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Highlights
- Miners and energy players lifted the ASX200 near a record high
- Ora Banda (ASX:OBM) tumbled on weaker gold production forecast
- Tech and defensive stocks added balance amid global trade hopes
The Australian share market edged closer to a fresh record on renewed optimism around US-China trade relations and a broad rally in mining and energy stocks. The S&P/ASX 200 Index opened 0.1% higher at 8546, just 10 points shy of its highest-ever close, supported by commodities and defensive sectors alike. The broader All Ordinaries also rose by 6.8 points.
Hopes for a de-escalation in trade tensions surged after a positive phone conversation between former US President Donald Trump and Chinese President Xi Jinping. Investors viewed the move as a signal that renewed negotiations could prevent aggressive tariffs, easing fears over demand disruptions for key Australian exports such as iron ore and energy.
In the commodity space, iron ore lifted 0.9% to approach $US96 per tonne, while Brent crude rose 0.7%. China’s large-scale imports of both commodities helped bolster share prices of key Australian miners. BHP Group (ASX:BHP) advanced 0.9% and Fortescue Metals Group (ASX:FMG) gained 0.4%. Meanwhile, Woodside Energy (ASX:WDS) climbed 1%, reflecting stronger crude sentiment.
The rally extended into traditionally defensive areas, with Woolworths Group (ASX:WOW) up 0.5% and Meridian Energy (ASX:MEZ) jumping 3.5%, reflecting balanced interest across the market.
This performance comes amid investor caution ahead of the US jobs report, which is likely to influence the Federal Reserve’s monetary policy outlook. Wall Street’s S&P 500 had closed 0.3% lower amid profit-taking and uncertainty around job growth forecasts. Any unexpected rise in jobless claims could alter market expectations.
Back home, ASX dividend stocks have drawn fresh attention from income-focused investors looking to navigate volatility. For more insights, explore Kalkine Media’s coverage on ASX dividend stocks.
In corporate news, Ora Banda Mining (ASX:OBM) plunged 9% after it flagged full-year gold production would fall short of expectations due to delays at its Davyhurst operations. The news weighed on sentiment across junior gold miners.
On a brighter note, SkyCity Entertainment Group (ASX:SKC) rose 2.3% as it launched legal action against Fletcher Building over construction delays in New Zealand. Fletcher Building (ASX:FBU) slipped 1.5% in response.
Whitehaven Coal (ASX:WHC) added 1.2%, benefiting from expectations of improved efficiency and lower operating costs. EBR Systems (ASX:EBR) surged 6.3% after successful US patient implants of its innovative Wise heart pacers, setting the stage for a wider launch later in the year.
As the ASX200 index continues its upward momentum, investors are balancing upbeat resource sentiment with cautious eyes on international economic signals.
