The ASX 200 closed above 9000 for the fourth straight month, driven by copper miners and Microsoft's record gain. June inflation cooled, keeping rate hold bets intact.
The Australian share market pushed through 9000 points for the fourth consecutive month on Friday, with the ASX 200 closing at 8976.8 after touching a daily peak of 9059.8. The index gained 0.1% on the day and 2.3% for the month.
Renewed confidence in artificial intelligence drove the move. Microsoft posted its biggest single-day gain since October 2008, jumping 16% and adding roughly US$450 billion in market value – the largest one-day increase for any stock. The rally lifted South Korean technology stocks, which in turn boosted copper miners.
Australian miners with copper exposure led the market higher. BHP shares rose 2% to A$60.31. Rio Tinto climbed 1.3% to A$170.57. Data centre operator NextDC jumped 4.5% to A$13.36, though transport software provider WiseTech Global reversed 4.2% to A$36.30.
June inflation came in lower than expected, reinforcing expectations the Reserve Bank Board will hold the cash rate at 4.35% at its August 10-11 meeting. Fresh investment cash at the start of the financial year and safe-haven flows from foreign investors also supported prices.
Crude oil fell 2% after former President Trump's Gaza peace plan and reduced Iranian hostilities. Local oil and gas stocks held steady. Woodside Energy rose 0.2% to A$32.95. Santos added 0.1% to A$7.84.
Healthcare was the weakest sector. CSL slid 3.8% to A$123.06 after negative broker coverage. Fortescue fell 1.9% to A$18.51 as it flagged a US$525 million after-tax impairment on its Iron Bridge magnetite project. Financial stocks were mostly lower: Commonwealth Bank lost 0.4% to A$177.53, while National Australia Bank and ANZ Bank each fell 0.5% to A$41.33 and A$37.31.
HSBC announced it will sell its A$36 billion Australian home loan portfolio to Blackstone and wind down the rest of its local retail banking business over 18 months, focusing instead on commercial and corporate clients. Origin Energy rose 0.9% to A$10.76 after reporting a 7% rise in business electricity volumes in the June quarter, driven by data centre demand. Energy One shares surged 31.8% to A$14.30 after rejecting a A$565 million takeover approach from Norwegian rival Volue at A$17 per share.
Company earnings results in Australia and the US will shape the market in the weeks ahead. Locally, reporters include Pinnacle, REA Group, ResMed, Credit Corp, Charter Hall Social Infrastructure REIT, Argo Investments, Light & Wonder, Beach Energy, AMP, Block, Charter Hall Retail REIT, James Hardie, Avita Medical and Nick Scali. In the US, results from SpaceX, Palantir, Eli Lilly, Berkshire Hathaway, Marriott, AMD, and Disney are among those due.
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