Site menu

Search by ticker code:
Generic filters

Menu

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Miners lead Aussie market higher

It was a bounce-back session from the miners on the ASX on Tuesday, which helped the market gauges elevate slightly. The benchmark S&P/ASX 200 (INDEXASX: XJO) index added 12.8 points, or 0.2%, to 6,856, while the broader All Ordinaries (INDEXASX: XAO) index gained 15.6 points, or 0.2%, to 7,045.

The heavyweight mining sector was the biggest influence, rising 0.9% as BHP Group Ltd (ASX: BHP) added 23 cents, or 0.5%, to $43.59; Fortescue Metals Group Ltd (ASX: FMG) lifted 54 cents, or 2.6%, to $21.35; and Rio Tinto Ltd (ASX: RIO) appreciated $1.75, or 1.6%, to $113.60.

Rare earths producer Lynas Rare Earths Ltd (ASX: LYC) was the star, gaining 75 cents, or 12.4%, to $6.82, after its operating licence for its Malaysian processing plant was extended through to March 2026. Lithium miner Pilbara Minerals Ltd (ASX: PLS) rose 21 cents, or 5.9%, to $3.79, but fellow producer Allkem Ltd (ASX: AKE) slipped 18 cents, or 1.7%, to $10.18. IGO Ltd (ASX: IGO), which mines nickel as well as lithium, advanced 29 cents, or 2.7%, to $10.87; and Mineral Resources Ltd (ASX: MIN), which produces iron ore and lithium, put on 99 cents, or 1.8%, to $57.43.

Lynas Rare Earths share price

There was some solid work from the goldminers, led by Perseus Mining Ltd (ASX: PRU), which surged 8.5 cents, or 5.1%, to $1.76, after reporting stellar first-quarter gold production, and reaffirming its production and cost guidance for 2024. Also in gold, Ramelius Resources Ltd (ASX: RMS) improved 4.5 cents, or 2.6%, to $1.775; Capricorn Metals Ltd (ASX: CMM) gained 11 cents, or 2.4%, to $4.80; and Evolution Mining Ltd (ASX: EVN) added 6 cents, or 1.7%, to $3.69.

In coal, Coronado Global Resources Inc (ASX: CRN) advanced 4 cents, or 2.5%, to $1.65; New Hope Corporation Ltd (ASX: NHC) closed 12 cents, or 2%, higher at $6.04; Whitehaven Coal Ltd (ASX: WHC) rose 9 cents, or 1.2%, to $7.59; and Stanmore Resources Ltd (ASX: SMR) gained 9 cents, or 2.5%, to $3.72.

Copper miner Sandfire Resources Ltd (ASX: SFR) was up 12 cents, or 2.1%, to $5.89.

Of the energy heavyweights, Woodside Energy Group Ltd (ASX: WDS) slipped 3 cents to $35.16, while Santos Ltd (ASX: STO) advanced 5 cents, or 0.6%, to $7.85.

Electric vehicles drive McMillan Shakespeare

On the industrial screens, salary packaging company McMillan Shakespeare Ltd (ASX: MMS) rose $1.35, or 9%, to $16.42 after announcing that strong demand for novated leases for electric vehicles had resulted in higher-than-expected first-quarter earnings.

McMillan Shakespeare share price

It was a mixed day for the big banks, with Commonwealth Bank of Australia (ASX: CBA) rising 25 cents, or 0.3%, to $98.07; Westpac Banking Corp (ASX: WBC) adding 4 cents, or 0.2%, to $20.88; National Australia Bank Ltd. (ASX: NAB) unchanged on the day, at $28.56; and ANZ Group Holdings Ltd (ASX: ANZ) easing 4 cents, or 0.2%, to $25.18.

Buy-now, pay-later Zip Co Ltd (ASX: ZIP) spiked 2 cents, or 6.7% to 32 cents after reporting that it was cash-earnings-positive in the first quarter, and that it expects to repeat the feat for the financial year.

Biotech heavyweight CSL Limited (ASX: CSL) added 45 cents, or 0.2%, to $237.25, while Telstra Group Ltd (ASX: TLS) was flat at $3.79.

Earnings boost US gauges

In the US, selectively buoyant company earnings lifted stocks, with the blue-chip Dow Jones Industrial Average (INDEXDJX: .DJI) gaining 204.97 points, or 0.6%, to close at 33,141.38, while the broader S&P 500 (INDEXSP: .INX) index added 30.64 points, or 0.7%, to 4,247.68, and the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) index rose 121.55 points, or 0.9%, to 13,139.88.

Companies surprising on the upside in quarterly results included Coca-Cola Co (NYSE: KO), Spotify Technology SA (NYSE: SPOT), General Electric Co (NYSE: GE) and Microsoft Corp (NASDAQ: MSFT), but that is not a uniform trend, with Alphabet Inc Class A (NASDAQ: GOOGL) slightly disappointing on the cloud business, despite a better-than-expected overall result.

Roughly 23% of S&P 500 companies have already reported earnings, and 77% of them have posted earnings surpassing analysts’ expectations, according to FactSet.

On the bond market, the US 10-year yield eased 2.3 basis points to 4.826%, while the 2-year yield edged higher to 5.119%.

Gold lost US$3.37, or 0.2%, to US$1,970.37, while the global benchmark Brent crude oil grade slid US$1.76, or 2%, to US$88.07 a barrel and US West Texas Intermediate oil gained 5 cents to US$83.79 a barrel.

The Australian dollar is buying 63.55 US cents this morning, up from 63.45 cents at the ASX close on Tuesday.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our Terms, Financial Services Guide, Privacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.
Skip to content