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West Australian
a day ago
- Business
- West Australian
Australian shares in striking distance of highest close
Australia's share market is within ten points of its highest close despite a mixed Wall Street session after weaker-than-expected US economic data. The S&P/ASX200 rose 4.4 points, or 0.05 per cent, to 8,546.4 , as the broader All Ordinaries gained 4.9 points, or 0.06 per cent, to 8,775.1. In early trading the top 200 pushed ahead of its record close of 8,555.8 on Valentine's Day, but had slipped by lunchtime. The index has not yet pipped its intraday record level of 8,615.2, also set on February 14. Local markets shrugged off a mixed Wall Street session overnight, as weak US jobs and manufacturing data indicated Trump administration trade policy was weighing on an already slowing US economy, market analyst Kyle Rodda said. "Although investor sentiment remains robust, largely because of confidence - misplaced or otherwise - about progress in US trade negotiations and strong tech results, the spectre of a slowdown in growth continues to feed niggling fears that the equity market has gotten too far ahead of itself," he said. On Wednesday, Commonwealth Bank became the first ASX-listed company to be valued at $300 billion as its share price cracked $182 for the first time. Despite the global headwinds and frothy local valuations investors were still buying, market strategist at trading platform Moomoo Jessica Amir said. "While the Australian and US economies are growing weaker than expected (Australia hardly at all), both share markets will probably soon smash through their record all-time highs," she said. "What's encouraging investors to enter the local market is that only 60 per cent of Australia's biggest stocks are pulling it higher." Ms Amir said the S&P/ASX200 could reach as high as 8,800 points if a bullish expansion continued. By midday, five of 11 local sectors were trading higher. Financials were down after CBA's record run on Wednesday, both the sector and Australia's biggest company fell 0.1 per cent. Materials, technology, real estate, telecommunications and consumer staples stocks were lifting the bourse. Large cap miners were mixed, but Fortescue jumped 1.1 per cent as BHP and Rio Tinto traded modestly either side of break-even. Gold is trading relatively flat since yesterday, consolidating around $US3,400 ($A5,230) an ounce and holding local miners and explorers back. The ongoing rare-earths stoush between China and the US sent critical minerals miners higher, helping Pilbara Minerals rise 4.2 per cent and rocketing Lynas Rare Earths shares up more than nine per cent, making Lynas the top-200's best performer. Energy stocks are 0.4 per cent weaker after rallying on Wednesday, as oil prices continued to consolidate at their lowest levels since 2021. Brent crude futures are trading at $US64.66 a barrel, easing slightly as Saudi Arabia flagged July price cuts for crude buyers in Asia and after the US reported an uptick in diesel and petroleum inventories. Information technology was the best performing local sector, up 0.5 per cent and tracking Wall Street's tech heavy Nasdaq - the only US index to finish higher overnight. The Australian dollar is buying 64.98 US cents, up from 64.63 US cents on Wednesday afternoon, after weaker US economic data weighed on the greenback.
Perth Now
a day ago
- Business
- Perth Now
Australian shares in striking distance of highest close
Australia's share market is within ten points of its highest close despite a mixed Wall Street session after weaker-than-expected US economic data. The S&P/ASX200 rose 4.4 points, or 0.05 per cent, to 8,546.4 , as the broader All Ordinaries gained 4.9 points, or 0.06 per cent, to 8,775.1. In early trading the top 200 pushed ahead of its record close of 8,555.8 on Valentine's Day, but had slipped by lunchtime. The index has not yet pipped its intraday record level of 8,615.2, also set on February 14. Local markets shrugged off a mixed Wall Street session overnight, as weak US jobs and manufacturing data indicated Trump administration trade policy was weighing on an already slowing US economy, market analyst Kyle Rodda said. "Although investor sentiment remains robust, largely because of confidence - misplaced or otherwise - about progress in US trade negotiations and strong tech results, the spectre of a slowdown in growth continues to feed niggling fears that the equity market has gotten too far ahead of itself," he said. On Wednesday, Commonwealth Bank became the first ASX-listed company to be valued at $300 billion as its share price cracked $182 for the first time. Despite the global headwinds and frothy local valuations investors were still buying, market strategist at trading platform Moomoo Jessica Amir said. "While the Australian and US economies are growing weaker than expected (Australia hardly at all), both share markets will probably soon smash through their record all-time highs," she said. "What's encouraging investors to enter the local market is that only 60 per cent of Australia's biggest stocks are pulling it higher." Ms Amir said the S&P/ASX200 could reach as high as 8,800 points if a bullish expansion continued. By midday, five of 11 local sectors were trading higher. Financials were down after CBA's record run on Wednesday, both the sector and Australia's biggest company fell 0.1 per cent. Materials, technology, real estate, telecommunications and consumer staples stocks were lifting the bourse. Large cap miners were mixed, but Fortescue jumped 1.1 per cent as BHP and Rio Tinto traded modestly either side of break-even. Gold is trading relatively flat since yesterday, consolidating around $US3,400 ($A5,230) an ounce and holding local miners and explorers back. The ongoing rare-earths stoush between China and the US sent critical minerals miners higher, helping Pilbara Minerals rise 4.2 per cent and rocketing Lynas Rare Earths shares up more than nine per cent, making Lynas the top-200's best performer. Energy stocks are 0.4 per cent weaker after rallying on Wednesday, as oil prices continued to consolidate at their lowest levels since 2021. Brent crude futures are trading at $US64.66 a barrel, easing slightly as Saudi Arabia flagged July price cuts for crude buyers in Asia and after the US reported an uptick in diesel and petroleum inventories. Information technology was the best performing local sector, up 0.5 per cent and tracking Wall Street's tech heavy Nasdaq - the only US index to finish higher overnight. The Australian dollar is buying 64.98 US cents, up from 64.63 US cents on Wednesday afternoon, after weaker US economic data weighed on the greenback.
