ASX reaches record high; The Star soars

The news: The Australian sharemarket rallied to a record high, with Metcash and The Star Entertainment Group the strongest performers.

The benchmark ASX 200 gained 0.56% to end at 8,495.2, with nine out of 11 sectors finishing in green. It also hit an intraday high of 8,514.5.

Biggest movers:

• The Star Entertainment Group (7.14%) — Confirmed that it has satisfied conditions to draw down on the first of two $100 million tranches of its new debt facility.
• Metcash (7.5%) — Despite its weak trading activity in its hardware sector, analysts have forecast a rebound in housing construction by fiscal 2026.
• Collins Foods (-4.29%) — The fast food operator lowered its guidance for full-year earnings margin due to flat sales and ongoing inflationary pressures.

Other news:

• Steadfast (2.73%) — Its internal review found there was no evidence of improper incentives and Morgan Stanley upgraded the company to ‘overweight’.
• Fortescue (2.05%) — Has been granted $10 million by the Australian Renewable Energy Agency to develop and build fast chargers for its electric heavy mine site vehicles.
• Bank of Queensland (1.59%) — Reaffirmed its full-year cost and revenue outlook but says it expects its loan impairment expense to increase, reflecting higher interest rates.
• Nufarm (0.26%) — Chief financial officer Paul Townsend will step down from the role and be succeeded by Brendan Ryan.
• Centuria Industrial REIT (ended flat) — Morningstar has upgraded the company, citing improving financial health on the back of growing rents and non-core asset sales.
• Woolworths (-0.36%) — Flagged that it has taken a $50 million hit due to ongoing industrial action in relation to enterprise agreements.
• Zip (-0.58%) — Cofounder Larry Diamond has stepped down from the board to establish a family office and foundation.