ASX has best month since January
Australia's sharemarket rose for the second consecutive month in May, as traders dial up the chances of a rate cut in July following weaker than expected retail sales.
The benchmark ASX 200 index gained 24.90 points or 0.30 per cent on the final day of trading for May.
Australia's major index has closed up 3.8 per cent in May which is the best monthly gain since January.
Meanwhile the broader All Ordinaries also finished higher up 22.50 points or 0.26 per cent to finish the month at 8,660.30.
The Australian dollar slipped 0.28 per cent during Friday's trading and is now buying 64.26 US cents. The ASX had its best month since May. NewsWire / Jeremy Piper Credit: News Corp Australia
On an overall positive day for the market, seven of the 11 sectors finished in the green, led by consumer staples, utilities and financials.
The bounce in consumer staples was led by Treasury Wine Estates up 4.07 per cent to $8.44, while the A2Milk Company rose 3.35 per cent to $8.33.
The two major supermarkets also finished in the green, with Woolworths gaining 0.70 per cent to $31.85 while Coles eked out a gain of 0.28 per cent to $21.60.
All four of the major banks also finished higher during Friday's trading.
Westpac led the charge gaining 2.68 per cent to $32.56, NAB gained 1.33 per cent to $38.00, CBA jumped 0.87 per cent to $175.95 and ANZ finished higher up 0.41 per cent to $29.04.
The gains come despite other Asian markets slumping on the back of the White House winning an administrative stay on the blockage of most of its tariffs by the US Court of International Trade.
Capital.com senior financial market analyst Kyle Rodda said the US market gave back its gains after the tariff news was announced.
'The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another,' he said. Seven of the 11 sectors finish in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia
Australia's sharemarket however was lifted on the back of weaker than expected retail sales.
While this is bad for some businesses, the money markets factored in a greater chance of a rate cut in July following the announcement that retail sales fell 0.1 per cent over the month of April compared with expectations of a 0.3 per cent rise.
AMP chief economist Shane Oliver said the results were surprising given Queensland was coming off a low base due to ex-Cyclone Alfred as well as most Aussies benefiting from a double Easter/Anzac Day long weekends.
'Tax and rate cuts will help but the consumer is still clearly struggling with real retail sales per person trending down so far this year after a mild rise into late last year,' he wrote in an economic note.
'The cost of living remains a problem – falling inflation is not the same thing as falling prices.'
In company news, Ramsay Health Care jumped 5.89 per cent to $38.30 on the back of reports in the Newcastle Herald claiming the Australian hospital operator won approval of its new building applications in NSW.
Shares in fintech Findi slumped 8.91 per cent $4.60 despite reporting a 54 per cent gain in underlying profits to $6m.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
3 hours ago
- News.com.au
Stock Tips: WTC could be a wise choice this week
It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. Andrew Eddy – Morgans Financial BUY WiseTech Global (ASX:WTC) Wisetech is acquiring E2open, expanding its market reach and capabilities, driving revenue and EBITDA growth, and offering a compelling opportunity to further extend the company's growth runway. Aurizon Holdings (ASX:AZJ) Earnings from the Network and Coal segments will continue to deliver higher cash returns to shareholders and investment into Bulk and Containerised Freight will provide longer term growth. HOLD Lovisa Holdings (ASX:LOV) Lovisa's recent milestone of opening its 1,000th store globally signifies its strong growth and global presence. It continues to have ambitious expansion plans. Regis Resources (ASX:RRL) Regis is well positioned to maintain significant share price torque to the price of gold, aided by a robust production profile and underappreciated organic growth at Duketon. SELL Telstra (ASX:TLS) Although having some defensive qualities, Telstra continues to trade above its long-term average multiple, which is hard to justify considering its minimal long-term growth and competition risk. Adriatic Metals (ASX:ADT) Adriatic's share price has bounced recently on takeover talk. While high-grade metal assets with compelling economics are rare, everything has a price. Dylan Evans – Catapult Wealth BUY Goodman Group (ASX:GMG) Goodman Group's portfolio of quality industrial properties and data centres should be well supported by long-term demand trends in online retail and data hosting. Steadfast (ASX:SDF) As the largest general insurance broker in Australia, Steadfast offer exposure to growth in insurance premiums, but without the underwriting risk of the insurers. HOLD Auckland International Airport (ASX:AIA) As New Zealand's primary overseas travel gateway, Auckland Airport is a key piece of infrastructure. Overseas travel still lags pre-covid levels, but is showing signs of recovery. Woolworths (ASX:WOW) Woolworths has been losing market share to its competitors over the last few years and is now going through another restructure to regain this lost share. We expect regaining this momentum will take several years. SELL A2 Milk (ASX:A2M) The Chinese infant formula market is a key part of A2 milk's product sales. Despite reporting growth in its 1H25 results, this market faces long-term challenges, including declining birth rates. BWP Trust (BWP) A solid property trust on most metrics, with modest debt, high occupancy, and a decent 5.2% yield. Concern is always with the potential influence and reliance on Wesfarmers, who have an ownership stake and contribute 85% of the rental income via Bunnings.
