ASX Today: Tech and miners lift the market despite bank weakness
Key Takeaways
- •The ASX 200 rose about 0.6% at lunchtime after briefly hitting a new intraday high of 9,213.
- •Investor sentiment improved after a temporary US-Iran peace deal raised hopes the Strait of Hormuz could fully reopen.
- •Technology and mining stocks led the market higher, with WiseTech Global, Life360 and BHP among the notable gainers.
- •Energy shares fell as Brent crude eased to around US$76 a barrel, weighing on Woodside and Santos.
- •Commonwealth Bank and the other major lenders traded lower, leaving financials among the weakest sectors.
Good afternoon and welcome to ASX Today. The Australian share market was trading higher at lunchtime, with the ASX 200 adding about 0.6 per cent after briefly reaching a fresh intraday record of 9,213 earlier in the session.
Investor sentiment was supported by another interim peace deal between the US and Iran, which raised hopes that the Strait of Hormuz could soon fully reopen. Strong US earnings also helped underpin markets overnight, with the S&P 500 and Dow Jones both closing at record highs.
That combination of offshore cues mattered locally because it lifted cyclical names while the market continued to rotate away from some of the defensive leaders. Technology and mining stocks led gains on the local market. WiseTech Global rose 4.3 per cent and Life360 advanced 5.1 per cent, following a strong rally in US semiconductor stocks as optimism around artificial intelligence returned.
Mining heavyweights also moved higher, with BHP up 2.6 per cent after awarding a $200 million contract to engineering group Monadelphous. Materials were among the market’s strongest sectors.
Energy stocks were weaker as oil prices continued to ease. Brent crude slipped to around US$76 a barrel, weighing on Woodside and Santos, which fell 2.9 per cent and 1.9 per cent respectively, as concerns over Middle East supply disruptions continued to fade.
The major banks also came under pressure. Commonwealth Bank fell 2.1 per cent, while ANZ, NAB and Westpac also traded lower, leaving financials among the weakest sectors.
Among companies in focus, Endeavour Group fell after flagging $311 million in significant items that weighed on full-year profit.
Light & Wonder gained 3.9 per cent after reporting better-than-expected quarterly earnings.
Neuren Pharmaceuticals surged 15 per cent, while IperionX rebounded more than 12 per cent after recent weakness.
Pinnacle Investment Management also rose more than 8 per cent after releasing its latest financial results.
Join the discussion: See what’s trending right now on HotCopper, Australia’s largest stock forum, and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any making any investment decisions. For full disclaimer information, please click here.
