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Highlights
ASX 200 closes at another record amid global trade optimism
Zip Co and Johns Lyng lead the gains with key announcements
Rare earths and gold miners among the day’s underperformers
The ASX 200 recorded another record close as the market responded positively to global trade news between the United States and China. The index reached a new peak with marginal gains, driven by strength in select financial, materials, and consumer sectors. Seven out of eleven sectors advanced, contributing to the broader index movement.
Rare Earths and Steel Companies Under Pressure
Lynas Rare Earths (ASX:LYC) posted one of the sharpest declines among index-listed stocks amid developments an easing of China's export restrictions. Bluescope Steel (ASX:BSL), closely tied to international steel trade dynamics, also ended the session lower, despite the benefits of US tariff-related adjustments.
Zip Co Lifts Guidance Again
Zip Co (ASX:ZIP) emerged among the top performers after upgrading its full-year earnings guidance. The now, pay later group has continued to revise its outlook, with this marking the second upward adjustment within the financial year. Strong performance metrics have contributed to renewed optimism around its operating model.
Iron Ore Miners Firm Despite Ore Quality Concerns
BHP Group (ASX:BHP), Fortescue Metals Group (ASX:FMG), and Rio Tinto (ASX:RIO) advanced in trade. This came even as news circulated regarding an expected downgrade in Australian iron ore grading within the benchmark index. Despite the index adjustment concerns, the miners sustained gains, supported by resilient demand fundamentals.
Gold Miners Retreat Despite Bullion Demand
Perseus Mining (ASX:PRU) and Westgold Resources (ASX:WGX) traded lower, reflecting weakness across the broader gold mining segment. This decline occurred even as bullion prices showed strength during the trading session, signaling divergent sentiment between commodity trends and listed producers.
Tech and Financials See Mixed Results
The technology sector ended as the session's weakest performer. Stocks like WiseTech Global (ASX:WTC), Xero (ASX:XRO), and Technology One (ASX:TNE) all recorded declines, weighing on the sector. Financials closed marginally lower, with Commonwealth Bank (ASX:CBA) pulling back after touching a new intraday high. National Australia Bank (ASX:NAB) followed a similar trajectory, while Westpac Banking Corporation (ASX:WBC) and Australia and New Zealand Banking Group (ASX:ANZ) managed to edge higher.
Infrastructure Contracts Announced Across NBN Projects
Ventia Services Group (ASX:VNT) confirmed it secured a new contract for fibre deployment across multiple Australian states. Genus Plus Group (ASX:GNP) announced its participation in a major design and construction project in Western Australia. Service Stream (ASX:SSM) was also awarded a multi-region contract involving infrastructure rollouts in New South Wales, Victoria, and Queensland.
Leadership Shifts in Financials and Insurance
Perpetual (ASX:PPT) appointed Suzanne Evans as its incoming chief financial officer, transitioning from First Sentier. The current CFO will move into an advisory position to support the leadership change. Helia Group (ASX:HLI) disclosed a leadership change with its CEO stepping down and the CFO stepping into the interim chief role.
Interest Fuels Gains in Building and Construction
Johns Lyng Group (ASX:JLG), part of the ASX 300, confirmed receiving a conditional acquisition offer from Pacific Equity Partners. Fletcher Building (ASX:FBU), also listed in the ASX 300, acknowledged ongoing inbound inquiries from several parties showing interest in various parts of its operations. Both companies recorded increased market activity amid the takeover discussions.
