Australian shares open higher as miners extend rally; Myer sheds 20%
Make us a preferred source
Make us a preferred source on Google
More news: Australian shares lifted at the open as miners paced early gains. The benchmark S&P/ASX 200 index was up 24.7 points, or 0.28%, to 8,835.6 at 10:30am AEST. Six of the 11 sectoral indices were in positive territory.
Mining stocks (+1.6%) extended their recent rally having closed 2.6% higher on Monday. Gold producers made up six of the top 10 performers on the ASX 200, with Westgold Resources (+4%), Emerald Resources (+3.9%) and Ramelius Resources (+3.8%) leading the way.
Telix Pharmaceuticals was the top performer, rocketing 14.9% after the US Centers for Medicare and Medicaid Services granted transitional pass-through status for its prostate cancer imaging agent Gozellix.
DroneShield jumped 3.9% after announcing plans to expand its US operations.
Meanwhile, retail group Myer dropped 20.7% after reporting a $211 million statutory loss for the 2025 financial year.
Australian shares to start higher as US indices seal third straight record closes
The news: Australian shares are poised to edge up at the open after all three of the major US stock indices notched record closing highs for a third straight session overnight.
The numbers: Updated at 7:30am AEST:
- ASX futures: up 3 points, or 0.03%, to 8,826
- Wall Street: Dow Jones up 0.14%, S&P 500 up 0.44% and Nasdaq up 0.70%
- Europe: CAC 40 down 0.30%, DAX down 0.48% and FTSE 100 up 0.11%
- Spot gold: up 1.67% to USD3,747 per ounce
- Oil prices: Brent up 0.05% at USD66.60/bbl and US WTI down 0.06% to USD62.64/bbl
- AUD: up 0.03% to 65.98 US cents
- Bitcoin: down 2.21% to USD112,779.
The context: Wall Street stocks extended their recent rally as chip maker Nvidia jumped 3.9% after saying it will invest up to USD100 billion ($152 billion) in OpenAI.
Fellow megacap Apple closed 3.7% higher after Wedbush hiked its target price on the iPhone maker due to a strong demand outlook for the iPhone 17.
Meanwhile, in his first policy speech since oining the US Federal Reserve, governor Stephen Miran laid out his case for aggressively lowering interest rates. Last week Miran dissented when the Fed cut the benchmark rate by a quarter of a percentage point, pushing instead for a half-point cut.
