ASX sets new record close amid broad gains
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The news: The Australian sharemarket hit a new record close as almost every sectoral index finished higher. The materials sector dragged as the mining majors tracked a decline in the iron ore futures index, ending a week-long rally for the commodity.
Meanwhile, China reported better than expected gross domestic product growth for the second quarter of this year.
The benchmark ASX 200 rose 0.7% to end at 8630.3 with 10 out of the 11 sectors finishing in the green.
The tech sector (+2.2%) was the best performing, driven by Wisetech Global (+1.8%), Xero (+1.2%) , TechnologyOne (+2.6%), and NextDC (+2.1%) finishing higher. Life360 (+8%) was the best performer on the ASX 200.
The healthcare sector (+2%) also posted gains, with CSL (+3.8%) and Pro Medicus (+2.4%) both finishing higher. Meanwhile, Commonwealth Bank (+0.6%), Westpac (+0.7%) and ANZ (+0.7%) finished higher. NAB (-0.1%) finished lower.
Materials (-0.3%) was the only sector that finished lower as BHP (-0.9%), Fortescue (-0.7%) and Rio Tinto (-1.3%) all fell as the iron ore futures index on the Singapore exchange took a 0.7% dive.
Biggest movers:
- Lifestyle Communities (+7.7%) – One of the biggest gainers on the ASX 200, partially offsetting huge losses taken after a tribunal ruled that deferred management fees in some of the company’s residential contracts were void.
- Hub24 (+6.4%) – The investment platform reported a 30% uptick in funds under administration for the 2025 financial year after securing record annual platform net inflows of $19.8 billion.
- Paladin Energy (+7.9%) – Bell Potter analysts increased the target price on the uranium miner by more than 40%.
- Pilbara Minerals (-4.5%) – The worst performing stock on the ASX 200 despite no company specific news.
Other news:
- Newmont Corporation (+1.1%) – The gold miner’s chief financial officer and executive vice president Karyn Ovelmen resigned on Friday after more than two years in the roles.
- Dexus Industria REIT (+0.4%) – Settled its $40 million acquisition of a warehouse in Glendenning, Sydney and said it intends to divest its Brisbane office assets.
- Insignia Financial (-1.3%) – MLC Investments announced it will launch a ‘centre of excellence’ with life insurance firm TAL and annuity provider Challenger to support its new Retirement Boost superannuation product.
- Tyro Payments (-2.7%) – Payments provider chief executive and managing director Jon Davey welcomed the RBA's proposed plans to ban surcharges on eftpos, Mastercard and Visa cards. The announcement had weighed heavily on the company's share price.
- Cromwell Property Group (-5.3%) – Revealed that its Canberra office building development project for an undisclosed Commonwealth government department is expected to cost $201 million.
- Bowen Coking Coal – Voluntarily suspended from trading on the ASX as it struggles to pay a debt demand from mining service provider BUMA Australia, the former operator of Bowen’s Burton Mine Complex.
What’s ahead:
- The US Bureau of Labor Statistics will release core consumer price index data for June tonight at 10:30pm.
- Statistics Canada will release consumer price index data for June tonight at 10:30pm.
- Australian Climate and Biodiversity Foundation chair and former Treasury secretary Ken Henry will address the National Press Club with a speech titled “Our last, best chance – national environment laws to restore nature and power the net zero economy” tomorrow at 12:30pm.
