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Perth Now
16 hours ago
- Business
- Perth Now
Aussie sharemarket closes at record levels
Australia's sharemarket has rallied during the afternoon to a new record close, due to weaker-than-expected retail sales and further expectations of a rate cut when the Reserve Bank meets next week. The ASX200 index rallied 56.6 points or 0.66 per cent to 8597.7 on Wednesday, narrowly beating the previous record close of 8592.1. The broader All Ordinaries also jumped during Wednesday afternoon's trading up 56.70 points or 0.65 per cent to 8828.70. Australia's dollar slipped from a nine month high, down 0.06 per cent to buy 65.75 US cents. On an overall positive day, 10 of the 11 sectors finished in the green. ASX rallied to a record close during the Wednesday afternoon's trading NewsWire/ Gaye Gerard. Credit: News Corp Australia The local bourse pushed higher during the afternoon's session after Australia's retail sales came in below expectations, up 0.2 per cent in May against expectations of a 0.5 per cent lift. This led to ANZ becoming the final of the major banks to forecast the RBA would cut interest rate in July by 25 basis points after its July 8 meeting. Oxford Economics head of economics research and global trade Harry Murphy Cruise said Tuesday's results adds to the case for a rate cut. 'Today's data is another notch in the column to cut rates when the RBA meets next week,' he said. 'Households will need more convincing to lift spending; many have banked earlier interest rate cuts, rather than spend them through the economy.' Despite weaker than expected retail sales figures, consumer discretionary were among the major winners. Wesfarmers shares gained 0.76 per cent to $85.36, while JB Hi Fi jumped 1.89 per cent to $112, 67 and Harvey Norman leapt 2.06 per cent to $5.38. Elsewhere the major iron ore miners also had a strong day after China's manufacturing PMI improved in June up from 49.5 to 49.7. BHP jumped 1.91 per cent to $37.27 while Fortescue climbed 4.10 per cent to $16.01 and Rio Tinto gained 2.24 per cent to $108.50. It was a mixed day for the big four banks. Commonwealth gained 0.60 per cent to $183.67, while ANZ narrowly closed higher up 0.10 per cent to $29.92. NAB shares slipped 0.93 per cent to $39.33 while Westpac is also trading in the red down 0.44 per cent to $33.72. On an overall strong day for the market 10 of the 11 sectors finished in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia In company news shares in Domino Pizza Enterprise slumped 15.79 per cent to $16.96 after the company announced chief executive Mark van Dyck will leave the business after less than a year in the top job. Later in the trading day the ASX issued a 'speeding ticket' to Domino's with the pizza maker saying it is not aware of any information that could explain why the share price had fallen by more than 25 per cent during trading. It subsequently strengthened after 2pm. Qantas shares also fell 2.23 per cent to $10.52, after the airline confirmed a data breach which saw 6 million Qantas customers could have been stolen in a cyberattack believed to be part of a co-ordinated attack on airlines globally. Shares in Helia also slumped 21.35 per cent to $4.31 after the lender mortgage insurer announced ING is in the process of negotiating with an alternate provider.