The Advertiser
3 hours ago
- The Advertiser
EU threatens US with counter-tariffs in steel stand-off
The European Union has spoken out against US President Donald Trump's latest tariff announcement on steel imports and has threatened countermeasures. "We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14. As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date. The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs. This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail. Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump. But now it appears all bets could be off. Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry. He added that tariffs were his absolute favourite word. Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs. In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union. Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." The European Union has spoken out against US President Donald Trump's latest tariff announcement on steel imports and has threatened countermeasures. "We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14. As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date. The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs. This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail. Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump. But now it appears all bets could be off. Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry. He added that tariffs were his absolute favourite word. Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs. In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union. Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." The European Union has spoken out against US President Donald Trump's latest tariff announcement on steel imports and has threatened countermeasures. "We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14. As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date. The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs. This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail. Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump. But now it appears all bets could be off. Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry. He added that tariffs were his absolute favourite word. Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs. In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union. Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." The European Union has spoken out against US President Donald Trump's latest tariff announcement on steel imports and has threatened countermeasures. "We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14. As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date. The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs. This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail. Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump. But now it appears all bets could be off. Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry. He added that tariffs were his absolute favourite word. Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs. In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union. Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs."
Perth Now
4 hours ago
- Perth Now
EU threatens US with counter-tariffs in steel stand-off
The European Union has spoken out against US President Donald Trump's latest tariff announcement on steel imports and has threatened countermeasures. "We strongly regret the announced increase of US tariffs on steel imports from 25 per cent to 50 per cent," said a spokesman for the European Commission in Brussels, which is responsible for EU trade policy. "This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." The EU is ready to take countermeasures, the statement continued. This could also happen earlier than July 14. As things currently stand, EU counter-tariffs already planned due to Trump's initial tariff decisions would automatically come into force on this date. The bloc had wanted the measures to come into force on April 14, but held back after Trump granted many countries and the EU a 90-day pause from certain tariffs. This window of opportunity had been intended to be used for negotiations. The EU has repeatedly emphasised that it will introduce decisive measures against US tariffs if the talks fail. Early last week, European Union Commission President Ursula von der Leyen expressed some optimism about sorting out the trade dispute, following a phone call with Trump. But now it appears all bets could be off. Speaking at a rally at a US steel plant near Pittsburgh on Friday, the US president said the additional import fees would strengthen the national steel industry. He added that tariffs were his absolute favourite word. Trump's administration has justified the existing steel tariffs as a measure to protect national security. He has already announced, threatened or implemented numerous other tariffs. In addition to a new penalty tariff of 10 per cent of the value of goods on almost all imports, he has announced specific, higher tariffs on imports, including from major trading partners such as China and the European Union. Unlike the EU, Australia will not retaliate against Trump's "wrong" tariff hike decision on steel imports. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs."
