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Market Wrap

Eighth day of gains for ASX 200

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The news: The Australian sharemarket has continued its winning streak, with the ASX 200 closing higher for an eighth consecutive session as property (+2.19%), health (+1.37%) and materials (+1.13%) stocks led gains. The index added 0.56% to 8,343.70 with seven out of 11 sectors finishing in the green

Gold miners were among the top performers after bullion prices rose in response to worse-than-expected US economic data, while the list of worst performers was dominated by uranium producers.

Biggest movers:

  • Gains among gold miners were led by Bellevue Gold (+4.22%), Genesis Mineral Resources (+4.35%), Regis Resources (+4.217%), Perseus Mining (+3.70%), and Newmont (+3.53%). Northern Star Resources (+2.44%), the largest gold miner by market cap, was also up.
  • Viva Energy (+4.27%) was the second-best ASX 200 performer after it reported the conclusion of a successful trial of processing waste plastic oil, part of plans to establish a recycling facility with Cleanaway (0.0%).
  • Uranium miners were the worst performers, with Paladin Energy (-7.66%), Boss Energy (-7.48%), and Deep Yellow (-6.39%) all falling sharply.
  • Online property settlement company PEXA (+3.85%) reversed losses made during trading on Thursday.

Other news:

  • Data services company Appen (18.46%) announced revenue guidance for FY25 that would be an improvement on last year.
  • Online travel company Webjet (+0.67%) has rejected a proposal from BGH Capital to acquire a controlling interest in the company for 80 cents per share. It closed at 89 cents per share.
  • Nine Entertainment (+0.13%) director Samantha Lewis will step down from the board on 1 June. The media conglomerate’s newspapers also landed a court room win as Ben Roberts-Smith failed in his appeal against a defamation loss.
  • Fletcher Building (-0.64%) has folded its Australian division into two trans-Tasman divisions.
  • Commercial property giant Dexus (-1.37%) has denied claims that it had breached the Australia Pacific Airports Corporation (APAC) shareholders' deed in relation to a bloc sale process.

What’s ahead:

  • The University of Michigan will release preliminary US inflation expectations, an index based on a survey of consumers, on Saturday.
  • Several companies will be hosting annual general meetings on Tuesday, including Brisbane Broncos, Electro Optic Systems, Viva Energy, WhiteHawk and Sunshine Metals.

By Brandon How