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Highlights
ASX 300 pushes toward record levels driven by strong financial and energy sectors
Commonwealth Bank becomes the first ASX-listed firm to surpass a key market cap benchmark
Mining and lithium sectors see strong recovery amid global energy and trade developments
The ASX 300 edged closer to a record high as gains in the United States markets and stronger oil prices lifted Australian equities. The S&P/ASX 200 index closed near its historical top, while the broader S&P/ASX 300 followed a similar trend, reflecting strength across key sectors such as energy, financials, and materials.
Energy Sector Leads with Oil-Driven Rally
The energy sector outperformed following a global jump in crude prices. Key players such as Woodside Energy Group Ltd (ASX:WDS), Santos Ltd (ASX:STO), Yancoal Australia Ltd (ASX:YAL), and Ampol Ltd (ASX:ALD) all advanced. The movement mirrored overnight trends in global markets, offering a boost to companies tied to upstream oil and gas operations as well as refining and coal.
Financial Sector Strengthens as CBA Hits Landmark
The financial sector saw strong upward momentum, bolstered by Commonwealth Bank of Australia (ASX:CBA) reaching a new intraday peak and becoming the first company on the ASX to exceed a landmark market capitalisation milestone. Other major banks followed suit, with Westpac Banking Corp (ASX:WBC) advancing despite legal action involving its subsidiary RAMS Financial. National Australia Bank Ltd (ASX:NAB) and Australia and New Zealand Banking Group Ltd (ASX:ANZ) also ended the session higher, reflecting broad confidence across financials.
Technology and Consumer Stocks Active
now, pay later provider Zip Co Ltd (ASX:ZIP) emerged as the session's top performer within the S&P/ASX 200, though the stock experienced notable movement without any disclosed company updates. In contrast, Nufarm Ltd (ASX:NUF) led declines following continued pressure from previously reported profit figures, keeping the stock under scrutiny.
Corporate Activity and Takeover Developments
PointsBet Ltd (ASX:PBH) saw a sharp rise after its suitor, MIXI, revised its acquisition offer upward, while also fielding interest from rival bidder Betr. Shares in Betr’s backer, BlueBet Ltd (ASX:BBT), moved lower. Ramelius Resources Ltd (ASX:RMS) and Spartan Resources Ltd (ASX:SPR) saw minor fluctuations after advisory firm BDO backed the takeover offer involving both entities.
Brickworks Ltd (ASX:BKW) and Washington H. Soul Pattinson and Co Ltd (ASX:SOL) gave back some recent gains tied to a merger announcement. SOL addressed concerns over its bond obligations as part of the deal structure. Mayne Pharma Group Ltd (ASX:MYX) moved lower following notice from Cosette Pharmaceuticals seeking to end its proposed acquisition, with Mayne Pharma rejecting the rationale for the withdrawal.
Uranium and Lithium Stocks Rebound Strongly
The uranium segment experienced renewed momentum after international reports indicated that Meta had entered a long-term energy agreement involving nuclear power. This development lifted stocks like Paladin Energy Ltd (ASX:PDN), Boss Energy Ltd (ASX:BOE), and Deep Yellow Ltd (ASX:DYL).
Similarly, lithium producers saw a broad recovery as sentiment improved despite ongoing price challenges in the sector. Advancing stocks included Mineral Resources Ltd (ASX:MIN), Liontown Resources Ltd (ASX:LTR), Pilbara Minerals Ltd (ASX:PLS), and IGO Ltd (ASX:IGO).
Metals and Mining See Mixed Movements
Steel and aluminium producers recorded varied performance. Alcoa Corporation (NYSE:AA) and South32 Ltd (ASX:S32) moved higher following trade tariff adjustments announced in the United States. However, BlueScope Steel Ltd (ASX:BSL) and Rio Tinto Ltd (ASX:RIO) posted losses, reflecting uncertainty around tariff implications.
Iron ore majors BHP Group Ltd (ASX:BHP) and Fortescue Ltd (ASX:FMG) closed higher, supported by stable pricing in iron ore futures.
West African Resources Ltd (ASX:WAF) ended lower following an announcement that it would comply with Burkina Faso’s revised mining framework, which alters government participation terms in mining projects.
