AUS
NZ
UK
CA
USA
IND
Highlights
Miners drive early ASX 200 strength, led by gains in iron ore and lithium stocks
Pilbara Minerals and IGO extend momentum after recent institutional moves
Reece shares slump on FY25 earnings downgrade
Australian equities began the day with upward momentum, driven by strength in the mining sector. The ASX 200 opened higher following a strong lead from Wall Street and early rallies across key mining names. Gains were led by iron ore producers BHP Group Ltd (ASX:BHP), Rio Tinto Ltd (ASX:RIO), and Fortescue Ltd (ASX:FMG), supported by renewed sentiment around Chinese demand.
Coal miners also gained traction during the morning session, buoyed by weather-related demand factors in key Asian markets. The broad resources rally was underpinned by a rebound in commodity futures.
Lithium Momentum Carries Over with Pilbara and IGO Advancing
Lithium producers also saw strong buying interest, extending recent gains. Pilbara Minerals Ltd (ASX:PLS) advanced further after confirmation of institutional accumulation, while IGO Ltd (ASX:IGO) followed with notable strength. Both stocks contributed to the energy and materials segments outperforming through midday trade.
The surge in lithium names came on the heels of Thursday’s movement tied to disclosures of large-scale holdings, reigniting sentiment around the sector's relevance amid battery and EV demand themes.
Reece Declines Sharply on Profit Guidance
Plumbing and industrial supplier Reece Ltd (ASX:REH) issued a trading update indicating a projected fall in full-year earnings for FY25. The update cited subdued activity in the Australian and New Zealand housing sectors alongside softness in the United States construction market.
Shares in Reece declined in response to the update, emerging as one of the morning's weakest large-cap performers. The company flagged macroeconomic headwinds as key factors impacting sales and margins.
Wesfarmers Moves on Bunnings Lease Restructure
Wesfarmers Ltd (ASX:WES) announced the divestment of its full interest in BWP Management, the entity overseeing its Bunnings property leases. The sale, valued at over one hundred million dollars, was accompanied by lease adjustments for several Bunnings sites. Shares in Wesfarmers edged higher following the announcement.
Small Caps Rally on Legal and Resource Developments
Among small cap stocks on the All Ordinaries, Range International Ltd (ASX:RAN) recorded notable gains after resolving longstanding tax issues in Indonesia. Argosy Minerals Ltd (ASX:AGY) lifted on news of a spot sales agreement for high-purity lithium carbonate, while Sunrise Energy Metals Ltd (ASX:SRL) surged following positive scandium drilling results in New South Wales.
