Kalkine: ASX200 Nears Record Highs as Commonwealth Bank Hits $180 and Energy Stocks Surge

3 min read | June 04, 2025 12:44 PM AEST | By Team Kalkine Media

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Kalkine: ASX200 Nears Record Highs as Commonwealth Bank Hits $180 and Energy Stocks Surge — Image source: shutterstock

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Highlights

ASX nears record highs as investor sentiment improves

Commonwealth Bank (ASX:CBA) crosses major valuation milestone

Mining and uranium sectors lead sector-wide gains

Australian shares surged closer to record highs on Wednesday, buoyed by positive cues from Wall Street and rising commodity prices. The benchmark S&P/ASX 200 (ASX200) index climbed 0.8%, adding 64.2 points to reach 8530.9 near midday. The broader All Ordinaries index also gained 0.8%, continuing the bullish momentum seen across major sectors.

Wall Street's rebound, sparked by better-than-expected job openings data in the US, set a positive tone globally. Job openings unexpectedly rose from 7.2 million to 7.4 million in April, easing investor concerns about a potential slowdown. This lifted confidence despite ongoing trade tensions.

Locally, resource stocks were key contributors to the ASX rally. A rebound in metal prices, supported by the upbeat US economic data, helped major miners climb. Iron ore futures in Singapore rose by 1%, pushing BHP Group (ASX:BHP) up by 1.4% and Fortescue Metals Group (ASX:FMG) by 2.1%.

The aluminium and steel sectors also saw strong movements after new US tariffs were announced. South32 (ASX:S32) gained 2.7% and Alumina Limited (ASX:AWC) saw renewed investor attention, tracking global peers.

Energy stocks delivered impressive gains, reflecting a more than 1% increase in crude oil prices overnight. Woodside Energy (ASX:WDS) rose 2.3% and Santos (ASX:STO) added 1%, underpinning strength in the sector.

Meanwhile, uranium stocks captured market interest after Meta’s latest move to invest further into nuclear energy. This development saw Paladin Energy (ASX:PDN) surge 7.4% and Deep Yellow (ASX:DYL) rise 4.7%, marking one of the day’s strongest sector performances.

Among financial heavyweights, Commonwealth Bank of Australia (ASX:CBA) broke new ground, trading above $180 per share for the first time. This milestone lifted its market capitalisation beyond $300 billion, reinforcing investor confidence in leading ASX dividend stocks.

In company-specific developments, Mayne Pharma (ASX:MYX) soared 4.9% after a US regulator confirmed resolution of concerns over its contraceptive product. IDP Education (ASX:IEL) saw a modest 2.3% recovery following a significant prior-session decline linked to immigration-related uncertainty.

Corporate deal activity added further excitement as Japanese firm Mixi increased its takeover bid for PointsBet (ASX:PBH). This prompted a 9.9% jump in PointsBet shares. In contrast, competitor Betr retreated 4.2% as acquisition prospects dimmed.

The rally across sectors and steady economic indicators continue to support momentum in both the ASX200 and All Ordinaries, keeping investors optimistic about near-term growth in Australian equity markets.

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