ASX Hits Record High as Sigma Healthcare Soars on Chemist Warehouse Debut

3 min read | February 13, 2025 01:48 PM AEDT | By Team Kalkine Media

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ASX Hits Record High as Sigma Healthcare Soars on Chemist Warehouse Debut — Image source: shutterstock

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Highlights

ASX 200 reaches a new intraday peak, led by material stocks

Sigma Healthcare (ASX:SIG) jumps over 6% on its first trading day post-merger

Mining and banking heavyweights contribute to market strength

The Australian sharemarket continued its bullish momentum on Thursday, reaching a fresh record high, driven by strong corporate earnings and the highly anticipated debut of Sigma Healthcare (ASX:SIG) following its merger with Chemist Warehouse.

The S&P/ASX 200 climbed 28.3 points (0.3%) to touch 8563.60 at midday, marking a new intraday high. The All Ordinaries index also gained 0.3%. Materials stocks led the charge, while five out of eleven sectors traded in positive territory.

Sigma Healthcare Makes a Strong Debut

All eyes were on Sigma Healthcare (ASX:SIG) as it started trading as a newly merged entity with Chemist Warehouse. The stock opened 0.7% higher and continued to build momentum, soaring more than 6% to $2.93 by lunchtime. Investors showed enthusiasm for the combined business, which is expected to capitalize on Chemist Warehouse’s extensive market presence.

Earnings Results Drive Market Optimism

Positive corporate earnings provided further tailwinds. ASX Ltd (ASX:ASX) surged 6.6%, following a report highlighting a boost in trading volumes. South32 (ASX:S32) also advanced 1.2%, reflecting strength in the mining sector.

Mining giants played a crucial role in pushing the benchmark index higher. BHP Group (ASX:BHP) rose 1.9%, Fortescue Metals (ASX:FMG) gained 1.5%, and Rio Tinto (ASX:RIO) climbed 1.6%.

The banking sector also contributed, with Commonwealth Bank (ASX:CBA) hitting a fresh all-time high after rising 0.2%. National Australia Bank (ASX:NAB) edged up 1%, inching closer to its previous record peak.

Bitcoin Gains Amid Geopolitical Concerns

Bitcoin saw a 2% increase to $US97,999, though it remains below the critical $US100,000 level. Ongoing geopolitical tensions have led to increased demand for safe-haven assets, including cryptocurrencies.

Notable Stock Movements

Among individual stock moves, Insurance Australia Group (ASX:IAG) plunged over 10% as analysts warned of rising competition and lower earnings potential amid Suncorp’s (ASX:SUN) expansion strategy.

Pro Medicus (ASX:PME) slipped 2.4%, despite reporting an impressive 42.7% rise in half-year profit. Meanwhile, Temple & Webster (ASX:TPW) soared 14.7%, thanks to a 24% surge in sales, surpassing market expectations.

Real estate listing platform Domain (ASX:DHG) saw a 10.6% spike after appointing former REA Group (ASX:REA) chief Greg Ellis as interim CEO. However, Nine Entertainment (ASX:NEC) dipped.

Engineering and infrastructure firm Downer EDI (ASX:DOW) slid 1.8% following a 6.5% revenue drop, compounded by several one-off costs impacting earnings.

With corporate earnings season in full swing and market sentiment staying strong, investors remain engaged as the ASX charts new territory.

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