Twiggy Forrest dumb to the idea of Fortescue Revolution
Over at Andrew Forrest's Fortescue, his workforce is all one big happy family. That's according to its director of mining operations Steve Cole.
Speaking at this masthead's Mining Summit last week about ongoing efforts by unions to organise staff at major miners, Cole said everyone at his employer was so united there was 'no risk at the moment' of it working.
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News.com.au
a day ago
- News.com.au
ASX closes at a record high as trade talks continue
Australia's sharemarket continued its record breaking run higher on Wednesday, amid trade hopes between the US and China. The benchmark ASX 200 index eked out a small gain of 4.90 points or 0.06 per cent to 8,592.10 to continue its record run higher. The broader All Ordinaries also finished in the green up 6.90 points or 0.08 per cent to 8,819.60. The Australian dollar slipped 0.23 per cent and is now buying 65.12 US cents. On Wednesday, shares jumped on the opening bell, surpassing the previous 8,614 mark set on February 14 hitting a high point of 8,639.1, before falling during the afternoon's session. Australia's market ran up off the back of US Commerce Secretary Howard Lutnick saying the second days of negotiations in London between China and the US had been 'productive'. This saw seven of the 11 sectors still finished higher, led by energy, the major miners and real estate. Australian iron ore miners were among the major winners on the back of this news, as prices of the commodity rose. BHP shares jumped 1.48 per cent to $39.05, Rio Tinto rose 0.24 per cent to $109.38, Fortescue leapt 3.45 per cent to $16.21 and Mineral Resources gained 3.17 per cent to $25.71. Woodside energy led oil stocks higher, up 1.9 per cent to $23.5 while Santos rose 0.60 per cent to $6.70. CBA mining and energy commodity research director Vivek Dhar said the spot iron ore price fell below $95 a tonne in the days leading up to the talk, before bouncing on news of a temporary pause. 'The agreement at least shows that both sides are keen to keep deâ€'escalating the trade war,' he wrote in an economic note. 'However, we think any bounce in iron ore prices linked to today's agreement will be less material than the bounce observed last month after the 90â€'day pause on high tariffs.' The financial sector slid with Commonwealth Bank snapping its record run as it fell 0.3 per cent to $181.40. NAB shares also traded lower down 0.26 per cent to $39.07. Westpac shares are up 0.39 per cent to $33.63 while ANZ is also in the green up 0.37 per cent $29.94. In corporate news shares in Qantas declined after announcing it was pulling the pin on its Jetstar Asia Singaporean-based airline. In an announcement to the ASX, the airline said it is expected to post a $35m underlying Earnings Before Interest and Taxes (EBIT) loss this financial year, prior to the closure decision. Buy now, pay later provider Zip shares were the best performing for the second day running after releasing its latest trading update. Zip said its business continued to see momentum in the month of May, with US total transactions volumes rising by more than 40 per cent year-on-year as well as no material changes to credit loss for the March quarter across its US and Australian business. Fertility group Monash IVF shares soared 13 per cent, following a 27 per cent drop on Tuesday as the shares began recovering from news of a second major bungle in three months, which led to the wrong embryo being implanted.
West Australian
a day ago
- West Australian
Australian share market soars to fresh high
Australia's share market surged in morning trading to a new record, lifting past the high-water mark set in February. The benchmark S&P/ASX200 was up 34.2 points, or 0.40 per cent to 8,621.4 by midday on Wednesday, topping the Valentine's Day record of 8,615.2 points and building on the previous day's record close. The broader All Ordinaries was up 34.9 points, or 0.40 per cent, to 8,847.4, just 35 points shy of its intraday record of 8,882 points, also set on February 14. The uptick followed a positive session on Wall Street and came after officials from the US and China agreed on an in-principle framework to resolve export restrictions on rare earths and magnets. Details on the agreement remained light, and it still required approval from US President Donald Trump and China's President Xi Jingping, IG Markets analyst Tony Sycamore said. "If the two presidents review and approve the outcome of today's trade talks, it will likely include maintaining the reduction in US tariffs on Chinese goods at 30 per cent (down from 145 per cent) and Chinese tariffs on US goods at 10 per cent (down from 125 per cent)," he said. The de-escalation in US-China tensions helped lift large cap miners Fortescue (up two per cent) and BHP (up 1.8 per cent), but Rio Tinto continued to be the laggard of the iron ore giants, grinding 0.3 per cent higher. Materials stocks were among the best performing sectors, up 0.7 per cent, as energy stocks pushed 0.8 per cent higher and real estate lifted one per cent. Only