ASX closed up 40 points or 0.46% on Tuesday. 5 of 11 sectors higher. Materials was best, up 2.78%, as copper strength followed with the chip bounce on Wall Street after Anthropic’s IPO filing. BHP closed up 4.3%, RIO up 2.5%, S32 up 2.6% and LYC up 3.5%. Communications was worst, down 0.80%, with REA down 3.3%. Financials fell 0.59% as banks weighed for another day, the Big Four all closing down between 0.1% and 1.7%. NAB was weakest on reports it was hiring internationally while cutting Australian staff. UBS and Morgan Stanley both called the sector priced for perfection ahead of WBC’s result next Monday. REITs held their own, rising 0.78%, with GMG up 3.2%.
Energy rose 0.63%, with uranium stocks the strongest in the group, BOE and PDN both up 6.7%. WDS rose 0.3% after agreeing to sell its Sunrise JV interest to TIMOR GAP for up to $200m. Gold rose 1.45% ahead of this week’s FOMC meeting, with NST up 2.1%, RMS up 4.5% and GGP up 1.8%. PRU was the exception, down 3.0% on its Q1 production miss. SFR rose 2.3% as drilling at its La Juliana discovery in Spain confirmed around 160m of strike. Lithium firmed, ELV up 6.2% on a Q1 NAL production beat, MIN up 2.2% and PLS up 1.4%. Iron ore fell to a two year low on concerns over Lula’s win for Vale. Tech rose 0.38%, with NXT up 3.8%.
SGR soared 13.0% on its return to positive Q1 EBITDA. AOV sank 10.5% on challenging Q1 trading and dragged ARB down 3.8% on the readthrough. SKS rose 10.1% after confirming it had no further material contracted work with NXT. MP1 rose 9.6% on Pinnacle’s raised stake of ownership. FFM rose 9.3% after an exploration update.
Kospi up 3.27%, Hang Seng down 0.49%, TOPIX up 0.60%, SSE down 0.18%, Taiex up 0.19%. US futures: S&P 500 flat, Dow up 0.25%, Nasdaq down 0.16%. AUD 70.20c. AU 2-year yield up 1.4bp to 4.91%, 10-year down 0.8bp to 5.16%. The RBNZ is expected to hike by 25bp tomorrow, and money markets priced above a 60% chance of an RBA hike on Cup Day ahead of tomorrow’s quarter CPI.
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