Latest news with #ASX200
Sky News AU
11 hours ago
- Business
- Sky News AU
ASX 200 lifts on Tuesday after Wall Street surges to new highs
Sky News Business Reporter Edward Boyd says the local market started the day up about 0.5 per cent in early trade after Wall Street markets surged to new records overnight. 'But then the selling began, investors banking their profits,' Mr Boyd said. 'Apart from the banks – energy stocks, industrials and retailers – they were all sold off. Health care companies and mining stocks jumped.' The ASX 200 recovered and finished up 0.10 per cent on Tuesday.
News.com.au
11 hours ago
- Business
- News.com.au
ASX 200 climbs to second-highest close as banks halt the run
A slump in the big four banks offset strong gains in the mining sector as the Australian market was unable to follow strong gains out of Wall Street. The ASX 200 index gained 9 points or 0.10 per cent to 8,677.20 at the end of Tuesday's trading, for its second highest close of all time, while the broader All Ordinaries gained 15.30 points or 0.17 per cent to 8,941.50. Australia's dollar slipped 0.17 per cent and is now buying 65.14 US cents. On a mixed day of trading, six sectors finished in the green while a further five fell. Materials and Healthcare led the way up 2.37 and 2.08 per cent respectively. BHP gained 2.60 per cent to $41.51, Rio Tinto soared 3.37 per cent to $118.32 and Fortescue jumped 3.25 per cent to $17.81 on higher iron ore prices. Commonwealth Bank mining and energy commodities director Vivek Dhar said the iron ore price was back to its highest point since April 2 on the back of the latest move out of China. 'Over the weekend, the launch of the RMB 1.2 trillion hydropower project on the Yarlung Tsanpo river in Tibet also boosted demand expectations,' he wrote in an economic note. 'However, given policymakers are yet to announce any substantial property stimulus package, and China's economy has proven resilient so far this year, demand alone is unlikely to be the reason that iron ore prices have tracked back above $US100/t.' Offsetting the strong gains in the mining sector was another poor day for the big four banks. CBA slumped a further 3.06 per cent to $172.42, NAB dragged 2.69 per cent to $37.22, Westpac fell 1.27 per cent to $32.65 and ANZ slipped 0.77 per cent to $29.82. The substantial selling in the big banks this week has led to the ASX200 Financial sector falling 5.3 per cent below the record high of 9,676 reached in late June putting it on track for its lowest daily close in seven weeks. The fall on the local market comes despite shares in the US reaching another record high. The Dow Jones Industrial Average fell 18.66 points, or 0.04 per cent, to 44,323.53, while the broader S & P 500 gained 8.89 points, or 0.14 per cent, to 6,305.68 and the tech heavy Nasdaq Composite jumped 78.52 points, or 0.38 per cent, to 20,974.18. This was another record high for both the S & P 500 and Nasdaq. senior financial market analyst Kyle Rodda said Wall Street kicked off the week at a record high despite heightened trade tensions and looming tech earnings. 'Investors all but shrugged off reports that the European Union is preparing a suite of retaliatory tariffs on the United States should negotiations break down and tariffs get lifted to the levels that the US has threatened the EU with,' he wrote in an economic note. In company news, Insignia Financial has entered into a scheme implementation deed which will see CC Capital acquire all the businesses shares. Insignia shares will be sold at $4.80 per share, offering a 56.9 per cent premium on its $3.06 price on December 11 2024 when the process of taking over the business began. Bedmakers Technology group told the market it achieved record profitability and positive cash flow. In its latest statement, the company said revenue increased $22.6m and gross margins expanded by 71.5 per cent for an adjusted EBITDA of $3.2m.
Perth Now
11 hours ago
- Business
- Perth Now
ASX hits near-record as miners offset banks
A slump in the big four banks offset strong gains in the mining sector as the Australian market was unable to follow strong gains out of Wall Street. The ASX 200 index gained 9 points or 0.10 per cent to 8,677.20 at the end of Tuesday's trading, for its second highest close of all time, while the broader All Ordinaries gained 15.30 points or 0.17 per cent to 8,941.50. Australia's dollar slipped 0.17 per cent and is now buying 65.14 US cents. It was a mixed day for the ASX 200. NewsWire / Jeremy Piper Credit: News Corp Australia On a mixed day of trading, six sectors finished in the green while a further five fell. Materials and Healthcare led the way up 2.37 and 2.08 per cent respectively. BHP gained 2.60 per cent to $41.51, Rio Tinto soared 3.37 per cent to $118.32 and Fortescue jumped 3.25 per cent to $17.81 on higher iron ore prices. Commonwealth Bank mining and energy commodities director Vivek Dhar said the iron ore price was back to its highest point since April 2 on the back of the latest move out of China. 'Over the weekend, the launch of the RMB 1.2 trillion hydropower project on the Yarlung Tsanpo river in Tibet also boosted demand expectations,' he wrote in an economic note. 'However, given policymakers are yet to announce any substantial property stimulus package, and China's economy has proven resilient so far this year, demand alone is unlikely to be the reason that iron ore prices have tracked back above $US100/t.' Offsetting the strong gains in the mining sector was another poor day for the big four banks. CBA slumped a further 3.06 per cent to $172.42, NAB dragged 2.69 per cent to $37.22, Westpac fell 1.27 per cent to $32.65 and ANZ slipped 0.77 per cent to $29.82. The substantial selling in the big banks this week has led to the ASX200 Financial sector falling 5.3 per cent below the record high of 9,676 reached in late June putting it on track for its lowest daily close in seven weeks. Six of the 11 sectors gained while 5 fell. NewsWire / Jeremy Piper Credit: News Corp Australia The fall on the local market comes despite shares in the US reaching another record high. The Dow Jones Industrial Average fell 18.66 points, or 0.04 per cent, to 44,323.53, while the broader S & P 500 gained 8.89 points, or 0.14 per cent, to 6,305.68 and the tech heavy Nasdaq Composite jumped 78.52 points, or 0.38 per cent, to 20,974.18. This was another record high for both the S & P 500 and Nasdaq. senior financial market analyst Kyle Rodda said Wall Street kicked off the week at a record high despite heightened trade tensions and looming tech earnings. 'Investors all but shrugged off reports that the European Union is preparing a suite of retaliatory tariffs on the United States should negotiations break down and tariffs get lifted to the levels that the US has threatened the EU with,' he wrote in an economic note. In company news, Insignia Financial has entered into a scheme implementation deed which will see CC Capital acquire all the businesses shares. Insignia shares will be sold at $4.80 per share, offering a 56.9 per cent premium on its $3.06 price on December 11 2024 when the process of taking over the business began. Bedmakers Technology group told the market it achieved record profitability and positive cash flow. In its latest statement, the company said revenue increased $22.6m and gross margins expanded by 71.5 per cent for an adjusted EBITDA of $3.2m.
