The ASX 200 finished essentially flat, though it did recover from early weakness, having pulled back and tested this week’s breakout level (~9200), before pushing higher – a positive technical sign. After resetting record highs twice this week, the market moved into more of a holding pattern ahead of next week’s heavier reporting calendar, with strength across materials and technology offset by weakness in the banks and selected healthcare names.
The session again highlighted the rotation underneath the headline index. Lithium and gold stocks were aggressively bought, while the major banks came under some profit-taking. Middle East headlines remained fluid, with Iran threatening restrictions on US and Israeli shipping through the Strait of Hormuz, pushing oil higher and reminding investors that any peace agreement remains far from straightforward.
- ASX 200: -10.11pts / -0.11% to 9,261.50
- AUD/USD: 0.7029 / -0.04%
- Best sectors: Materials +1.24%, Information Technology +0.77%, Energy +0.69%
- Worst sectors: Financials -1.03%, Healthcare -0.94%, Utilities -0.71%
- Liontown Resources (LTR) +9.26% to $1.18 led a strong day for lithium equities as investors returned to the heavily sold-down sector on an improving commodity-price outlook.
- PLS Group (PLS) +6.51% to $4.58, Mineral Resources (MIN) +3.83%, IGO Ltd (IGO) +2.76% and Vulcan Energy Resources (VUL) +4.38% joined the lithium rally.
- Albemarle (ALB US) in the US reported solid results overnight with the stock trading – we have this one on our hitlist for the International Equities Portfolio – we’re keen to add some Lithium exposure across out portfolio’s.
- Telix Pharmaceuticals (TLX) +7.65% to $16.19 was another standout, while Neuren Pharmaceuticals (NEU) +5.38% to $22.72 continued its strong recent run.
- Gold stocks remained well supported, with Genesis Minerals (GMD) +6.10% to $7.13, Capricorn Metals (CMM) +5.77% to $15.59, Vault Minerals (VAU) +5.42% to $5.84, Predictive Discovery (PDI) +4.83% to $0.76 and Westgold Resources (WGX) +4.23% all higher.
- James Hardie Industries (JHX) +5.78% to $43.18 rallied after delivering a stronger-than-expected first-quarter result. Net income rose 67% to US$104.3m while sales increased 64% to US$1.475bn, with management lifting its full-year outlook despite seeing little broader improvement in the US housing market.
- Light & Wonder (LNW) +5.27% to $124.30 extended its post-result gains after quarterly earnings came in better than feared.
- AMP Ltd (AMP) +4.76% continued to attract buyers following yesterday’s 57% increase in first-half profit and $150m share buyback announcement.
- WiseTech Global (WTC) +4.27% and Xero (XRO) +1.47% to $76.56 supported technology, continuing the recovery across selected software names after stronger SaaS results from the US.
- Rio Tinto (RIO) +0.79% to $177.69 and BHP Group (BHP) +0.24% to $62.97 provided additional support from the heavyweight miners, while Fortescue (FMG) -2.33% to $18.02 remained the laggard.
- The major banks were the main drag on the index as investors trimmed positions ahead of reporting season. Commonwealth Bank (CBA) -1.03% to $178.01, National Australia Bank (NAB) -1.10% to $42.23, Westpac (WBC) -1.56% to $37.93 and ANZ Group (ANZ) -1.00% to $37.73 all declined.
- Macquarie Group (MQG) -1.05% to $264.45 also weakened, while HUB24 (HUB) -1.90% and Netwealth Group (NWL) -1.69% were softer across wealth platforms.
- ResMed (RMD) -8.29% to $28.87 was one of the session’s largest casualties after flagging that inflation in electronic components and freight would pressure first-quarter margins. FY26 revenue rose 10% to US$5.7bn, with management guiding to 5–7% revenue growth in FY27 and signalling modest product price increases.
- 4DMedical (4DX) -9.05% to $4.22 gave back part of its recent sharp rally, while DroneShield (DRO) -4.39% to $2.18 also succumbed to profit-taking after a strong week.
- Block (XYZ) -3.96% to $113.73, Zip Co (ZIP) -3.38% and Tabcorp Holdings (TAH) -2.73% were also among the session’s weaker names.
- Domino’s Pizza Enterprises (DMP) -1.90% and Temple & Webster Group (TPW) -2.42% gave back some recent gains following strong moves earlier in the week.
- Nick Scali (NCK) -0.70% eased despite FY26 net profit rising 31% to $75.7m and revenue increasing 4.3% to $516.7m. The softer point was the outlook, with written sales orders in Australia and NZ through the first five weeks of FY27. More on this one below.
- Energy stocks improved as crude rebounded on renewed Hormuz concerns. Woodside Energy (WDS) +0.50% to $31.88 and Santos (STO) +0.39% advanced, although Beach Energy (BPT) -2.26% to $0.87 weakened following a 21% decline in FY26 underlying profit.
- Brent crude: pushing back toward US$80/bbl, as optimism around an Iran-Oman shipping agreement faded and Iran raised the prospect of excluding US and Israeli vessels from the Strait of Hormuz.
- Gold: remained elevated after its strongest daily gain in six months earlier this week, with geopolitical uncertainty and reduced expectations for aggressive US rate hikes continuing to support bullion.
- US payrolls: due tonight and likely to be the key offshore macro event, given its potential influence on the Federal Reserve’s next rate decision.
- S&P 500 E-mini futures: -2.50 points / -0.03%
- Dow E-mini futures: -99 points / -0.18%
