Skip to content

Briefing

Market Wrap

ASX finishes higher, tracking European rally

Make us a preferred source
Link copied

The news: The Australian sharemarket has finished higher, tracking a rally in European markets overnight after US President Donald Trump delayed his threat to impose 50% tariffs on the European Union. Markets in the US and UK were closed on Monday due to public holidays.

The benchmark ASX 200 rose 0.56% to close at 8,407.60, with six of 11 sectors finishing in the green.

Biggest movers:

  • Copper miners – Capstone Copper (+6.8%) led gains on the ASX 200, with fellow copper miner Sandfire Resources (+3.1%) also one of the biggest climbers, after a rival mine in the Democratic Republic of the Congo was closed and MAC Copper halted trading on a potential takeover announcement.
  • Tech sector (+1.2%) – The largest gaining sector was driven by its three biggest companies Wisetech Global (+2.2%), Xero (+1.5%), and TechnologyOne (+1.0%).
  • Big Banks – Australia’s biggest banks all saw gains. This was led by CBA (+0.8%), which neared an all-time high, with Westpac (+1.7), NAB (+0.9%), and ANZ (+1.4%) also rising.

Legal stoushes:

  • TerraCom (+7.1%) – The coal miner settled an ASIC lawsuit for $7.5 million for one admitted contravention of the Corporations Act and will also pay ASIC $1 million for its legal costs.
  • ASX Ltd (+0.1%) – The Federal Court ruled against the sharemarket operator in its bid to access 12 legally privileged documents relating to ASIC’s prosecution of the failed ASX CHESS replacement program.
  • AMP (-1.5%) – The financial services business will spend the next seven weeks defending a class action lawsuit led by Maurice Blackburn and Slater and Gordon for allegedly charging excessive superannuation fees.

Other news:

  • DXN (+10.0%) – DP World signed a $2 million contract with DXN to supply two modular data centres for use at its Port Botany facilities.
  • Elders (+2.6%) – Citi lowered its target price for shares in the agriculture and real estate business after it reported lower than expected first-half earnings on Monday.
  • Telstra (+0.4%) – Reaffirmed its FY25 guidance and launched a 'Connected Future 30' strategy that aims to achieve mid-single digit compound annual growth in cash earnings to FY30.
  • BHP (+0.2%) – The iron ore major will open an AI hub in Singapore that focuses on innovations that improve safety and lift productivity.
  • ALS – The testing and verification services firm entered a trading halt after posting a fall in underlying profits and announced a $350 million raise, and $40 million share purchase plan, to fund growth in its laboratory network and M&A activity.
  • Vulcan Energy (-0.5%) – The budding lithium producer commenced drilling on its Phase One Lionheart project, which is expected to be Europe’s first domestic supply of the electric vehicle battery material.
  • Origin (-0.6%) – The energy major’s share price continued falling after it downgraded FY25 guidance for its UK renewable energy business Octopus Energy on Monday.
  • Mayne Pharma (-1.0%) – Mayne shareholder Harvest Lane argues that US-based Cosette Pharma can’t walk away from its $672 million takeover bid.
  • REA Group (-3.5%) – The real estate platform confirmed that the ACCC has requested information regarding its subscription offerings.

What’s ahead:

  • The Australian Bureau of Statistics will report monthly consumer price index figures on Wednesday at 11:30am AEST.
  • The Reserve Bank of New Zealand will make a cash rate and monetary policy statement at 12pm.
  • Treasury Secretary Steven Kennedy will address an Australian Business Economists Event in Sydney at 12:15pm.
  • Yancoal, Life360, Eagers Automotive, Droneshield, and Vulcan Energy will host annual general meetings tomorrow, among others.

By Brandon How