ASX closes higher as Woolworths and Coles surge on ACCC findings
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The news: The ASX ended 0.17% higher, clawing back early losses as shares in supermarket giants Woolworths and Coles surged following the completion of the competition regulator's year-long inquiry into grocery prices.
Critical minerals producers and coal miners slumped after US President Donald Trump moved to boost production of domestic resources.
Elsewhere, Domain and majority shareholder Nine Entertainment both gained after confirming that discussions are ongoing over a proposed takeover of Domain by US property group CoStar.
The ASX 200 closed at 7,932.1, with six out of 11 sectors finishing in green.
Biggest ASX 200 movers:
- Woolworths (6.32%), Coles (4.85%) — The ACCC outlined a slate of recommendations to improve competition across supermarkets but stopped short of recommending a divestiture.
- Uranium miners — Paladin Energy (-3.95%) flagged that operations at its Langer Heinrich mine in Namibia have been suspended due to heavy rain. Rivals Boss Energy (6.67%) and Deep Yellow (2.72%) ended as two of the best performing stocks.
Other news:
- Domain (ended flat) — Confirmed it has not received a revised proposal from Nasdaq-listed CoStar, after a media report claimed that bankers for major shareholder Nine Entertainment (0.63%) are discussing the sale of its 60% stake in the real estate platform.
- Premier Investments (3.85%) — Reported a 34% slump in first-half profit and warned of "very difficult times" for the sector, though second-half sales show signs of picking up.
- Emerald Resources (-3.85%) — Quarterly production from its Okvau mine in Cambodia will miss guidance, partly due to earthworks and waste movements restricting access to ore.
- Miners — Critical minerals producers Liontown Resources (-5.71%), Pilbara Minerals (-5.13%) and South32 (-2.49%) — and coal miners New Hope (-2.14%), Whitehaven (-2.72%) and Yancoal (-1.89%) — all fell after Trump signed an executive order to boost US production of critical minerals and potentially coal.
The Australian dollar is buying 62.9 US cents.
