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Yahoo
2 days ago
- Business
- Yahoo
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. 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. 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. 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. Sign in to access your portfolio
West Australian
2 days ago
- Business
- West Australian
Weak retail sales boost rate cut hopes as ASX climbs on Friday
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. 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. 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. 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.
Perth Now
2 days ago
- Business
- Perth Now
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. 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.
Perth Now
2 days ago
- Business
- Perth Now
Aussie shares shaky as US tariffs win stay
Australian shares are trading flat after a US appeals court temporarily reinstated Trump administration tariffs a day after the duties were blocked by a trade court. The S&P/ASX200 edged upward 0.7 points, or 0.01 per cent, to 8,410.5, as the broader All Ordinaries fell 1.6 points, or 0.02 per cent, to 8,636.4. A US federal court has granted a stay to President Donald Trump's Liberation Day tariffs, until an appeal to a trade court decision to block them is heard. The top-200 fell almost 0.4 per cent in early trading in the immediate wake of the trade news, but has recaptured some of the losses. The mixed start followed a subdued session on Wall Street, with the S&P500's eventual gains of 0.4 per cent coming to a fraction of futures market forecasts during the Asia session before the tariffs were restored. "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," market analyst Kyle Rodda said. Five of 11 sectors were in the red by lunchtime, with the defensive consumer staples and health care stocks the main bright spots, up 0.6 per cent and 0.4 per cent. Energy stocks led the losses, down 1.3 per cent, as oil prices slipped more than three per cent since Thursday's ASX close as an all-too-familiar uncertainty returned to the trade outlook. The IT sector retreated 0.7 per cent and is on track to snap a five-session winning streak. Financial stocks overcame a flat start to edge 0.3 per cent higher, as NAB outperformed the big four with a 0.8 per cent gain after Morgan Stanley rated it ahead of Westpac. Commonwealth Bank grinded 0.5 per cent higher to $175.33 but has not yet found the momentum to convincingly beat its $176.64 peak. Macquarie Group weighed on the sector as it handed back 0.5 per cent of its nearly four per cent gain from the past ten days. Materials edged 0.1 per cent higher, as iron ore prices dipped to equal seven-month lows just above $US96 a tonne, pushing Fortescue 1.2 per cent lower as Rio Tinto shed 0.5 per cent to $112.78. Gold miners brought some shine to the sector, with Northern Star and Genesis Minerals rising more than 1.5 per cent each and Ora Banda leading the top-200 and rallying more than four per cent. The precious metal is up more than one per cent since Thursday's ASX close, as futures lifted to trade at $US3,334 ($A5,188) an ounce. The Australian dollar is buying 64.27 US cents, down slightly from 64.32 US cents on Thursday afternoon. The Aussie slipped 0.35 per cent after retail sales fell 0.1 per cent in April, coming in below forecasts of a 0.3 per cent uptick.
Perth Now
3 days ago
- Business
- Perth Now
‘Uncertainty': ASX rises on temporary Trump pause
Australia's stock market closed higher on Thursday thanks to a rally in energy and information technology shares on the back of a US court ruling on President Donald Trump's tariff policy. The benchmark ASX 200 index crept higher closing up 12.9 points or 0.15 per cent to 8,409.80. The broader All Ordinaries traded in line with the ASX 200, also closing higher up 12.90 points or 0.15 per cent to 8,637.80. The Australian dollar is up and is now buying 64.43 US cents. Camera Icon Australian shares rose on the back of the latest Trump move. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia On an overall positive day, seven of the 11 sectors closed in the green, led by energy, information technology and telecommunications services shares. Oil and gas producers Woodside Energy climbed 2.76 per cent to $22.73 while Santos is up 1.53 per cent to $6.65. WiseTech Global shares jumped 1.18 per cent to $108.77 while Technology One Limited closed 1.77 per cent higher at $40.77 and Life360 finished Thursday's trading up 2.11 per cent to $33.37. The big four banks also helped drive the market higher. CBA shares rose 0.37 per cent to $174.44, NAB gained 0.43 per cent to $37.50, ANZ finished marginally higher up 0.14 per cent to $28.92, and Westpac outshone the rest on Thursday up 0.76 per cent to $31.71. Australia's market closed slightly higher, despite a strong lead in from Wall Street with the three major futures index all trading higher. The Dow Jones were up 1.4 per cent, the S& P500 gained 1.7 per cent and the tech-heavy Nasdaq over 2 per cent higher. Camera Icon Seven of the 11 sectors finished in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia The market response was to the US Court of International Trade overnight ruling the President Trump had overstepped his authority when he imposed his 'Liberation Day' reciprocal tariffs, with the judges ordering the tariff order be vacated. eToro market analyst Josh Gilbert said the US courts declared tariffs illegal and must be stopped within 10 calendar days. 'Although this is a positive for investors in the short term, given the immediate rally we're seeing, the big question we'll be asking is does this end Trump's rampage on global trade? At this juncture, it seems unlikely,' he said. Mr Gilbert said the market was likely to continue to be volatile over the next 10 days but if the decision was held up, it would likely be a tailwind for markets. 'While investors may see risk as the first place they turn to, given the move higher we're seeing in equity futures, we're entering a window of uncertainty,' he said. 'The tariff news flow is changing day-to-day, and that's a reminder to manage your risk, especially given that it's far too early to see how this will play out.' In corporate news, Australia's data centres traded heavily in the green after Nvidia shook off fears that China's low-cost DeepSeek artificial intelligence model would impact the world's largest chip maker. Shares in DigiCo Infrastructure REIT rose 2.1 per cent to $3.35, Infratil rose 0.62 per cent to $9.80 and Megaport jumped 2.95 per cent to $13.95.
