AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Gold miners lead with substantial gains as uncertainty boosts bullion prices.
- Supermarket giants (COL) Coles and (WOW) Woolworths contribute to market uplift.
- Upcoming economic reports and interest rate decisions are set to influence future market trends.
The Australian sharemarket experienced a welcome upturn, with the ASX 200 index closing up 0.16% at 7,982 points. This positive shift was predominantly driven by a notable performance in the gold mining sector and solid gains from leading supermarket chains.
In the mining sector, gold stocks were the standout performers. The upward trajectory in bullion prices, which continued to hit record highs due to the introduction of new U.S. tariffs on foreign car imports, played a crucial role. Notably, (ASX:RMS) Ramelius Resources surged 6.9%, while (ASX:SPN) Spartan Resources, which is currently in the process of being acquired by Ramelius, also saw a significant rise of 6.3%. These gains underscored the sector's robust response to global economic uncertainties.
Conversely, the technology sector faced challenges, closing down 2.2%. This decline was heavily influenced by a 4.2% decrease in (ASX:WTC) WiseTech Global, marking a second consecutive session of losses for the sector.
In corporate developments, (ASX:CTD) Corporate Travel Management announced a key leadership change. The company's Australia and New Zealand CEO Greg McCarthy is set to depart by the end of June, with Jo Sully, a former American Express executive, stepping in as his successor.
In other executive news, (ASX:GQG) GQG Partners revealed the departure of Daniel Bullock, its director of wholesale markets, who will join global investment group EQT as the new head of private wealth in Australia. Additionally, (ASX:NWH) NRW Holdings appointed Peter Bryant, formerly of Perenti and Perth Airport, as its new chief financial officer.
On a different note, the banking sector saw modest movements with (ASX:WBC) Westpac expecting significant investments in its technology transformation initiative, UNITE, aiming to enhance its operational efficiency.
The investment scene was slightly dampened by (ASX:IPL) Incitec Pivot, which anticipated lower sales in its fertilizers and explosives divisions due to adverse weather conditions. Meanwhile, (ASX:ORA) Orora faced scrutiny as the French Competition Authority investigated its Saverglass office over potential anticompetitive practices within the industry.
Looking ahead, key economic data releases from the Australian Bureau of Statistics are on the horizon, with updates on retail sales, building approvals, and household spending due next week. Additionally, the Reserve Bank's forthcoming decision on interest rates could provide further direction for the market, following its recent rate cut—the first since November 2020.
