ASX sets second consecutive record close
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The news: The Australian sharemarket hit a record close for a second consecutive trading session, with gains posted across almost every sector.
The benchmark ASX 200 rose 0.84% to end at 8843.7 with 10 of the 11 sectors finishing in the green, although the utilities sector (-0.06%) only finished marginally lower.
Energy (+1.3%) was the best performing sector. Woodside (+1.3%), Santos (+1.3%) and Yancoal (+2.5%) posted gains. Commonwealth Bank (+1%), NAB (+0.5%), Westpac (+0.7%) and ANZ (+0.1%) helped drive the finance sector (+0.8%) higher.
Biggest movers:
- IDP Education (+11.7%) – The global education and student support services provider lifted after the federal government announced on Monday it would raise its cap on international student numbers next year. UBS analysts reiterated their ‘buy’ rating on the stock.
- Pinnacle Investment Management (+9.5%) – On Tuesday, the investment manager reported a 49% increase in full-year net profit after tax, in line with average estimates according to Visible Alpha data.
- Gold miners – West African Resources (+5.7%), Capricorn Metals (+5.3%) and Northern Star Resources (+5%) were among the biggest winners as the spot price of gold held gains. West African updated its 10-year production outlook and said annual production is expected to peak in 2029.
- TPG Telecom (-5.1%) – Analysts flagged downside risks relating to a shareholder reinvestment plan announced alongside a broader capital management plan for the proceeds from its asset sale to Vocus. Morning trades, prior to a pause, were cancelled after an acquisition announcement was incorrectly cross-referenced with the telco's ticker.
Deals news:
- Lindian Resources (+33%) and Iluka Resources (+0.2%) – Lindian will supply Iluka with 6,000 tonnes of rare earth concentrate annually from its Kangankunde mine in Malawi over 15 years.
- Infomedia (+27.3%) – Entered a scheme implementation deed to be acquired by global asset manager TPG for an implied equity value of $651 million.
- Mayne Pharma (+2.4%) – Received a third notice of intention to terminate from US-based takeover suitor Cosette Pharmaceuticals.
- Resolution Minerals (-11.8%) – The small-cap critical minerals miner received an unsolicited and non-binding indicative offer to buy the Horse Haven mine for $225 million cash and shares from Nasdaq-listed Snow Lake Resources.
Full-year earnings:
- REA Group (+6.9%) – Reported 23% growth in full-year net profit after tax, which came in just shy of average estimates.
- News Corp (+5.1%) – Reported a 1% lift in fourth-quarter revenue, coming in ahead of analyst estimates. Its FY25 revenue was 2% higher than the previous year.
- Centuria Industrial REIT (+3.4%) – Reported full-year net profit of $133.1 million, up from $48.1 million in the prior year, but missing average estimates, according to Visible Alpha data.
- Charter Hall Long WALE REIT (+2.2%) – Reported a return to net-profit after two consecutive years of losses, even though it missed market expectations.
- BWP Trust (+0.3%) – The Bunnings landlord has reported full-year net profit that is up 47.4% from last year’s result and better than market expectations.
Other news:
- Mineral Resources (+0.6%) – Non-executive director Justin Langer has left the lithium and iron ore mine after a roughly two and a half year stint.
- Silex Systems – Joint venture Global Laser Enrichment passed a US regulatory milestone for its proposed Paducah Laser Enrichment Facility for uranium in Western Kentucky.
What’s ahead:
- The Australian Bureau of Statistics will release data on the international trade in goods for June and update June building approvals data tomorrow at 11:30am.