West Australian
2 days ago
- Business
- West Australian
Australian shares push towards record despite GDP flop
The Australian share market is within 0.4 per cent of its best ever close, despite global tariff tensions and sluggish economic growth. The S&P/ASX200 rose 66.2 points, or 0.78 per cent, to 8,532.9, as the broader All Ordinaries gained 69.1 points, or 0.80 per cent, to 8,760. "The Aussie market is just a puff away from hitting its record all-time high, and today we'll inch closer to the mark," Moomoo market strategist Jessica Amir said. "From this point we should expect further highs as company earnings and economic growth build market momentum and investors' FOMO (fear-of-missing-out) kicks in." Australia's economy grew at a tepid 0.2 per cent in the March quarter, undershooting expectations of 0.4 per cent and leaving the door open to an interest rate cut at the Reserve Bank's July meeting, but things could be worse, Ms Amir said. "In fact, the Organisation for Economic Co-operation and Development suggests Australia's economy is in better shape than the US," she said. The OECD expects the Australian economy to grow 1.8 per cent this year and 2.2 per cent the next, compared with a projected 1.6 per cent and 1.5 cent cent for the US economy Ten of 11 local sectors were trading higher by lunchtime, with only telecommunications services in the red, down 0.2 per cent. Energy stocks were racing ahead, up 1.9 per cent as oil prices chopped 0.7 per cent higher overnight, as uncertainty around production, trade disputes and geopolitical tensions pushed Brent futures to $US65.32 a barrel. The overnight increase helped Woodside jump 2.4 per cent to $22.69. Banks and miners were lifting the bourse, up 1.1 per cent and 0.7 per cent respectively. The Commonwealth Bank has hit a new intraday record, cracking $180 per share for the first time. Westpac rose 1.3 per cent to $33.04, as it announced it had sufficient provisions to cover penalties for a court action against its subsidiary home loan provider RAMS. Large cap miners were lapping up some gains after weak recent performance, as BHP lifted 1.4 per cent to $38.07 and Fortescue rallied two per cent to $15.32. Lithium and rare earth plays also snapped back, as Pilbara Minerals jumped more than four per cent and Lynas Rare Earths pushed 2.5 per cent higher. Gold miners were lagging the sector, as gold prices zigzagged overnight against an appreciating US dollar, with futures trading at $US3,394 ($A5,240) an ounce. The highly interest rate-sensitive consumer discretionary sector is rallying, up 1.3 per cent, with Temple and Webster, Aristocrat Leisure and Guzman Y Gomez all pushing more than two per cent higher. Zip Co was the top-200's best performer, up more than 10 per cent as confidence around future potential Reserve Bank interest rate cuts bolstered the buy-now, pay-later play. The Australian dollar has shot 0.25 per cent higher immediately after Wednesday morning's weaker than expected GDP print. The Aussie is buying 64.77 US cents, up slightly from 64.63 US cents on Wednesday at 5pm.
