BHP hit a record $67.72 a share as gold topped $4,600 and materials led the ASX 200 up 0.5%. Pilbara Minerals jumped 7.2% on resumed dividends. The focus now shifts to US CPI and the Fed's Jackson Hole meeting.
The ASX 200 rose 0.5% in Monday trading, pushed higher by miners as gold climbed above $4,600 an ounce for the first time in three months. A weaker US dollar and shifting expectations around the Federal Reserve's next move supported the rally.
BHP Group Ltd hit a record $67.72 a share, up 3.4% on the session. The stock has gained 48% this year. Materials drove the index, underpinned by demand for copper and uranium. Rio Tinto Ltd added 1.3%.
Pilbara Minerals jumped 7.2% after reinstating dividends for the first time in three years. Its earnings showed heightened demand for lithium. Uranium stocks also ran hot, with Deep Yellow, Boss Energy and Paladin among the stronger performers.
In healthcare, Ansell surged more than 9% to a five-year high after its earnings outlook beat expectations. Ampol rose 4.2% after first-half profit nearly quintupled, benefiting from higher oil prices during the Iran conflict.
Santos gained 2.2% after agreeing to buy a stake in the Greater Meridian gas project in Queensland. Woodside was also higher.
Not everything moved up. Aussie Broadband plunged 10% following its results. NIB dropped 9.3% after reporting lower full-year profit. Reece Group fell 3.1% after warning of softer US demand. Endeavour Group slid 3.8% as uncertainty around consumer spending weighed on the outlook.
Nuix was the session's standout mover, soaring 26% after swinging to a $16.4 million net profit.
BHP's Alpha Score sits at 75 out of 100, labeled Strong, in the Basic Materials sector. Rio Tinto holds a Moderate Alpha Score of 62.
Gold's move above $4,600 took it to levels not seen since late April. The metal has gained on a softer dollar and fading bets on a Fed rate hike in September. Traders said the next test for gold is whether it can hold above $4,600 through the US CPI print later this week, which will set the tone for the dollar and real yields.
The ASX's seven winning sectors outnumbered the four laggards. Energy and materials led the gainers. Consumer discretionary and healthcare lagged.
Copper and uranium demand underpinned the materials rally. BHP's record came without any company-specific catalyst, traders said, reflecting broad sector momentum and the stock's weight in the index.
The broader market is watching the Fed's Jackson Hole symposium later this month for clues on the rate path. A weaker dollar has helped commodities across the board, but the sustainability of the move depends on whether US data confirms a softening economy.
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