Major Aussie bank soars as ASX trades flat
Australia's sharemarket swung between gains and losses throughout Wednesday's trading as market heavy Commonwealth Bank Australia's (CBA) new record high was offset by falls among the major miners.
The benchmark ASX 200 traded virtually flat, up just 3.70 points or 0.04 per cent to finish trading at 8,559.20.
Meanwhile the broader All Ordinaries also eked out a tiny gain, up 5.10 points or 0.06 per cent to 8,779.90.
The Aussie dollar is up 0.06 per cent and is now buying 64.98 US cents. Seven of the 11 sectors dropped during Wednesday's trading. NewsWire / Gaye Gerard. Credit: News Corp Australia
Seven of the 11 sectors finished in the red, with strong gains from the financials offset by a 1.25 per cent fall in the materials sector.
CBA continued its record breaking march, hitting an intra day high of $192 before closing up 1.7 per cent to $191.4.
The other major banks also finished in the green with ANZ surging 1.8 per cent to $29.10, NAB trading 0.75 per cent higher to $40.05 and Westpac finishing 0.73 per cent higher to $34.54.
But the gains out of the bourse's heavy financials was offset by Australia's major iron ore producers.
The price of the underlying commodity dipped just under $US93 a tonne on Tuesday, before recovering slightly on Wednesday.
BHP shares slipped 1.01 per cent to $36.11, Rio Tinto is down 0.61 per cent to $104.30 and Fortescue Metals slumped 2.30 per cent to $14.88.
The financial sector traded higher as the odds of a July rate cut increased on the back of weaker than expected inflation figures. Gains in the banking sector was offset by the major miners. NewsWire / Max Mason-Hubers Credit: News Corp Australia
Data released by the ABS showed the CPI rose by 2.1 per cent for the 12 months to May 2025, beating expectations of 2.3 per cent.
The all-important trimmed mean inflation rate, which the Reserve Bank considers when making decisions about the cash rate, came in at 2.4 per cent.
HSBC chief economist Paul Bloxham said both headline and trimmed mean indicators showed disinflation.
'While the jobs market has remained resilient, GDP growth in Q1 was sluggish, and today's data points to further disinflation,' he said.
'The global backdrop also continues to pose significant risks. Our central case sees the RBA cut by 25bp in Q3, with today's data meaning that a cut in July is likely.'
In company news, Japanese entertainment giant Mixi plans to take over wagering company Pointsbet is a step closer after the company announced it has secured enough shareholder support to buy the business. Shares in Pointsbet closed up 1.27 per cent to $1.20.
ASX listed Betr, who is also trying to acquire Pointsbet shares fell 5.17 per cent to $0.27.
Defence business DroneShield announced its largest ever deal, a $61.1m contract with a major European military power. The company said the latest deal surpasses the entire 2024 revenue of $57.7m. Bally's is one step closer to acquiring Star Entertainment. NewsWire / Glenn Campbell Credit: News Corp Australia
Shares in Humm Group rallied 8 per cent after it was confirmed the buy now pay later operator had received a takeover offer from the family office of chairman Andrew Abercrombie.
Star Entertainment is also one step closer to having its rescue package secured, with shareholders approving two items on the agenda of the meeting that would allow US gaming giant Bally to take control of the business.
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