Perth Now
2 days ago
- Business
- Perth Now
Australian shares push towards record despite GDP flop
The Australian share market is within 0.4 per cent of its best ever close, despite global tariff tensions and sluggish economic growth. The S&P/ASX200 rose 66.2 points, or 0.78 per cent, to 8,532.9, as the broader All Ordinaries gained 69.1 points, or 0.80 per cent, to 8,760. "The Aussie market is just a puff away from hitting its record all-time high, and today we'll inch closer to the mark," Moomoo market strategist Jessica Amir said. "From this point we should expect further highs as company earnings and economic growth build market momentum and investors' FOMO (fear-of-missing-out) kicks in." Australia's economy grew at a tepid 0.2 per cent in the March quarter, undershooting expectations of 0.4 per cent and leaving the door open to an interest rate cut at the Reserve Bank's July meeting, but things could be worse, Ms Amir said. "In fact, the Organisation for Economic Co-operation and Development suggests Australia's economy is in better shape than the US," she said. The OECD expects the Australian economy to grow 1.8 per cent this year and 2.2 per cent the next, compared with a projected 1.6 per cent and 1.5 cent cent for the US economy Ten of 11 local sectors were trading higher by lunchtime, with only telecommunications services in the red, down 0.2 per cent. Energy stocks were racing ahead, up 1.9 per cent as oil prices chopped 0.7 per cent higher overnight, as uncertainty around production, trade disputes and geopolitical tensions pushed Brent futures to $US65.32 a barrel. The overnight increase helped Woodside jump 2.4 per cent to $22.69. Banks and miners were lifting the bourse, up 1.1 per cent and 0.7 per cent respectively. The Commonwealth Bank has hit a new intraday record, cracking $180 per share for the first time. Westpac rose 1.3 per cent to $33.04, as it announced it had sufficient provisions to cover penalties for a court action against its subsidiary home loan provider RAMS. Large cap miners were lapping up some gains after weak recent performance, as BHP lifted 1.4 per cent to $38.07 and Fortescue rallied two per cent to $15.32. Lithium and rare earth plays also snapped back, as Pilbara Minerals jumped more than four per cent and Lynas Rare Earths pushed 2.5 per cent higher. Gold miners were lagging the sector, as gold prices zigzagged overnight against an appreciating US dollar, with futures trading at $US3,394 ($A5,240) an ounce. The highly interest rate-sensitive consumer discretionary sector is rallying, up 1.3 per cent, with Temple and Webster, Aristocrat Leisure and Guzman Y Gomez all pushing more than two per cent higher. Zip Co was the top-200's best performer, up more than 10 per cent as confidence around future potential Reserve Bank interest rate cuts bolstered the buy-now, pay-later play. The Australian dollar has shot 0.25 per cent higher immediately after Wednesday morning's weaker than expected GDP print. The Aussie is buying 64.77 US cents, up slightly from 64.63 US cents on Wednesday at 5pm.
West Australian
3 days ago
- Business
- West Australian
Aussie shares rebound as US extends China tariff pause
Australian shares are heading higher, as investors shrugged-off escalating trade tensions between the White House and Beijing, after the United State extended a tariff pause on goods from China. The S&P/ASX200 jumped 47.2 points, or 0.56 per cent by lunchtime on Tuesday, to 8,462.5, as the broader All Ordinaries rose 50.9 points, or 0.59 per cent, to 8,688.4. "The US has extended its pause on some Chinese tariffs to August 31, so that's a boon for risk-on sentiment in the Asia-Pacific region," Moomoo market strategist Jessica Amir said. Hong Kong's Hang Seng index has surged 1.1 per cent in early trading, while Japan's Nikkei is up 0.4 per cent. "Other investors are more short-term focused, seeing the negative impact of tariffs, curbing consumption and increasing unemployment," Ms Amir said. Nine of 11 sectors were clearly in the green, led by a one per cent rebound in materials stocks after a lacklustre start to the week for big miners. Large cap miners BHP and Fortescue recovered 0.6 per cent and 1.3 per cent after selling off on Monday, but gold miners were again the clear winners after the precious metal rallied more than two per cent overnight. Northern Star, Newmont and Evolution Mining were all up more than three per cent each by midday, as gold futures traded at $US3,395 ($A5,237) an ounce. Rising US-China trade tensions and a lack of progress in Russia-Ukraine peace talks are again boosting the safe haven's appeal. Energy stocks were up 0.7 per cent with help from a more than six per cent lift in natural gas prices overnight, while oil traded within a tight range. Brent crude futures are trading at $US64.87 a barrel, while its West Texas equivalent is fetching $US63.36 a barrel. Banks helped push the bourse higher, with financials up 0.8 per cent by lunchtime. ANZ and Westpac were leading the big four banks, both up more than 1.1 per cent each after underperforming on Monday. The gravity-defying Commonwealth Bank has hit a new intraday high of $177.82, before easing to $177.55, up 0.6 per cent. Consumer discretionary and health care stocks were the only sectors in the red, both down 0.1 per cent by lunchtime. Shares in international student agent service IDP Education plummeted by 43 per cent, after it flagged roughyl 30 per cent drops in student placements due to restrictive policies in the US, Australia and Canada. The Australian dollar is slightly higher against the greenback, fetching 64.82 US cents, up from 64.67 US cents on Monday at 5pm. The US dollar strength index is struggling to rebound from three-year lows, as concerns continue to swell about economic growth in the world's largest economy and President Donald Trump's "Big, Beautiful Bill," which would add trillions to already spiralling US debt.
