Latest news with #Ordinaries
Perth Now
5 days ago
- Business
- Perth Now
ASX shrugs of Wall St for big gains
The sharemarket has hit a new record high on consolidated predictions of interest rate cuts. The S&P/ASX 200 index smashed past the untouched 8800 point mark before midday Wednesday, continuing the ascension until the close. The benchmark finished up 0.84 per cent, at 8843.7 points, despite lost territory on Wall Street overnight. The broader All Ordinaries closed up 0.9 per cent to 9111.10 while the Australian dollar was trading at 64.87 US cents at time of writing. Solidified hopes of a rate cut on August 12 ignited buyers' engines across the bourse, with share prices rising for 17 of the 20 largest firms. Big players who missed out include TPG Telecom (down 5.1 per cent at $5.22) after an ASX bungle and gaming company Light and Wonder (down 4.1 per cent at $136.48). Rail freighter Aurizon was down 3.7 per cent at $3.13, on the back of concerns over a major contract and a downgrade from Macquarie. The mining and energy sectors were the strongest performers on Wednesday. Jason Edwards / NewsWire Credit: News Corp Australia But ten of the 11 sectors made gains on Wednesday; materials, energy, discretionaries and real estate sectors all gained more than 1 per cent. Only utilities narrowly lost ground. The top performing stocks were IDP Education (up 11.7 per cent at $4.39) and Pinnacle Investment Management (up 9.5 per cent at $25.21). Investors were confident the tightening cycle was over, eToro analyst Farhan Badami said. 'That's acting as a green light for growth and smaller-cap stocks as a lower interest rate eases debt pressures,' Mr Badami said. 'We're also seeing it play out across financial and materials stocks.' Surging profits, interest rate predictions and a lift in listings produced a 'standout' day for REA Group, Mr Badami said. REA Group posted another year of double-digit earnings growth, making room for a $1.38 final dividend – $2.48 total for the year. Shares finished trading up 6.9 per cent to $254.50. Australia's top-seven real estate stocks are all up more than 8 per cent over the past year. NewsWire / Max Mason-Hubers Credit: News Corp Australia REA Group sits in the communications sector, but the group's cousins over in real estate made large gains Wednesday as well. Only three of the 20 largest real estate equities lost ground. Goodman Group gained 1.6 per cent to $35.47, and Charter Hall Long Wale REIT rose 2.1 per cent, finishing at $4.27. 'Australia has a well‑known obsession with house prices. The RBA is cutting interest rates, and the market is responding,' CBA economists Lucinda Jerogin and Luke Yeaman said in a note. 'Home price growth has outpaced our expectations to date in 2025, fuelled by the RBA's rate cutting cycle. 'Higher homebuyer sentiment, rising real incomes and constrained supply have also been tailwinds. 'Still, this rate cutting cycle is forecast to be shallow, so the market response will not be as strong as previous cycles.' Commonwealth Bank has tweaked its house price forecasts, now tipping a 6 per cent rise this year (previously 4 per cent), and 4 per cent in 2026 (previously 5 per cent). Amid a generally dour year for energy stocks, the sector was top of the table on Wednesday. Whitehaven Coal and New Hope Corp gained 2 per cent each. Mining shares defied a dip in iron ore futures, which slid 0.6 per cent to US$101.80 per tonne. *News Corp is majority owner of REA Group
Perth Now
01-08-2025
- Business
- Perth Now
ASX slumps on latest Trump tariff rates
Technology, healthcare and the big four banks led the market sell-off on Friday as US President Donald Trump made two announcements that smashed the Asian markets. The benchmark ASX 200 slumped 80.80 points or 0.92 per cent to 8662, while the broader All Ordinaries fell 81.90 points or 0.91 per cent to 8917.10. Australia's dollar gained against the greenback and is now buying 64.25 US cents. On an overall sea of red, 10 of the 11 sectors finished in the red. The utilities sector was the only sector to trade higher. Healthcare shares were among the major market falls after Mr Trump wrote letters to the 17 largest US drug companies demanding they lower prices for local consumers, making up the difference in other foreign countries. CSL slumped 2.59 per cent to $262.88, Pro Medicus dropped 2.40 per cent to $314.17 and Sigma Healthcare finished in the red down 1.21 per cent to $2.855. Technology stocks also led the falls. WiseTech Global dropped 2.35 per cent to $116.57, Xero fell 3.20 per cent to $175.19 and Technology One slumped 2.02 per cent to $40.25. Three of the big four banks also slumped. CBA led the losses down 1.64 per cent to $175, NAB dropped 1.29 per cent to $38.41 and Westpac slipped 0.95 per cent to $33.50. ANZ bucked the trend gaining 0.72 per cent to $30.94. The second announcement that rattled Asian markets was an announcement from the President around tariffs. While Australia will only face the 'base rate' of 10 per cent, many of the US trading partners will face higher levies, which is feared to slow down global growth. According to Commonwealth Bank's senior economist and senior currency strategist Kristina Clifton, US tariffs are now at their highest level since the 1930s. 