Miners Lift ASX as Gold Hits Three-Month High; BHP Notches Record
Key Takeaways
- •The S&P/ASX 200 climbed 0.5 per cent, with seven of its 11 sectors finishing in positive territory.
- •Gold rose above US$4,600 an ounce, helping lift mining and materials stocks at the start of the week.
- •BHP reached a record share price of $67.72 and was up 48 per cent for the year after rising 3.4 per cent.
- •PLS jumped 7.2 per cent after reinstating dividends, while uranium names including Deep Yellow, Boss Energy and Paladin also gained.
- •Nuix surged 26 per cent after reporting a $16.4 million net profit, while Aussie Broadband and NIB fell after weaker results.
The Australian sharemarket pushed higher at the start of trading week 35, with mining stocks leading the advance as gold climbed to its highest level in more than three months.
The S&P/ASX 200 rose 0.5 per cent, with seven of its 11 sectors in positive territory. Gold traded above US$4,600 an ounce, supported by a weaker US dollar and expectations surrounding the Federal Reserve's next policy moves.
BHP was among the headline movers, gaining 3.4 per cent to a record high of $67.72 a share. The advance takes the stock's gains for the year to 48 per cent. Materials stocks were driving gains on the local index, underpinned by demand for copper and uranium.
Rio Tinto added 1.3 per cent, while lithium producer PLS jumped 7.2 per cent after reinstating dividends following a three-year break, with its strong earnings underscoring heightened demand for lithium. Uranium stocks were also running hot, with Deep Yellow, Boss Energy and Paladin among the stronger performers.
The moves kept resources at the centre of the local market early in the week, where shifts in commodity prices are feeding directly into heavyweight miners and the broader index. That also left investors watching how long the support in gold, copper, uranium and lithium can be sustained, given those sectors' influence on the ASX.
In healthcare, Ansell surged more than 9 per cent to a five-year high after its earnings outlook came in ahead of expectations.
Fuel giant Ampol rose 4.2 per cent after first-half profit almost quintupled, with the company benefiting from higher oil prices during the Iran conflict. Santos gained 2.2 per cent after agreeing to buy a stake in the Greater Meridian gas project in Queensland, while Woodside was also higher.
The session was not uniformly positive. Aussie Broadband plunged 10 per cent following its results, while NIB dropped 9.3 per cent after reporting a lower full-year profit.
Reece Group fell 3.1 per cent after warning of softer US demand, and Endeavour Group declined 3.8 per cent as uncertainty around consumer spending weighed on its outlook.
Nuix was one of the standout movers, soaring 26 per cent after swinging to a $16.4 million net profit.
