The ASX Today: ASX edges higher as WiseTech surges; banks offset mining losses

Good afternoon and welcome to The ASX Today, I’m Seja Al Zaidi. The ASX has been slightly higher, up just a handful of points, with six of the eleven index sectors in positive territory after a subdued lead from Wall Street.

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Technology is largely leading the gains through Tuesday, with WiseTech Global jumping almost 9% intraday after its embattled founder Richard White stepped down as chairman. Raelene Murphy has now been appointed the new independent chair, while White remains with the company as Chief Innovation Officer. RBC Capital Markets says the move is a “positive step” for governance.

The banks are providing support today, with CBA and Westpac both up around 1.3%, while ANZ and NAB also traded higher. Materials are weighing on the market, with Rio Tinto down 1.3%, Northern Star falling 3.3%, and Evolution Mining losing 3.9% as investors continue rotating out of the sector.

Energy has also eased as traders took profits after Monday’s rally, with Woodside down 0.4% and Santos off 0.8%. In company news, Netwealth rallied 6.2% after forecasting funds under administration growth of between 17-30% through FY27 following an expanded Morgan Stanley mandate.

Elsewhere Tuesday, Lynas Rare Earths slipped 2.7% after the company announced plans to invest around $50 million in a rare earth magnet facility in Malaysia, while A2 Milk eased 0.9% despite reaffirming its FY26 outlook.

Finally, VanEck has today launched Australia’s first AI-powered ETF, using generative AI to select international shares ahead of its Monday, July 20 debut.

That’s The ASX Today. I’ll see you tomorrow.

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