Episode Details

The ASX 200 climbed to a record high today, up 79 pts to 9225 (0.9%) as buyers returned to the resources sector.

The rally was led by BHP, up 3.3%, and RIO, up 2.3%. We also saw strong buying in LYC, which gained 4.8%, while the gold sector rallied across the board as the bullion price pushed higher on hopes of a resolution to the Iran conflict. NST rose 5.5%, EVN gained 6.0%, and BSL also finished up 3.0%.

The oil and gas sector moved lower, led by WDS, down 3.5%, and STO, which fell 2.2%. Uranium stocks pushed higher, with PDN up 4.2% and DYL rising 3.9%. Lithium stocks posted modest gains, with LTR bouncing 2.9% from its recent lows.

The banks eased on valuation concerns, with CBA down 1.6% and ANZ off 0.7%, leaving the Big Bank Basket down at $297.30 (-1.1%). MQG hit fresh record highs, while the broader financial sector also performed well, with ZIP up 7.8% and PNI jumping 8.4% following better-than-expected results.

Industrials also enjoyed a solid session, with BXB up 1.3%, QAN rising 2.7% on the back of lower oil prices, and SGH up 1.9%, continuing its recent strength. The technology sector rallied strongly once again, with WTC up 5.8%, XRO gaining 2.1% and 360 rising 3.7%. Healthcare also had a good day, with CSL up 1.2% and RMD gaining 2.7%.

In corporate news, EDV fell 1.4% after results showed the group flagging a $311m hit and profit down 14.7%. LNW posted better-than-expected quarterly results, and NEU jumped 18.2% on an update on Daybue sales. In economic news, China’s services activity expanded at its weakest pace in nearly two years

Asian markets were firm, with the Nikkei 225 up 3.5%, Hong Kong unchanged, China up 1.6%, and Korea up 4.4%. US futures were firmer, with the Dow up 192 points and the Nasdaq up 102 points. European markets are set to open higher. 

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