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The Advertiser
10 hours ago
- Business
- The Advertiser
Local shares flat as Commonwealth Bank hits record high
The local share market has closed about where it started despite its biggest component heading further into uncharted territory, with Commonwealth Bank shares closing at more than $190 for the first time. The benchmark S&P/ASX200 index on Wednesday finished up 3.7 points, or 0.04 per cent, at 8,559.2 while the broader All Ordinaries gained 5.1 points, or 0.06 per cent, to 8,779.9. A ceasefire in the Middle East was mostly holding, 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 Wednesday 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. HSBC analysts concurred, changing their call to predict that the Reserve Bank would cut rates on July 8 after previously forecasting the central bank would wait until August to do so. Seven of the ASX's 11 sectors finished lower on Wednesday, while property was flat and just three ended higher. But among them was the heavyweight financial sector, which rose 1.2 per cent as Commonwealth Bank continued to defy gravity - as well as critics that call it overvalued. CBA shares finished the day up 1.7 per cent at $191.40. They have gained 24.9 per cent so far in 2025 on top of a 37.1 per cent rise in 2024, and haven't had a losing year since 2018. Westpac rose 0.7 per cent to $34.54, NAB climbed 0.8 per cent to $40.05 and ANZ gained 1.8 per cent to $29.10. The materials sector was the biggest mover, falling 1.3 per cent after leading gainers on Tuesday. BHP retreated 1.0 per cent to $36.11, Fortescue lost 2.3 per cent to $14.88 and dipped 1.1 per cent 0.6 per cent to $104.30. Also, goldminer Northern Star dropped 2.6 per cent to $19.28 as the yellow metal changed hands at $US3,331, down almost $50 from Tuesday. Elsewhere, Droneshield soared 19.9 per cent to a one-year high of $2.14 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. Xero was in a trading halt after the Kiwi cloud accounting software firm said it would hold a $1.9 billion capital raising to fund its $3.9 billion acquisition of US bill payment company Melio. The Australian dollar was back below 65 US cents, buying 64.99 US cents, from 65.06 US cents on Tuesday. ON THE ASX: * The benchmark S&P/ASX200 index finished Wednesday up 3.7 points, or 0.04 per cent, at 8,559.2 * The broader All Ordinaries rose 5.1 points, or 0.06 per cent, to 8,779.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.99 US cents, from 65.06 US cents at 5pm Tuesday * 94.42 Japanese yen, from 94.44 Japanese yen * 56.00 euro cents, from 56.08 euro cents * 47.71 British pence, from 47.92 pence * 107.87 NZ cents, from 107.96 NZ cents The local share market has closed about where it started despite its biggest component heading further into uncharted territory, with Commonwealth Bank shares closing at more than $190 for the first time. The benchmark S&P/ASX200 index on Wednesday finished up 3.7 points, or 0.04 per cent, at 8,559.2 while the broader All Ordinaries gained 5.1 points, or 0.06 per cent, to 8,779.9. A ceasefire in the Middle East was mostly holding, 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 Wednesday 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. HSBC analysts concurred, changing their call to predict that the Reserve Bank would cut rates on July 8 after previously forecasting the central bank would wait until August to do so. Seven of the ASX's 11 sectors finished lower on Wednesday, while property was flat and just three ended higher. But among them was the heavyweight financial sector, which rose 1.2 per cent as Commonwealth Bank continued to defy gravity - as well as critics that call it overvalued. CBA shares finished the day up 1.7 per cent at $191.40. They have gained 24.9 per cent so far in 2025 on top of a 37.1 per cent rise in 2024, and haven't had a losing year since 2018. Westpac rose 0.7 per cent to $34.54, NAB climbed 0.8 per cent to $40.05 and ANZ gained 1.8 per cent to $29.10. The materials sector was the biggest mover, falling 1.3 per cent after leading gainers on Tuesday. BHP retreated 1.0 per cent to $36.11, Fortescue lost 2.3 per cent to $14.88 and dipped 1.1 per cent 0.6 per cent to $104.30. Also, goldminer Northern Star dropped 2.6 per cent to $19.28 as the yellow metal changed hands at $US3,331, down almost $50 from Tuesday. Elsewhere, Droneshield soared 19.9 per cent to a one-year high of $2.14 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. Xero was in a trading halt after the Kiwi cloud accounting software firm said it would hold a $1.9 billion capital raising to fund its $3.9 billion acquisition of US bill payment company Melio. The Australian dollar was back below 65 US cents, buying 64.99 US cents, from 65.06 US cents on Tuesday. ON THE ASX: * The benchmark S&P/ASX200 index finished Wednesday up 3.7 points, or 0.04 per cent, at 8,559.2 * The broader All Ordinaries rose 5.1 points, or 0.06 per cent, to 8,779.