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Market Wrap

ASX rallies as energy gains

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The news: A rally in oil and uranium helped lift the Australian sharemarket as China’s latest manufacturing data showed expansion along with Ukraine’s critical minerals deal with the US left in limbo.

The benchmark ASX 200 gained 0.9% to end at 8,245.7, with all 11 sectors finishing in green.

Biggest ASX 200 winners:

  • Uranium miners — Boss Energy (6.45%), Paladin Energy (3.2%) and Deep Yellow (3.37%) all rallied as the critical minerals deal between Ukraine and the US has not been signed. However, Ukraine President Volodymyr Zelensky said a deal was ready to be signed.
  • Oil companies — Karoon Energy (2.28%), Woodside Energy (1.94%), Beach Energy (1.94%), Santos (1.84%) and Ampol (1.36%) all gained after upbeat manufacturing data from China.
  • Gold miners — Perseus Mining (3.07%), Newmont (2.47%), West African Resources (2.59%) and De Grey Mining (1.78%) all jumped as uncertainty around impending new US tariffs helped drive up global bullion prices.

Biggest ASX 200 fallers:

  • Clarity Pharmaceuticals (-11.52%) — Extended its losses from $17.2 million to $23.5 million during the first half.
  • NRW Holdings (-9.29%) — The construction and mining contractor flagged debt from the OneSteel administration, but lifted revenue outlook.

Other news:

  • Magellan (3.59%) — Announced that it is intending to resume its share buyback program as a result of its fallen share price.
  • Rio Tinto (3.56%) — Flagged that it had resumed shipments from a facility in Western Australia which had been hit by record rain.
  • Pro Medicus (1.93%) — Signed a new $40 million deal with US radiology services provider LucidHealth.
  • Generation Development Group (1.93%) — Completed its equity raising to part-fund the acquisition of Evidentia Group and Morgan Stanley analysts raised its price target on the stock.
  • Amcor (1.25%) — Shareholders of Amcor and Berry Global have approved the packaging giant’s $13 billion acquisition Berry.
  • Sandfire Resources (1.04%) — Will end its joint venture with Toronto-listed Avrupa Minerals after drilling results at its Sesmarias prospect in Portugal failed to meet the “technical requirements”.
  • Guzman y Gomez (-0.55%) — Signalled that escrowed shareholders will soon be free to dispose of up to 25% of their shareholding if the stock continues to trade above key levels.
  • Star Entertainment (suspended) — Said it is "unlikely" to be in a position to lodge its first-half financial report, unless it secures a refinancing commitment.

People moves:

  • GQG (-2.14%) — Its long-serving chief financial officer Melodie Zakaluk will retire on 1 January 2026.

Analyst rating changes:

  • Harvey Norman (4.22%) — Its better-than-expected first-half result triggered upgrades by a number of analysts.
  • Life360 (0.73%) — Bell Potter, Goldman Sachs and Morningstar all made upgrades to the app maker.

By Jassmyn Goh