ASX Closes Higher as Gold and Copper Stocks Shine

2 min read | March 18, 2025 04:53 PM AEDT | By Team Kalkine Media

ASX Closes Higher as Gold and Copper Stocks Shine

Gold and Copper Stocks Support Market Sentiment

Gold miners saw a strong session as bullion hit a new all-time high of $3,020 per ounce, boosting investor confidence in the sector. Newmont (ASX:NEM) rallied 2.5% to $74.80, while Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) also turned positive, benefiting from the surging gold prices.

Copper stocks also made notable gains after China, the world's largest copper consumer, indicated plans to stimulate demand. This sent copper prices to a five-month high of $9,861.50 per ounce. Capstone Copper (ASX:CSC) jumped 5.6%, closing at $9.40.

Big Banks Struggle as Consumer Stocks Face Pressure

Financial stocks experienced mixed movements. Commonwealth Bank (ASX:CBA) eased 0.3% to $144.20, while National Australia Bank (ASX:NAB) dropped 2% to $32.59. Macquarie Group (ASX:MQG) declined 2.3% to $196.10, reflecting broader caution in the banking sector.

Consumer discretionary stocks posted the largest declines of the day. Aristocrat Leisure (ASX:ALL) fell 2.8% to $64.64, and JB Hi-Fi (ASX:JBH) dropped 2.2% to $85.64, as concerns over consumer spending persisted.

New Hope Jumps on Earnings Strength

In corporate updates, New Hope (ASX:NHC) surged 8.9% to $4.00 after reporting a strong interim profit increase of over 30%. The coal miner announced a dividend hike to 19 cents and a $100 million share buyback, further strengthening investor confidence.

Meanwhile, Woolworths (ASX:WOW) advanced 1.4% to $28.14, following an analyst upgrade, while Endeavour Group (ASX:EDV) slipped 1.9% to $4.04 on concerns about market share growth.

Looking Ahead

Despite market volatility, resource stocks played a key role in stabilizing the ASX, with gold and copper prices acting as a tailwind. Investors continue to monitor global economic trends, particularly developments in the commodities market, as they shape the outlook for the Australian stock market.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.