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.99 US cents, from 65.06 US cents at 5pm Tuesday * 94.42 Japanese yen, from 94.44 Japanese yen * 56.00 euro cents, from 56.08 euro cents * 47.71 British pence, from 47.92 pence * 107.87 NZ cents, from 107.96 NZ cents The local share market has closed about where it started despite its biggest component heading further into uncharted territory, with Commonwealth Bank shares closing at more than $190 for the first time. The benchmark S&P/ASX200 index on Wednesday finished up 3.7 points, or 0.04 per cent, at 8,559.2 while the broader All Ordinaries gained 5.1 points, or 0.06 per cent, to 8,779.9. A ceasefire in the Middle East was mostly holding, 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 Wednesday 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. HSBC analysts concurred, changing their call to predict that the Reserve Bank would cut rates on July 8 after previously forecasting the central bank would wait until August to do so. Seven of the ASX's 11 sectors finished lower on Wednesday, while property was flat and just three ended higher. But among them was the heavyweight financial sector, which rose 1.2 per cent as Commonwealth Bank continued to defy gravity - as well as critics that call it overvalued. CBA shares finished the day up 1.7 per cent at $191.40. They have gained 24.9 per cent so far in 2025 on top of a 37.1 per cent rise in 2024, and haven't had a losing year since 2018. Westpac rose 0.7 per cent to $34.54, NAB climbed 0.8 per cent to $40.05 and ANZ gained 1.8 per cent to $29.10. The materials sector was the biggest mover, falling 1.3 per cent after leading gainers on Tuesday. BHP retreated 1.0 per cent to $36.11, Fortescue lost 2.3 per cent to $14.88 and dipped 1.1 per cent 0.6 per cent to $104.30. Also, goldminer Northern Star dropped 2.6 per cent to $19.28 as the yellow metal changed hands at $US3,331, down almost $50 from Tuesday. Elsewhere, Droneshield soared 19.9 per cent to a one-year high of $2.14 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. Xero was in a trading halt after the Kiwi cloud accounting software firm said it would hold a $1.9 billion capital raising to fund its $3.9 billion acquisition of US bill payment company Melio. The Australian dollar was back below 65 US cents, buying 64.99 US cents, from 65.06 US cents on Tuesday. ON THE ASX: * The benchmark S&P/ASX200 index finished Wednesday up 3.7 points, or 0.04 per cent, at 8,559.2 * The broader All Ordinaries rose 5.1 points, or 0.06 per cent, to 8,779.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.99 US cents, from 65.06 US cents at 5pm Tuesday * 94.42 Japanese yen, from 94.44 Japanese yen * 56.00 euro cents, from 56.08 euro cents * 47.71 British pence, from 47.92 pence * 107.87 NZ cents, from 107.96 NZ cents The local share market has closed about where it started despite its biggest component heading further into uncharted territory, with Commonwealth Bank shares closing at more than $190 for the first time. The benchmark S&P/ASX200 index on Wednesday finished up 3.7 points, or 0.04 per cent, at 8,559.2 while the broader All Ordinaries gained 5.1 points, or 0.06 per cent, to 8,779.9. A ceasefire in the Middle East was mostly holding, 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 Wednesday 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. HSBC analysts concurred, changing their call to predict that the Reserve Bank would cut rates on July 8 after previously forecasting the central bank would wait until August to do so. Seven of the ASX's 11 sectors finished lower on Wednesday, while property was flat and just three ended higher. But among them was the heavyweight financial sector, which rose 1.2 per cent as Commonwealth Bank continued to defy gravity - as well as critics that call it overvalued. CBA shares finished the day up 1.7 per cent at $191.40. They have gained 24.9 per cent so far in 2025 on top of a 37.1 per cent rise in 2024, and haven't had a losing year since 2018. Westpac rose 0.7 per cent to $34.54, NAB climbed 0.8 per cent to $40.05 and ANZ gained 1.8 per cent to $29.10. The materials sector was the biggest mover, falling 1.3 per cent after leading gainers on Tuesday. BHP retreated 1.0 per cent to $36.11, Fortescue lost 2.3 per cent to $14.88 and dipped 1.1 per cent 0.6 per cent to $104.30. Also, goldminer Northern Star dropped 2.6 per cent to $19.28 as the yellow metal changed hands at $US3,331, down almost $50 from Tuesday. Elsewhere, Droneshield soared 19.9 per cent to a one-year high of $2.14 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. Xero was in a trading halt after the Kiwi cloud accounting software firm said it would hold a $1.9 billion capital raising to fund its $3.9 billion acquisition of US bill payment company Melio. The Australian dollar was back below 65 US cents, buying 64.99 US cents, from 65.06 US cents on Tuesday. ON THE ASX: * The benchmark S&P/ASX200 index finished Wednesday up 3.7 points, or 0.04 per cent, at 8,559.2 * The broader All Ordinaries rose 5.1 points, or 0.06 per cent, to 8,779.9 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.99 US cents, from 65.06 US cents at 5pm Tuesday * 94.42 Japanese yen, from 94.44 Japanese yen * 56.00 euro cents, from 56.08 euro cents * 47.71 British pence, from 47.92 pence * 107.87 NZ cents, from 107.96 NZ cents
Perth Now
15 hours ago
- Business
- Perth Now
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.