Perth Now
2 days ago
- Business
- Perth Now
ASX's flat start to new financial year
Australia's sharemarket closed flat to start the new financial year, despite a strong lead-in from Wall Street. The S & P/ASX 200 finished Tuesday's trading down just 1.20 points or 0.01 per cent to 8,541.10. The broader All Ordinaries also lost just 1.00 points or 0.01 per cent on Tuesday to 8,772.00. Australia's dollar continues to appreciate, with the local currency passing the 65.5 US cents overnight. Currently, $1 is buying 65.81 US cents. Five sectors finished in the green led by technology, consumer facing shares and utilities, while a further six traded lower. The ASX traded flat to star the new financial year. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia The ASX 200 started the new financial year on a positive note, adding 34 points to reach a high of 8,576 during early trading only to slide back to trading flat by the close. This was despite a strong lead-in from Wall Street overnight where the S & P rose by 0.5 per cent, while the Dow Jones industrial average added 0.6 per cent and the tech heavy Nasdaq composite reached a new high, up 0.5 per cent. Australia's tech sector was among the major winners with accounting software provider Xero up 1.2 per cent to $182.03. Life360 jumped 4.4 per cent to $33.59, Dicker Data added 1.3 per cent to $8.18. The major four banks had a mixed day of trading on Tuesday. Bourse heavyweight Commonwealth Bank Australia (CBA) lost 1.2 per cent to $182.58, while NAB added 0.9 per cent to $39.70 and Westpac eked out a 0.03 per cent gain to $33.87. ANZ added 2.5 per cent to $29.89. Both consumer staples and consumer discretionary gained throughout the days trading. Retail shares were among the bright spots during Tuesday's trading. NewsWire / Max Mason-Hubers Credit: News Corp Australia Woolworths finished up 0.42 per cent to $31.24, while Coles ended the day in the green trading 0.19 per cent higher to $20.88. JB Hi Fi gained 0.21 per cent to $110.58 while Harvey Norman shares jumped 1.52 per cent to $5.35 and Breville climbed 1.97 to $30.07. Morningstar director of equity research Johannes Faul said a combination of wages growth and savings rates moving back to normal will all help lift the retail sector. 'Retail sales momentum is building thanks to rising incomes and abating headwinds. 'We believe households have mostly reset their behaviours and expect headwinds from a rising savings rate and a consumption shift to more services to be less pronounced.' 'Although the overall outlook is positive, we expect some categories to fare relatively better.' In company news Medibank Private soared 5 per cent to an intraday high of $5.31 during early trading after Morgan Stanley upgraded its rating on the business to 'overweight'. Shares closed up 2.38 per cent to $5.17. Shares in buy now pay later provider Zip also jumped 4.6 per cent $3.21, for a sixth day of gains as it eyes its year-to-date high of $3.32. HMC Capital plummeted 17.3 per cent to $4.22 after the fund manager gave an update about its energy transition portfolio and announced new leadership.
Perth Now
2 days ago
- Business
- Perth Now
Aust shares rise, Aussie dollar hits seven-month high
The local bourse has had a positive start to the new financial year, with shares moving modestly higher following a record-setting session on Wall Street. At midday AEDT on Tuesday, the benchmark S&P/ASX200 index was up 14.2 points, or 0.17 per cent, to 8,556.5, while the broader All Ordinaries had gained 12.4 points, or 0.14 per cent, to 8,785.5. The Australian dollar meanwhile had hit a fresh seven-month high against its weakening American counterpart, buying as much as 65.84 US cents in overnight trading. At midday the Aussie was buying 65.69 US cents, from 65.44 US cents on Monday. Also overnight, both the S&P500 and the Nasdaq finished at fresh record highs amid optimism over potential Fed rate cuts and hopes that countries could reach trade agreements with the US before a July 9 deadline after Canada scrapped its tax of technology companies, IG analyst Tony Sycamore wrote. At midday five of the ASX's 11 sectors were lower and six were higher. Utilities was the biggest mover, up 1.0 per cent as APA Group rose 1.5 per cent, and Origin Energy added 0.9 per cent. In the heavyweight mining sector, Fortescue was up 0.2 per cent but BHP had dipped 0.3 per cent and Rio Tinto had declined 1.1 per cent. The big four banks were mixed, with ANZ up 2.1 per cent, NAB adding 0.4 per cent and Westpac edging 0.1 per cent higher, while CBA had declined 1.1 per cent. HMC Capital had plunged 16.9 per cent after the diversified alternative asset manager announced that its energy transition head, Angela Karl, had stepped down. SGH had dropped 2.7 per cent after diversified operating company formerly known as Seven Group Holdings announced that Vik Bansal, chief executive of its Boral business, would step down in 2026.
