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Market Wrap

New CBA record, ASX finishes higher amid Iran-Israel ceasefire

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The news: The ASX closed higher as global risk eased after US President Donald Trump said there would be a ceasefire between Israel and Iran, although energy stocks plummeted alongside oil prices as Iranian threats to block a key trading route did not materialise.

It was unclear throughout the day whether a ceasefire had been agreed on. A White House official told Reuters that Israel agreed to a ceasefire so long as Iran doesn't launch fresh attacks, while an official said the Qatari Prime Minister had secured agreement from Tehran.

There have been conflicting statements from Iranian officials, while Israeli Prime Minister Benjamin Netanyahu has confirmed his country's agreement.

Trump reiterated, in a social media post in the mid-afternoon, that “the ceasefire is now in effect. Please do not violate it!”

The benchmark ASX 200 rose 0.95% to end at 8555.5, with eight of the 11 sectors finishing in green.

Biggest movers:

  • Financials sector (+2%) – Commonwealth Bank (+2.1%) surged to a new record close of $188.13, beating the previous record set just yesterday. NAB (+2.2%), ANZ (+1.4%) and Westpac (+2.6%) also contributed to the sector's performance.
  • Materials sector (+2%) – The best performing sector was buoyed by gains at BHP (+2.4%), Fortescue (+4.8%) and Rio Tinto (+3.1%).
  • Energy sector (-3.9%) – Oil and gas company Karoon Energy (-6.5%) was the biggest loser on the ASX 200, closely followed by rivals Woodside (-6.5%) and Viva Energy (-3.2%).
  • HMC Capital (+6.9%) – the biggest gainer on the ASX 200 despite no company-specific news.
  • Collins Food (+17.4%) – The KFC and Taco Bell operator reported an 88.5% drop in net profit after tax to $8.8 million for financial year 2025, absorbing $40.8 million in restaurant impairments this year. But shares soared as earnings and margins beat market estimates.
  • Virgin (+11.4%) – The airline operator opened 8% higher when it re-listed on the ASX today following a $685 million public offering. Shares in rival Qantas (+2.4%) also rose.

Executive moves:

  • NAB (+2.2%) – Lloyd’s Bank managing director for customer channels Peter Steel will join NAB as its first ever group executive for digital, data and artificial intelligence.
  • Growthpoint Properties (-0.8%) – The property investment firm’s chief financial officer Dio Andrews will step down in August after 15 years in the role.

Other news:

  • Greatland Resources (+10.6%) – The London-listed gold and copper miner floated on the ASX after a $490 million raise.
  • Rio Tinto (+3.1%) – Announced that it will jointly invest USD1.6 billion ($2.47 billion) with joint venture partner Hancock Prospecting to develop the Hope Downs 2 iron ore project.
  • Dexus (+0.6%) – Flagged 0.4% growth in its portfolio value, according to draft external independent valuations, and announced an estimated distribution of 18 cents per security for the second-half of financial year 2025. It also provided an update on a court hearing relating to its bloc interest in Australia Pacific Airports Corporation.
  • Treasury Wine Estates (-0.9%) – The wine company told the exchange it will announce a share buyback of 5% of issued capital as a part of its financial year 2025 results update in August.
  • Adairs (-1.5%) – Morgans analysts upgraded their position on the stock to ‘buy’ from ‘accumulate’ but lowered its price target from $2.60 from $2.85.

What’s ahead:

  • Bank of England governor Andrew Bailey will deliver a speech at a conference on ‘Britain’s Return to the Gold Standard in 1925 Revisited’ tonight at 6pm. He will then testify before the House of Lords Economic Affairs Committee at midnight.
  • Statistics Canada will release consumer price index data for May tonight at 10:30pm.
  • US Federal Reserve chair Jerome Powell will appear before the House Financial Services Committee to testify about the Semiannual Monetary Policy Report at midnight.
  • The Australian Bureau of Statistics will release consumer price index data for May tomorrow at 11:30am.

By Brandon How