'We expect the large increase in the US's global effective tariff rate will raise US business and consumer prices, weighing on purchasing power and demand,' Ms Clifton wrote in an economic note. The economic fallout for Australia from Trump's tariffs is expected to be minimal. Gaye Gerard / NewsWire Credit: News Corp Australia But the impact on Australia is tipped to be relatively subdued. 'We estimate Australian GDP will be just 0.3 per cent lower over a few years because of the tariffs,' Ms Clifton said. Only about five per cent of Australia's exports are to the US and Australia's tariff rate is a relatively low 10 per cent. In company news, Star Entertainment will be forced to pay about $41m back to Hong Kong-based business partners, Chow Tai Fook Enterprises and Far East Consortium after a deal to buy the newly opened Queen's Wharf hotel and casino complex fell through. In a statement to the ASX on Friday, Star Entertainment confirmed it was 'unable to reach an agreement,' and will now be liable for almost $1bn in debt for the precinct. Shares plunged 16.36 per cent to $0.09. Shares in diversified investment house Soul Patts slipped 0.64 per cent to $40.32 after announcing preliminary, unaudited net asset values to come in between $12.18 to $12.68bn for the year ending July 31. Resmed shares flirted with a record high after the medical sleep device maker announced profits that beat market expectations. Shares jumped 1.01 per cent to $42.88.
The Advertiser
20-06-2025
- Business
- The Advertiser
Australian shares snap five-week winning streak
Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 20.1 points, or 0.24 per cent, to 8,503.6, as the broader All Ordinaries lost 19.6 points, or 0.22 per cent, to 8,721.8. The slump came after a week of surging oil prices amid escalating conflict between Israel and Iran and as US President Donald Trump flagged potential American military involvement within two weeks. Six of 11 local sectors sectors improved on Friday, but a 4.5 per cent slump in Australia's raw materials sector over the week weighed on the bourse, as weak manufacturing data from China dragged iron ore prices to nine-month lows. The Australian dollar is buying 64.91 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly within its recent range with the greenback. Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 20.1 points, or 0.24 per cent, to 8,503.6, as the broader All Ordinaries lost 19.6 points, or 0.22 per cent, to 8,721.8. The slump came after a week of surging oil prices amid escalating conflict between Israel and Iran and as US President Donald Trump flagged potential American military involvement within two weeks. Six of 11 local sectors sectors improved on Friday, but a 4.5 per cent slump in Australia's raw materials sector over the week weighed on the bourse, as weak manufacturing data from China dragged iron ore prices to nine-month lows. The Australian dollar is buying 64.91 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly within its recent range with the greenback. Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 20.1 points, or 0.24 per cent, to 8,503.6, as the broader All Ordinaries lost 19.6 points, or 0.22 per cent, to 8,721.8. The slump came after a week of surging oil prices amid escalating conflict between Israel and Iran and as US President Donald Trump flagged potential American military involvement within two weeks. Six of 11 local sectors sectors improved on Friday, but a 4.5 per cent slump in Australia's raw materials sector over the week weighed on the bourse, as weak manufacturing data from China dragged iron ore prices to nine-month lows. The Australian dollar is buying 64.91 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly within its recent range with the greenback. Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 20.1 points, or 0.24 per cent, to 8,503.6, as the broader All Ordinaries lost 19.6 points, or 0.22 per cent, to 8,721.8. The slump came after a week of surging oil prices amid escalating conflict between Israel and Iran and as US President Donald Trump flagged potential American military involvement within two weeks. Six of 11 local sectors sectors improved on Friday, but a 4.5 per cent slump in Australia's raw materials sector over the week weighed on the bourse, as weak manufacturing data from China dragged iron ore prices to nine-month lows. The Australian dollar is buying 64.91 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly within its recent range with the greenback.
