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The ASX surged today, recovering from the worst monthly performance in four years as markets latched onto signs the Iran conflict could begin to wind down. The morning open was reason enough to call it a strong session, though a late 30pt rally in the final 20 minutes of trade was the cherry on top as the index closed on its highs. It was a broad rally as ten of eleven sectors finished higher with materials leading the charge, while the defensive utilities dragged as risk on sentiment returned to the bourse.
- ASX 200: 8,671.80 / +190.03pts / +2.24%
- AUD/USD: 0.6914 / flat / +0.20%
- Best sectors: Materials +4.86%, IT +3.48%, Financials +1.79%
- Worst sectors: Utilities −0.23%, Consumer Staples +0.19%, Energy +0.50%
- Mining heavyweights led the rebound as investors rotated back into cyclicals, with BHP (ASX: BHP) +4.31% and Rio Tinto (ASX: RIO) +3.51% rallying strongly as the broader risk tone improved.
- Aluminium exposure also gained ground, with Alcoa (ASX: AAI) +3.52% and South32 (ASX: S32) +4.92% lifting after supply disruptions in the Middle East pushed aluminium forecasts higher.
- Gold stocks also found strong support as bullion held recent gains, with Newmont (ASX: NEM) +4.53%, Greatland Resources (ASX: GGP) +14.90% and Catalyst Metals (ASX: CYL) +6.67% advancing.
- Technology stocks extended their rebound for a second straight session, with WiseTech Global (ASX: WTC) +4.10% and NextDC (ASX: NXT) +3.45%
- The major banks also finished higher, though lagged the broader market rally – Commonwealth Bank (ASX: CBA) +2.50%, Westpac (ASX: WBC) +1.49% and ANZ Group (ASX: ANZ) +1.11% moved higher as investors digested fresh lending data showing system credit growth remains solid.
- Uranium stocks surged with Paladin Energy (ASX: PDN) +6.88% and Deep Yellow (ASX: DYL) +9.17% both jumping sharply as investors rotated back into nuclear exposures.
- Energy stocks were surprisingly resilient but mixed with Woodside Energy (ASX: WDS) +0.11% and Santos (ASX: STO) +0.13% edging higher while Ampol (ASX: ALD) −0.24% slipped as traders weighed ongoing supply disruptions against the potential for de-escalation in the Middle East conflict.
- Perenti (ASX: PRN) +4.10% rose after appointing former South32 executive Vanessa Torres as chief executive, marking a previously flagged leadership transition.
- Eagers Automotive (ASX: APE) +9.47% surged after striking agreements to acquire the remaining 49% stake in Grand Motors Group, expanding its dealership footprint.
- Star Entertainment (ASX: SGR) +8.7% jumped as Chow Tai Fook Enterprises and Far East Consortium completed the deal to take full control of Brisbane’s Queen’s Wharf development.
- PEXA Group (ASX: PXA) −14.73% slumped early before an ASX price-query saw the stock in suspension. PXA addressed the query and pointed to regulatory consultation from IPART that could reshape pricing across Australia’s electronic conveyancing market. UBS also downgraded the stock from a buy to neutral rating and cut their price target by 10%.
- Oil: rose +1.4% around $US101/barrel (WTI)
- Iron Ore: Rose +1.2% to $106.70
- Gold: Up +$US65/oz during our time zone, trading $US4,700/oz around our close.
- Asian Markets: China +1.4%, Hong Kong +2.3% and the Nikkei −4.8%.
- Global Futures: S&P 500 E-Mini +0.40%, Dow E-Mini +0.27%, FTSE +0.98%.
