT (+0.5%) announced a June quarter distribution of 4.12 cents per unit.
  • Centuria Capital Group (+2.1%) – Announced a final half-year distribution of 5.20 cents per stapled security. This consists of a 4.40 cents trust distribution and a 0.80 cents full franked dividend.
  • HMC Capital (+1.7%) – Led gains on the ASX 200 after its HomeCo Daily Needs REIT (+1.9%) investment trust, which is focused on shopping centres, reported a 3% gross increase in portfolio valuation over the last six months.
  • Arena REIT (+0.3%) – Real estate investor Arena REIT reported a 1% gain in its portfolio value over the six months to 30 June 2025. The portfolio consists of 55 early learning centre assets and three healthcare assets.
  • Waypoint REIT (-0.8%) – The fuel and convenience retail property investor announced a June quarter distribution of 4.12 cents per stapled security.

Other news:

  • BlueScope Steel (+1.1%) – A Morningstar research note flagged that US President Donald Trump’s 50% tariff on steel will lead to a short term lift in earnings for BlueScope Steel’s North Star facility in Ohio.
  • Magellan Financial Group (-1%) – Four of its listed funds entered a trading halt in the morning after encountering an operational issue but resumed trading by early afternoon.

What’s ahead:

  • The Bank of England will make a monetary policy and interest rate statement tonight at 9pm AEST.

By Brandon How