West Australian
21-05-2025
- Business
- West Australian
ASX 200 continues to climb on Wednesday after RBA rate cut
Australia's sharemarket continued its post RBA rate cut bounce during Wednesday's trading and is now within touching distance of the record highs set at the start of the year. The S&P/ASX 200 rose 0.5 per cent, or by 43.5 points, to 8,386.8 points at the close. The broader All Ordinaries also traded heavily in the green gaining 38.30 points or 0.45 per cent to 8,611.70, setting a new 50-day high. On an overall positive day for Australian investors, nine of the 11 sectors finished higher, led by energy, utilities, healthcare and bourse heavy financials. It was a good day for the oil producers, with Woodside gaining 1.16 per cent to $21.75 and Santos jumped 1.26 per cent to $6.45. In the healthcare sector, ResMed climbed 4.01 per cent, while Fisher & Paykel Healthcare gained 3.08 per cent to $33.84 and CSL closed 0.48 per cent higher to $245.21. All four major banks were also in the green led by CBA which continues to reset record highs, up 1.48 per cent to $174.98. NAB also jumped during Wednesday's trading up 1.16 per cent to $37.64, while ANZ gained 0.31 per cent to $28.85 Westpac firmed 0.22 per cent to $31.57. senior financial market analyst Kyle Rodda said Wednesday's market rally was an extension of the gains led by Tuesday afternoon's rate cut. 'The follow through from yesterday's dovish cut from the RBA propelled the ASX200 higher today, with the index hitting a three month high and retesting the 8,400 level,' he said. 'The gain was broadbased, but utilities stocks led the way with heavy-weighted energy and materials stocks also supporting the market – the former rising after a jump in oil prices this morning on reports that Israel was preparing to strike Iranian nuclear facilities.' The Australian dollar continued to climb against the US up a further 0.5 per cent against the greenback to 64.51 US cents, on the back of the continued sell-off of the US dollar. Mr Rodda said the firming of the Aussie dollar despite more cuts coming from the RBA, could be due to the Japanese government raising interest rates. 'Another ominous sign is the simultaneous drop in the value of US Treasuries and US futures today, indicating the persistence of the 'sell-America' narrative being driven by a weaker growth outlook and diminished confidence in US government and institutions,' he said. In company news, Westpac has announced it is cutting up to 1500 roles in its biggest cut in a decade as the major bank looks to simplify processes and use more technology under its project known as Unite. James Hardie's share price was down 6.1 per cent to $36.10, after the company announced its quarterly update which showed a 1 per cent decline in net sales. Shares in wearable performance tracking device and analytic tools, Catapult surged 13.7 per cent to $4.89 after a strong full-year result and an optimistic outlook, saying it can capitalise on the billions spent on sport each year.
Perth Now
21-05-2025
- Business
- Perth Now
ASX extends winning streak post RBA cut
Australia's sharemarket continued its post RBA rate cut bounce during Wednesday's trading and is now within touching distance of the record highs set at the start of the year. The S&P/ASX 200 rose 0.5 per cent, or by 43.5 points, to 8,386.8 points at the close. The broader All Ordinaries also traded heavily in the green gaining 38.30 points or 0.45 per cent to 8,611.70, setting a new 50-day high. On an overall positive day, nine of the 11 sectors finished in the green. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia On an overall positive day for Australian investors, nine of the 11 sectors finished higher, led by energy, utilities, healthcare and bourse heavy financials. It was a good day for the oil producers, with Woodside gaining 1.16 per cent to $21.75 and Santos jumped 1.26 per cent to $6.45. In the healthcare sector, ResMed climbed 4.01 per cent, while Fisher & Paykel Healthcare gained 3.08 per cent to $33.84 and CSL closed 0.48 per cent higher to $245.21. All four major banks were also in the green led by CBA which continues to reset record highs, up 1.48 per cent to $174.98. NAB also jumped during Wednesday's trading up 1.16 per cent to $37.64, while ANZ gained 0.31 per cent to $28.85 Westpac firmed 0.22 per cent to $31.57. senior financial market analyst Kyle Rodda said Wednesday's market rally was an extension of the gains led by Tuesday afternoon's rate cut. 'The follow through from yesterday's dovish cut from the RBA propelled the ASX200 higher today, with the index hitting a three month high and retesting the 8,400 level,' he said. 'The gain was broadbased, but utilities stocks led the way with heavy-weighted energy and materials stocks also supporting the market – the former rising after a jump in oil prices this morning on reports that Israel was preparing to strike Iranian nuclear facilities.' The Australian dollar continued to climb against the US up a further 0.5 per cent against the greenback to 64.51 US cents, on the back of the continued sell-off of the US dollar. Mr Rodda said the firming of the Aussie dollar despite more cuts coming from the RBA, could be due to the Japanese government raising interest rates. The Australian dollar continues to strengthen despite further rate cuts on the horizon. NewsWire / Max Mason-Hubers Credit: News Corp Australia 'Another ominous sign is the simultaneous drop in the value of US Treasuries and US futures today, indicating the persistence of the 'sell-America' narrative being driven by a weaker growth outlook and diminished confidence in US government and institutions,' he said. In company news, Westpac has announced it is cutting up to 1500 roles in its biggest cut in a decade as the major bank looks to simplify processes and use more technology under its project known as Unite. James Hardie's share price was down 6.1 per cent to $36.10, after the company announced its quarterly update which showed a 1 per cent decline in net sales. Shares in wearable performance tracking device and analytic tools, Catapult surged 13.7 per cent to $4.89 after a strong full-year result and an optimistic outlook, saying it can capitalise on the billions spent on sport each year.
