ASX ekes out record close for second straight session
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The news: The Australian sharemarket again closed at a new record, albeit only slightly higher than on Tuesday, as it was buoyed by news that US and Chinese officials had agreed to a framework to get trade talks back on track.
The benchmark ASX 200 edged 0.06% higher to end at 8592.1, with seven of the 11 sectors finished in the green. The index also hit an intraday high of 8,639.10.
Biggest movers:
- Lynas Rare Earths (-8.2%) – The worst performing ASX 200 stock amid optimism that China will reign back controls on rare earths exports which would increase global supply. Bluescope Steel, which stands to benefit from US steel tariffs, lost 4.6%.
- Zip Co (+15.5%) – The buy now, pay later lender upgraded its FY25 guidance for the second time, from $153 million to $160 million.
- Iron ore miners – BHP (+1.5%), Fortescue (+3.5%), and Rio Tinto (+0.2%) all finished higher despite news of an impending ore quality downgrade in the benchmark index because of the quality of Australian supplies.
- Gold miners – Perseus Mining (-6%) and Westgold Resources (-4.1%) were among the biggest losers on the ASX 200, even as bullion demand increased throughout the day.
- Tech sector (-1.5%) – The worst performing sector was dragged down by majors WiseTech Global (-0.5%), Xero (-2.3%) and Technology One (-3.8%).
- Finance sector (-0.2%) – Commonwealth Bank (-0.3%) hit a new intraday high of $183.19 before closing lower alongside NAB (-0.26%). But Westpac (+0.4%) and ANZ (+0.37%) finished higher.
NBN contracts:
- Ventia (-1.6%) – The infrastructure group was awarded an $800 million contract by NBN to deploy additional fibre infrastructure across Queensland, New South Wales, Victoria, Western Australia and Tasmania.
- Genus Plus (+3.3%) – Secured a $130 million contract to deliver design and construction services in Western Australia.
- Service Stream (-0.3%) – Secured a $440 million contract to deliver design and construction services in Queensland, New South Wales and Victoria.
Executive moves:
- Perpetual (+1.2%) – First Sentier Investors finance boss Suzanne Evans is joining Perpetual as its new chief financial officer. Incumbent Chris Green will shift into an advisory role from 1 July to ease the transition.
- Helia (+0.8%) – The CEO and managing director of the lenders’ mortgage insurance provider Pauline Blight-Johnson has stepped down. CFO Michael Cant will become interim CEO.
Takeover proposals:
- Johns Lyng Group (+17.7%) – The building services provider confirmed it has received a conditional and non-binding takeover offer from Pacific Equity Partners.
- Fletcher Building (+10%) – Received "ongoing inbound inquiries" from numerous parties interested in acquiring its various businesses.
Airline news:
- Air New Zealand (-0.9%) – The carrier is expected to operate through Western Sydney International Airport from mid-2027.
- Qantas (-1.3%) – Jetstar Asia is being shut down as a part of a restructure focused on the Australian and New Zealand market.
Other news:
- Monash IVF (+11.01%) – Shares rebounded as Macquarie analysts described yesterday’s selloff, in response to fertility clinic provider’s second embryo transfer mix-up reported this year, as an “overreaction”.
- Pilbara Minerals (+5.6%) – The miner confirmed a 23% increase in contained lithium at its Pilgangoora operation in Western Australia.
- Metcash (+3.7%) – Analysts backed the group's consolidation of its Total Tools business and its Independent Hardware Group announced yesterday.
- GQG Partners (+1.9%) – Posted 3% growth in its funds under management in May and hit monthly net inflows of USD1.4 billion ($2.2 billion).
- EVT (-0.1%) – Has listed its landmark Sydney CBD entertainment site at 525 George Street for sale.
What’s ahead:
- The US Bureau of Labor Statistics will release data on the consumer price index for May at 10:30pm.
- The UK Office for National Statistics will release gross domestic product data for April tomorrow at 4pm.
