AUS
NZ
UK
CA
USA
IND
Highlights
- ASX rises despite earlier declines in major stocks.
- Commonwealth Bank supports recovery with gains.
- Newmont, Fortescue, and Reece face setbacks after key announcements.
Australian shares reversed earlier losses by midday, showing resilience despite disappointing updates from several major companies. The S&P/ASX 200 gained 10 points, moving higher to 8233 after a morning spent in negative territory. Leading the recovery was Commonwealth Bank (ASX:CBA), which rebounded 1.2% following sharp declines earlier in the week. This recovery in the banking sector helped offset concerns from other sectors.
Gold mining giant Newmont (ASX:NEM) experienced a sharp drop, with its shares plunging 7.5% after quarterly earnings fell short of expectations. The company’s performance in the US market influenced this decline, as the earnings miss disappointed investors. The broader gold market also saw declines as global gold prices pulled back from record highs.
Fortescue (ASX:FMG) reported a record quarter for iron ore shipments, reaching 47.7 million tonnes in the first quarter of FY25. However, concerns over rising production costs overshadowed this achievement, pushing the company’s stock down 1.6%. Investors remain wary of the cost challenges facing the mining giant, despite its operational success.
Reece (ASX:REH), a major industrial supplier, also underperformed. The company’s stock dropped following market dissatisfaction with its latest updates. Similarly, pallet maker Brambles (ASX:BXB) saw its shares dip by 2.2%. While Brambles reported higher sales revenue for the September quarter, concerns over stalling volumes put pressure on the stock.
Elsewhere in the market, Super Retail (ASX:SUL) reported solid sales growth in the early months of the new financial year. However, cautionary remarks about the uncertain consumer outlook led to a 2.2% decline in its share price.
The broader global market sentiment was weighed down by losses in the US, where major indices, including the Dow Jones, S&P 500, and Nasdaq, all experienced declines. Technology stocks were particularly hit, with Nvidia and Apple leading the fall.
Meanwhile, oil prices dipped as US crude inventories unexpectedly increased, and gold prices slid after nearing record highs. Despite these external pressures, the Australian market managed a positive turn.