Perth Now
3 days ago
- Business
- Perth Now
ASX nails 10pc financial year gain
The Australian sharemarket continued its run higher during Monday's trading and has now had its best financial year in the last four. The benchmark ASX 200 index gained 28.10 points or 0.33 per cent to finish Monday's trading at 8,542.30. The broader All Ordinaries also closed higher up 29.40 points or 0.34 per cent to 8,773.00. The Australian dollar also reached its highest point against the US dollar since November 2024, although this was largely due to the US dollar selling off. Australia's dollar is now buying 65.36 US cents. ASX rises on the final day of trading for the financial year. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia On an overall strong day ten of the 11 sectors finished in the green, with just the materials sector being a drag on the market. Monday's gains helped the ASX gain more than 10 per cent for the financial year, for the best 12-months since 2021. The gains were led by the healthcare sector with CSL jumping 2.19 per cent to $239.48, while Sigma Healthcare rose 1.36 per cent to $2.99 and Pro Medicus finished in the green up 1.60 per cent to $285.08. The consumer discretionary stocks also helped drag the index higher with Wesfarmers up 0.74 per cent to $84.75, while JB Hi FI gained 1.61 per cent to $110.35 and The Lottery Corporation gained 0.76 per cent to $5.27. Despite a lift in iron ore prices on Friday, the big miners struggled again on Monday. BHP slumped 2.08 per cent to $36.75, while Rio Tinto slumped 1.69 per cent to $107.13 and Fortescue dropped 1.16 per cent to $15.28. The material sector continued to be a drag on the markets. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia IG market analyst Tony Sycamore said today's end of financial year trading did not finish with the usual bang of previous years. 'It certainly wasn't a traditional whiz bang fireworks to end the financial year, ' Mr Sycamore told Newswire. 'Given the fact the market was sitting near record highs the market didn't need to get an extra little shove into the sign-off'. Mr Sycamore said usually the end of the financial year comes with a lot of 'window dressing' to close out the year. 'It has had a pretty impressive recovery from its April lows and I think for that reason there was a willingness from participants to sit back and let it do its thing.' In company news embattled casino Star Entertainment Group told the market on Monday its joint venture partnership in the mammoth Queen's Wharf precinct had walked away from an agreement struck in March to take over Star's stake in the complex. Shares slumped 6.9 per cent to $0.14 in the back of this announcement. Shares in James Hardie soared 7.1 per cent to $41.70 after the business shifted its primary listing to the New York Stock Exchange. Defence company DroneShield slumped 4.209 points to $2.28 despite the business announcing a new $9.7m contract with an unnamed defence customer in Latin America.
Perth Now
3 days ago
- Business
- Perth Now
Australian shares edge higher at end of financial year
The Australian share market is up slightly - and set to round out the 2025 financial year with a respectable double-digit gain. Just before noon AEST on Monday, the benchmark S&P/ASX200 index was up 18.5 points, or 0.22 per cent, to 7,532.7, while the broader All Ordinaries gained 18.6 points, or 0.21 per cent, to 8,762.2. With a few hours of trading left in 2024/25, the ASX200 was up 10.1 per cent since July 1, 2024 - or just under 14 per cent on a gross return basis, including dividends. The ASX200 was also up 1.18 per cent for the month, 8.81 per cent for the June quarter and 4.6 per cent so far in 2025. Pepperstone head of research Chris Weston said while not everything went the bull's way last week, the momentum and trends seen in risk markets portrayed an almost nirvana environment in which to operate. The S&P500 printed its fourth all-time high on Friday as did the Nasdaq 100 amid a rapid reduction to geopolitical risk premiums, talk of 10 imminent trade deals with the United States and a dovish tilt by various Federal Reserve officials. At midday, eight of the ASX's 11 sectors were higher, with energy and materials lower and consumer staples flat. The consumer discretionary and technology sectors were the biggest winners, both rising 0.9 per cent. JB Hi-Fi had climbed 1.9 per cent to an all-time high of $110.66, Guzman Y Gomez was up 2.9 per cent to $28.285 and data centre operator Nextdc had added 2.7 per cent to $14.575. The big four banks were mixed, with Westpac up 0.6 per cent and NAB adding 0.8 per cent, while ANZ was flat and CBA had edged 0.1 per cent lower. The material sector was down 1.2 per cent after a strong performance on Friday, with BHP dropping 2.3 per cent, Fortescue declining 1.9 per cent and Rio Tinto dipping 2.2 per cent. The Star was up 1.7 per cent despite its Hong Kong joint venture partners threatening to walk away from a deal to purchase Star's half-stake in Brisbane's Wharf casino and hotel complex. The Australian dollar was buying 65.35 US cents, from 65.50 US cents on Friday.
