The ASX 200 closed up 30 points to 8823 (0.3%), with resources back in favour and the gold sector shining. It seemed as though defensive stocks were sold to fund buying in the likes of BHP, which rose 2.5%, and RIO, up 2.5%. The gold miners had a good day, with NST rallying 3.5% and EVN up 4.3%, alongside solid gains across the sector. We also saw gains in the oil and gas space as crude prices headed higher, with WDS and STO both up more than 1%. Coal stocks also performed well, with YAL enjoying a strong session, as did NHC. Uranium stocks were in the green too, with PDN up 6.7% following its quarterly report on its Namibian operations.
Lithium stocks gained a little ground, but LYC fell 3.6% after a disappointing quarterly result highlighted higher costs. Meanwhile, industrials sold off, with the tech sector once again under pressure. XRO fell 2.6%, TNE dropped 2.3%, and NXT gave back some of yesterday's gains. REA, CAR, and SEK also fell, while the healthcare sector was led lower by CSL, down 2.8%. Industrials slipped, with WES down 2.1%, JBH off 1.5%, and BXB easing slightly.
The banking stocks were mostly unchanged, with insurers slipping slightly and the Big Bank Basket closing relatively flat at $283.03 (+0.4%). HUB rallied 4.9% following yesterday's upgrade. REITs also weakened, with GMG down 2.0%, CHC off 1.7%, and SGP falling 1.9%.
In corporate news, WES pulled the trigger on the expansion of its lithium project. RRL announced that a string of encouraging drill results would lead to further exploration, while LYC flagged increased costs associated with its expansion project in Malaysia.
There was nothing of note in local economic news.
Asian markets were weaker, Nikkei 225 up 0.1%, HK down 1.0% and China unchanged - Korea up 2.6%, well off highs.
US futures weaker - Dow down 40 and Nasdaq down 165. Oil firms. European markets set to fall 0.3%
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