ASX rally continues for seventh day

The news: The Australian sharemarket has recorded a seventh consecutive day of gains, boosted by the release of stronger-than-expected labour market data and a rise in banking and tech stocks.

The benchmark ASX 200 rose 0.22% to end at 8,297.5, with seven out of 11 sectors finishing in the green.

Biggest movers:

• GrainCorp (+8.81%) was the day’s top ASX 200 performer after posting improved profits for the first half of the year and revising upwards its profit forecast for FY25.
• This was followed by IAG Insurance (+5.7%), which announced plans to acquire RAC WA’s insurance business in a $1.35 billion deal, and Xero (4.68%), which saw revenue increase 30% year on year in the 12 months to March.
• Major banks (+1.27%) helped drive the index up with positive showings from Commonwealth Bank (1.34%), NAB (1.36%), Westpac (0.83%) and ANZ (1.65%).
• NRW Holdings (-8.28%) was the biggest loser after it flagged a potential $113.3 million impairment.
• Treasury Wines (-5.15%) also dropped after announcing its CEO Tim Ford would step down at the end of September. He will be replaced by Lion boss Sam Fischer on 27 October.
• Gold Miners made up four of the top 10 worst performers on the ASX 200. These were Bellevue Gold (-5.14%), Westgold Resources (-4.17%), Newmont (-3.98) and West African Gold (-3.93%).

Other news:

• Lendlease (-1.64%) — Confirmed it is in late stage joint venture talks with The Crown Estate for six development projects in its UK development portfolio.
• Mayne Pharma (+8.20%) — Deloitte backed a $672 million takeover offer for the company, with shareholders to vote on on 18 June.
• Cleanaway (-0.37%) — The ACCC has greenlit Cleanaway’s $110 million acquisition of the waste and recycling arm of City of Melbourne Council-owned Citywide Service Solutions.