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Australian shares are on track for their eighth consecutive session of gains as trading on Tuesday winds down. The S&P/ASX 200 Index (ASX:XJO) is up by 10 points, or 0.1%, reaching 7997.5 points. Earlier in the session, the benchmark surpassed the 8000-point mark, the first time it has done so since a sharp drop at the beginning of August. The index has now bounced back more than 4.5% since then.
This positive momentum on the ASX follows a strong performance in the US markets. The S&P 500 (NYSE:SPX) closed 1% higher at 5608.25 points, marking a 4.3% increase over the last five sessions.
Mining Stocks Drive Gains
Mining stocks are leading the gains on the ASX, driven by a rebound in iron ore prices, which approached $US95 per tonne overnight. BHP Group Ltd (ASX:BHP) saw its shares rise by 0.8% to $40.50.
Despite earlier gains, the index pared back some of its increases after the release of minutes from the Reserve Bank of Australia’s (RBA) recent meeting. The minutes indicated that the RBA expects interest rates in Australia to remain high for "an extended period." This sentiment aligns with recent comments from RBA Governor Michelle Bullock.
Stock Highlights
- Dexus (ASX:DXS): Shares in Dexus fell by 6.7% to $6.99 after the company reported a significant statutory loss of $1.58 billion for the 2024 financial year.
- Yancoal (ASX:YAL): Yancoal's shares dropped 21% to $5.45 as the company decided to retain its $420 million half-year profit for potential acquisitions rather than distribute dividends.
- Reliance Worldwide Corporation (ASX:RWC): The plumbing supplies group saw its shares increase by 9.4% to $5.14 following stronger-than-expected results from its US operations.
- Baby Bunting (ASX:BBN): Shares in the retailer rose 7.5% to $1.64 after reporting improved sales at the start of FY25.
- Monadelphous Group Ltd (ASX:MND): Shares in the construction and engineering firm climbed 10.7% to $13.09 following a 16% increase in annual net profit to $62.2 million. Despite losing a lithium contract, Monadelphous's outlook for West Australian resources projects remains positive.
- Ingenia Communities Group (ASX:INA): The retirement village operator saw its shares rise 7.3% to $5.45 after a 20% increase in revenue to $472.3 million for FY24.
- KMD Brands (ASX:KMD): Shares in the retailer, which includes Rip Curl and Kathmandu, increased by 5% to 46.2 cents, despite preliminary results showing a decline compared to the previous year.
- Ansell Ltd (ASX:ANN): The medical glove and protective suit maker saw its shares bounce back 7.2% to $29.32, despite a 49% drop in net profit to $US76.5 million for the year ending June 30 and a 16% cut in its final dividend.
- Judo Bank (ASX:JDO): The challenger lender's shares rose 8.7% to $1.51. The company noted that small- and medium-sized businesses, which had previously been resilient to higher interest rates, are now facing challenges due to reduced consumer demand.
With these developments, the ASX 200 is set to continue its winning streak, buoyed by positive performances across various sectors.
