Lending Association

ASX Closes 0.1% higher: Coles shows strong gains, mining companies under pressure

On Tuesday, the S&P/ASX 200 Index closed slightly higher by 0.1%, with consumer staples leading the gains due to Coles’ strong earnings report, which saw its shares rise by 5.5%. The tech sector also performed well, propelled by a 7% surge in WiseTech shares, while CSR saw a 5% increase following a takeover bid. Among the top performers was building materials company Reece Group, which rose by 18.3% on solid profits. However, construction firm Johns Lyn experienced a significant decline of 13.2% after reporting lower-than-expected profits. Meanwhile, mining companies faced pressure from lower iron ore prices, although Rio Tinto and BHP Group managed modest gains, while Fortescue and South32 retreated. In commodities, Woodside Energy saw a slight increase despite a decline in operating revenue and cash flow, while Alumina and Healius experienced losses after reporting net losses and significant writedowns. Additionally, payment platforms Zip and Tyro witnessed substantial declines following strong profit reports, indicating profit-taking by investors.

Futures

The Dow Jones futures are pointing to a fall of 21 points.

The S&P 500 futures are pointing to a fall of 2.75 points.

The Nasdaq futures are pointing to a fall of 24.75 points.

The SPI futures are up 8 points.

Best and worst performers

The best-performing sector was Consumer Staples, up 2.15 per cent. The worst-performing sector was REITs, down 0.81 per cent.

The best-performing large cap was Reece (ASX:REH), closing 18.31 per cent higher at $28.50. It was followed by shares in WiseTech Global (ASX:WTC) and Coles Group (ASX:COL).

The worst-performing large cap was TPG Telecom (ASX:TPG), closing 4.26 per cent lower at $4.72. It was followed by shares in Lynas Rare Earths (ASX:LYC) and Newmont Corporation (ASX:NEM).

Asian markets

Japan’s Nikkei has lost 0.23 per cent.

Hong Kong’s Hang Seng has lost 0.50 per cent.

China’s Shanghai Composite has lost 0.13 per cent.

Commodities and the dollar

Gold is trading at US$2,042.90 an ounce.

Light crude is trading $0.03 lower at US$77.55 a barrel.

One Australian dollar is buying 65.42 US cents.