Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed up 1.23% at 8,520 points as the market bounced back to near record territory and finished at an all-time closing high.
Commonwealth Bank (ASX:CBA), the ASX’s biggest company by market capitalisation, hit an all time intra-day high of $162.64.
Commodity markets are poised to break out of a two-year slump as a rally in precious metal and agriculture prices drives the sector to a 26-month high. It’s now closing in on the range it traded at during 2022’s boom.
The Bloomberg Commodity Total Return Index, which trades a basket of 24 energy, metals, and agricultural futures, has already jumped 5.9% this year to its highest level since the end of 2022 – a golden year for raw materials as economies returned from COVID-19 hibernation and the war in Ukraine wreaked havoc on supply chains.
That has flowed through to Australian mining stocks, with the S&P/ASX 200 Resources Index rallying 4.6% this year, rebounding from a soft 2024 when the index sank almost 20%.
Financials was the best performing sector, up 2%, followed by Discretionary, up 1.9%, and Real Estate, up 1.3%.
Energy was the only sector go backwards, down 0.3%.
In the Green
Blackstone Minerals (ASX:BSX) closed up 10.35% on news of a merger with IDM International to jointly explore a world class project in the Philippines. The merger aims to leverage Blackstone’s expertise in mine development in Southeast Asia alongside IDM’s established social licence in the region.
Blackstone Minerals closed at 3.2 cents.
Winsome Resources (ASX:WR1) closed up 3.3% on news of discovery of a high-grade spodumene-bearing pegmatite at its project in Canada. Importantly, it contains very high-grade cesium mineralisation in addition to lithium mineralisation.
Winsome Resources closed at 46 cents.
News Corporation (ASX:NWS) closed up 5.7% after releasing its quarterlies. The company reported a 5% year-over-year increase in revenue, to US$2.24 billion.
News Corporation closed at $56.28.
In the Red
Magnetic Resources (ASX:MAU) closed down 4.8% after posting positive drilling results, revealing mineralisation at its Lady Julie North 4 deposit. The 400m northern zone has been extended, expanding at depth and enhancing the resource potential.
Magnetic Resources closed at $1.18.
Myer (ASX:MYR) closed down 5.6% after Premier Investments (ASX:PMV) distributed around 1.1 million Myer shares to eligible shareholders as part of the Apparel Brands demerger.
Myer closed at 84 cents.
Ioneer (ASX:INR) closed down 5.5% after an update on progress toward milestones related to the Rhyolite Ridge Lithium-Boron Project becoming a cornerstone source of critical materials extracted and processed in the U.S.
Ioneer closed at 17 cents.
