Kalkine: ASX200 Soars as CBA Hits $300B Club and Energy Stocks Lead Charge

June 04, 2025 02:38 PM AEST | By Team Kalkine Media

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Kalkine: ASX200 Soars as CBA Hits $300B Club and Energy Stocks Lead Charge — Image source: Shutterstock

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Highlights

Commonwealth Bank crosses $300B market cap milestone

Energy and uranium shares lead sector gains

ASX nears all-time high with broad-based rally

The Australian share market rallied strongly on Wednesday, with the ASX200 climbing 0.9% or 71.8 points to reach 8538.5 by mid-afternoon, placing it within striking distance of its all-time closing high. The momentum was driven by strong performances across nine of the eleven sectors, led by financials, energy, and materials.

A key highlight of the session was Commonwealth Bank (ASX:CBA), which surged 1.2% to top $181 per share for the first time, pushing its market capitalisation above the historic $300 billion threshold. This milestone reflects strong investor sentiment surrounding Australia’s largest bank and underscores the robust outlook within the broader financial sector.

Investor confidence received an extra lift from the latest US labour data. Job openings unexpectedly rose from 7.2 million to 7.4 million in April, suggesting economic resilience and fuelling global appetite for risk assets. This translated into gains across global indices, with the US S&P 500 edging closer to its record high.

Back home, mining and energy stocks were buoyed by firmer commodity prices. Iron ore prices climbed 1% in Singapore, supporting gains in BHP (ASX:BHP) and Fortescue Metals (ASX:FMG), which rose 1% and 1.8% respectively. A rebound in aluminium prices lifted Alcoa and South32 (ASX:S32) after news that former US President Donald Trump proposed a 50% tariff hike on steel and aluminium imports.

The energy sector led the market with Woodside Energy (ASX:WDS) advancing 2.5% on the back of a 1% increase in Brent crude prices. Uranium producers also rallied following reports that Meta will increase reliance on nuclear energy to power its AI infrastructure. Paladin Energy (ASX:PDN) soared 7.9%, while Deep Yellow (ASX:DYL) rose 4.3%.

These movements are particularly noteworthy for those exploring ASX dividend stocks, as several energy and financial sector players remain prominent within income-focused portfolios.

Meanwhile, in corporate developments, Mayne Pharma (ASX:MYX) tumbled 9.1% after Cosette Pharmaceuticals decided to terminate a $672 million acquisition bid. PointsBet (ASX:PBH) jumped 10.6% following a revised takeover offer from Japan’s Mixi, outbidding local rival Betr, which slipped 2.8%.

In the education sector, IDP Education (ASX:IEL) gained 1.3%, modestly rebounding from a sharp drop in the previous session after issuing a cautionary outlook linked to global immigration policy concerns. Westpac (ASX:WBC) climbed 2% despite regulatory proceedings against its mortgage division.

With the All Ordinaries also up 0.9%, the overall market sentiment remains upbeat, underpinned by solid macro data and sector-specific catalysts. The strong performance across heavyweight names signals growing optimism and sets the stage for further gains as the ASX200 eyes new record territory.

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