Business Recorder
13 hours ago
- Business
- Business Recorder
Australian shares rise on mining and gold boost; Insignia jumps on takeover deal
Australian shares rose on Tuesday, helped by mining and gold stocks, as investors awaited minutes of the central bank's latest policy meeting for rate cues, while Insignia Financial jumped after agreeing to an A$3.3 billion takeover bid. The S&P/ASX 200 index climbed 0.3% to 8,692.5 by 0030 GMT, after closing 1% lower on Monday. The Reserve Bank of Australia (RBA) will release later in the day minutes of its July policy meeting where it may offer some insights into a rare split among policymakers before deciding to hold interest rates steady at 3.85%. A surprisingly soft jobs report last week has seen markets move to price a 90% chance that the central bank will cut rates next month. On the resources-heavy bourse, miners led the charge with a 2.4% rise, after iron ore futures closed higher overnight. Top miners BHP and Rio Tinto climbed 2.5% and 2.2%, respectively, while Fortescue advanced 2.1%. Gold stocks gained 3.1%, after bullion prices hit a five-week high overnight. Gold miner Northern Star Resources rose 2.7%, while Genesis Minerals advanced 5.7%. Limiting the benchmark index's gain, financials slipped 0.6%, while energy stocks declined 0.7%, tracking weakness in oil prices. Among individual stocks, Insignia Financial jumped 16% after the wealth manager agreed to an A$3.3 billion ($2.15 billion) takeover by investment manager CC Capital Partners. Champion Iron advanced 4.6% after the company said Nippon Steel and Sojitz Corp would invest an initial C$245 million ($179.08 million) in its Kami iron ore project in Canada for an aggregate 49% interest. New Zealand's benchmark S&P/NZX 50 index fell 0.7% to 12,874.11.
Perth Now
17 hours ago
- Business
- Perth Now
Australian shares gain as miners rise, banks fall
The local share market has moved modestly higher as rotation continues from Australia's expensive banks to its major miners. At midday on Tuesday, the benchmark S&P/ASX200 index was up 15.5 points, or 0.18 per cent, to 8,683.7, while the broader All Ordinaries had gained 20 points, or 0.22 per cent, to 8,946.2. Traders were digesting minutes from the Reserve Bank's July 7-8 meeting, in which the central bank surprised observers by leaving interest rates on hold rather than trimming them. The minutes said most board members felt cutting rates for a third time in the space of four meetings "would be unlikely to be consistent with the strategy of easing monetary policy in a cautious and gradual manner to achieve the Board's inflation and full employment objectives". Market participants were also pondering the reason for Monday's 1.0 per cent pullback, which followed a 1.37 per cent rally on Friday that had left the index at its highest level ever. Monday's heavy selloff following Friday's all-time high mirrored a pattern that had occurred around half a dozen times last year, IG analyst Tony Sycamore said. "While I find this pattern intriguing, I am still struggling to explain the rationale behind it," he wrote. In the absence of a better theory, it is possible Monday's pullback was profit-taking ahead of the August earnings season that is likely to highlight stretched valuations in certain sectors, particularly the banks, Mr Sycamore said. The ASX's financial sector was the worst performing at midday, down 1.2 per cent, while the materials/mining sector was the best performing, up 1.9 per cent. All four of the big retail banks were in the red with CBA down 2.0 per cent, NAB falling 1.6 per cent and Westpac and ANZ both dipping 1.1 per cent, while all of the major miners were in the green. BHP had grown 2.4 per cent, Fortescue had advanced 2.5 per cent and Rio Tinto had added 2.7 per cent. Goldminers were also doing well as the yellow metal traded for a one-month high of just over $US3,400 an ounce. Newmont had advanced 2.7 per cent, Evolution had risen 2.2 per cent and Emerald Resources had added 4.9 per cent. Back in the financial sector, Insignia had soared 11.5 per cent to $4.38 after the company formerly known as IOOF agreed to be acquired by a US-based private equity firm for $3.2 billion. CC Capital will pay $4.80 a share, a 56.9 per cent premium from Insignia's share price in December when news of its interest first became public, but less than the $5 per share price that CC lobbed in March. The Australian dollar meanwhile was buying 65.22 US cents, from 65.17 US cents around 5pm on Monday.