two of 11 local sectors - IT and utilities stocks - were in the red by midday. Gold miners were down again as the precious metal continued to consolidate at around $US3,350 ($A5,140) an ounce. The US-China rare earths "agreement" weighed on local miners of the minerals, with Lynas Rare Earths the top-200's worst performer and down more than six per cent in early trade. An 0.8 per cent lift in energy stocks was helped by a more than two per cent charge from Woodside to $23.56, as oil prices rolled over after hitting seven week highs on Tuesday. Commonwealth Bank hit a fresh record high for a second day in a row, reaching $183.19 before easing to $182.46 and taking its value to $305 billion. CBA's big three competitors traded either side of flat as investors tempered their appetite for Australian banks' famously lofty valuations. The financial sector is trading at record levels, up 0.2 per cent for the day and up by more than 25 per cent since early April's post-"liberation day" lows. Buy now, pay later provider Zip Co was leading the top-200, rallying 14.4 per cent after upgrading forward guidance on the back of strong growth in its US business. Qantas has slipped 1.2 per cent to $10.52 after announcing it will close Jetstar Asia, its Singapore-based intra-Asia airline, due to weak earnings. The airline will redeploy 13 aircraft to Australian and NZ. The call comes two weeks before its domestic rival Virgin Australia relists on the Australian Securities Exchange. Local technology stocks took a breather after rallying on Tuesday, shedding 0.2 per cent, but data centre plays were still pushing higher, with Megaport and NextDC both up more than 1.7 per cent each. The Australian Dollar is buying 65.04 US cents, up from 65.12 US cents on Tuesday at 5pm.
Perth Now
a day ago
- Perth Now
Australian share market soars to fresh high
Australia's share market surged in morning trading to a new record, lifting past the high-water mark set in February. The benchmark S&P/ASX200 was up 34.2 points, or 0.40 per cent to 8,621.4 by midday on Wednesday, topping the Valentine's Day record of 8,615.2 points and building on the previous day's record close. The broader All Ordinaries was up 34.9 points, or 0.40 per cent, to 8,847.4, just 35 points shy of its intraday record of 8,882 points, also set on February 14. The uptick followed a positive session on Wall Street and came after officials from the US and China agreed on an in-principle framework to resolve export restrictions on rare earths and magnets. Details on the agreement remained light, and it still required approval from US President Donald Trump and China's President Xi Jingping, IG Markets analyst Tony Sycamore said. "If the two presidents review and approve the outcome of today's trade talks, it will likely include maintaining the reduction in US tariffs on Chinese goods at 30 per cent (down from 145 per cent) and Chinese tariffs on US goods at 10 per cent (down from 125 per cent)," he said. The de-escalation in US-China tensions helped lift large cap miners Fortescue (up two per cent) and BHP (up 1.8 per cent), but Rio Tinto continued to be the laggard of the iron ore giants, grinding 0.3 per cent higher. Materials stocks were among the best performing sectors, up 0.7 per cent, as energy stocks pushed 0.8 per cent higher and real estate lifted one per cent. Only two of 11 local sectors - IT and utilities stocks - were in the red by midday. Gold miners were down again as the precious metal continued to consolidate at around $US3,350 ($A5,140) an ounce. The US-China rare earths "agreement" weighed on local miners of the minerals, with Lynas Rare Earths the top-200's worst performer and down more than six per cent in early trade. An 0.8 per cent lift in energy stocks was helped by a more than two per cent charge from Woodside to $23.56, as oil prices rolled over after hitting seven week highs on Tuesday. Commonwealth Bank hit a fresh record high for a second day in a row, reaching $183.19 before easing to $182.46 and taking its value to $305 billion. CBA's big three competitors traded either side of flat as investors tempered their appetite for Australian banks' famously lofty valuations. The financial sector is trading at record levels, up 0.2 per cent for the day and up by more than 25 per cent since early April's post-"liberation day" lows. Buy now, pay later provider Zip Co was leading the top-200, rallying 14.4 per cent after upgrading forward guidance on the back of strong growth in its US business. Qantas has slipped 1.2 per cent to $10.52 after announcing it will close Jetstar Asia, its Singapore-based intra-Asia airline, due to weak earnings. The airline will redeploy 13 aircraft to Australian and NZ. The call comes two weeks before its domestic rival Virgin Australia relists on the Australian Securities Exchange. Local technology stocks took a breather after rallying on Tuesday, shedding 0.2 per cent, but data centre plays were still pushing higher, with Megaport and NextDC both up more than 1.7 per cent each. The Australian Dollar is buying 65.04 US cents, up from 65.12 US cents on Tuesday at 5pm.
