Aust shares flat as Commonwealth Bank hits new record
The local share market has been treading water even as Australia's biggest bank headed further into record territory.
At noon AEST on Wednesday, the benchmark S&P/ASX200 index was up 2.6 points, or 0.03 per cent, at 8,557.7, while the broader All Ordinaries was up 1.3 points, or 0.01 per cent, to 8,776.1.
Overseas, a ceasefire in the Middle East had mostly held, with Israel's military lifting emergency restrictions imposed during the 12-day conflict while Iran's president hailed the end of the war.
Closer to home, the Australian Bureau of Statistics reported that annual trimmed mean inflation fell from 2.8 per cent in April to 2.4 per cent in May - its lowest level since November 2021.
"The better-than-expected inflation print should lock in a rate cut when the RBA next meets in July," said Ivy Yu, economic analyst for Oxford Economics Australia.
The ASX's 11 sectors were mixed at midday, with seven down and four up.
Materials was the biggest mover, dropping 1.5 per cent after leading gainers on Tuesday.
BHP had retreated 1.7 per cent, Fortescue had fallen 2.2 per cent and Rio Tinto had dipped 1.1 per cent.
Also, goldminer Northern Star was down 3.1 per cent as the yellow metal changed hands at $US 3,330, down almost $50 from Tuesday.
On the flip side, the heavyweight mining sector was up 0.8 per cent, with all the big four banks in the green.
Commonwealth Bank had climbed 1.1 per cent to $190.15 - its first time above $190 ever - with its shares briefly trading as high as $192.
CBA shares are up 24.1 per cent so far in 2025, following a 37.1 per cent gain in 2024.
ANZ had climbed 1.4 per cent while Westpac and NAB had both gained 0.7 per cent.
Droneshield soared 23.3 per cent to a one-year high of $2.20 after the defence contractor announced it had won $61.6 million from a European military customer. The contract is Droneshield's biggest ever - greater than its entire 2024 revenue.
The Australian dollar was buying 65.03 US cents, from 65.06 US cents on Tuesday.
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