ASX nails 10pc financial year gain
The Australian sharemarket continued its run higher during Monday's trading and has now had its best financial year in the last four.
The benchmark ASX 200 index gained 28.10 points or 0.33 per cent to finish Monday's trading at 8,542.30.
The broader All Ordinaries also closed higher up 29.40 points or 0.34 per cent to 8,773.00.
The Australian dollar also reached its highest point against the US dollar since November 2024, although this was largely due to the US dollar selling off.
Australia's dollar is now buying 65.36 US cents. ASX rises on the final day of trading for the financial year. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia
On an overall strong day ten of the 11 sectors finished in the green, with just the materials sector being a drag on the market.
Monday's gains helped the ASX gain more than 10 per cent for the financial year, for the best 12-months since 2021.
The gains were led by the healthcare sector with CSL jumping 2.19 per cent to $239.48, while Sigma Healthcare rose 1.36 per cent to $2.99 and Pro Medicus finished in the green up 1.60 per cent to $285.08.
The consumer discretionary stocks also helped drag the index higher with Wesfarmers up 0.74 per cent to $84.75, while JB Hi FI gained 1.61 per cent to $110.35 and The Lottery Corporation gained 0.76 per cent to $5.27.
Despite a lift in iron ore prices on Friday, the big miners struggled again on Monday.
BHP slumped 2.08 per cent to $36.75, while Rio Tinto slumped 1.69 per cent to $107.13 and Fortescue dropped 1.16 per cent to $15.28. The material sector continued to be a drag on the markets. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia
IG market analyst Tony Sycamore said today's end of financial year trading did not finish with the usual bang of previous years.
'It certainly wasn't a traditional whiz bang fireworks to end the financial year, ' Mr Sycamore told Newswire.
'Given the fact the market was sitting near record highs the market didn't need to get an extra little shove into the sign-off'.
Mr Sycamore said usually the end of the financial year comes with a lot of 'window dressing' to close out the year.
'It has had a pretty impressive recovery from its April lows and I think for that reason there was a willingness from participants to sit back and let it do its thing.'
In company news embattled casino Star Entertainment Group told the market on Monday its joint venture partnership in the mammoth Queen's Wharf precinct had walked away from an agreement struck in March to take over Star's stake in the complex. Shares slumped 6.9 per cent to $0.14 in the back of this announcement.
Shares in James Hardie soared 7.1 per cent to $41.70 after the business shifted its primary listing to the New York Stock Exchange.
Defence company DroneShield slumped 4.209 points to $2.28 despite the business announcing a new $9.7m contract with an unnamed defence customer in Latin America.
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