ASX News LIVE | ASX Jumps as Markets Hit New Records, Uranium Stocks in Focus

The Aussie benchmark experienced a robust rally today, with the ASX 200 +0.93% to close at 7,889.6. This surge brought the benchmark tantalizingly close to its all-time intraday high of 7,910.5, set on April 2.

The upswing was broad-based, with all 11 sectors finishing in the green, mirroring the strong performance on Wall Street driven by tech mega-caps.

Leading the charge were the interest-rate-sensitive technology and real estate sectors, gaining 1.6% and 1.5%, respectively.

The financial sector was also one to watch today, with Commonwealth Bank reaching a record high of $130.17, up 1.1%.

Despite a slight decline in iron ore prices overnight, the mining sector remained resilient. Giants BHP and Rio Tinto both added more than 1% to their share prices.

Gold miners benefited from the precious metal’s price reaching US$2,372 an ounce, with Newmont shares climbing 3.3% to $67.50.

Uranium miners also saw significant gains, with Boss Energy and Paladin both jumping 6.1% as nuclear fuel prices advanced amid a tax change in Kazakhstan.

Stephen Miller, market strategist at GFSM Funds Management, described the current market sentiment as a ‘goldilocks scenario‘ of no recession and easing inflation.

Investors are now keenly awaiting the next US inflation report, scheduled for release at 10:30 pm tonight AEST.

This data could play a crucial role in solidifying expectations for a potential rate cut by the Federal Reserve in September, which would likely have far-reaching implications for global markets.

The ASX 200 topped 7,900 before pulling back slightly to 7,892.2 around midday, a 0.97% gain on the major benchmark today.

All sectors were up with mining stocks leading today as commodity gains overnight saw the mega caps all gain over 1% so far today.

Tech stocks have also had a strong morning, with the sector gaining 1.37% as the Nasdaq roared to another record high overnight.

In company news, Commonwealth Bank hit a fresh high of $130 today after gaining over 1%, while similar gains were seen by the rest of the Big Four execpt ANZ which is down by -0.44%.

Topping the wider ASX was Ora Banda Mining, up +15.5% and Telix Pharmaceutials gaining nearly 12% as it announced regulatory changes in the US that favour its products.

While falling sharply today is WA1 Resources, which is down by -8.65% after announcing a capital placement for institutional funds yesterday.

Australian gas giant Woodside Energy [ASX:WDS] has inked a deal with Taiwanese state-owned natural gas company CPC Corporation to supply LNG for 10 years.

As part of the deal Woodside will deliver 6 million tonnes of LNG over the period, starting July.

The company may supply another 8.4 million tonnes of LNG to CPC from 2034 to 2043, subject to conditions and agreement on terms for this period, it said.

LNG supplied to CPC will be sourced from Woodside’s global portfolio.

Woodside shares are up by +1.3%, trading at $28.88 per share this morning.

The Australian Competition and Consumer Commission (ACCC) has initiated Federal Court proceedings against The Good Guys, a major electronics retailer owned by JB HiFi [ASX:JBH].

The lawsuit alleges that the company engaged in deceptive practices regarding its store credit and ‘StoreCash’ promotions, potentially violating Australian Consumer Law.

Between July 2019 and August 2023, The Good Guys ran 116 promotions offering store credit or StoreCash to customers . However, the ACCC claims that the company failed to clearly communicate all requirements for these offers.

ACCC Chair Gina Cass-Gottlieb stated today:

“We allege that The Good Guys’ marketing materials did not adequately disclose the conditions for receiving store credit.”

The commission contends that while the retailer advertised store credit as contingent only on qualifying purchases, customers were also required to opt into marketing communications to receive the benefit.

The ACCC also alleges that The Good Guys misrepresented the expiration terms of the store credit. While promotions suggested that credits would not expire or would have a reasonable validity period, most actually expired within seven to ten days.

Insignia Financial [ASX:IFL] is restructuring its operations and leadership team to ‘drive growth, accountability, and efficiency’ it said today.

Under new CEO Scott Hartley, the company will be organised into four divisions: asset management, superannuation, wrap platform, and advice.

The revamped executive team includes both existing and new members. Renee Howie joins as Chief Customer Officer overseeing advice and marketing, while Liz McCarthy becomes CEO of MLC Expand, managing the wrap platform.

Jason Sommer is appointed as Chief Operating Officer. An unnamed CEO for the superannuation business has been hired, and the company is still recruiting for a Chief Technology Officer.

This shakeup follows a 7% drop in Insignia’s stock price on Wednesday after the company denied rumours of potential takeover offers. The shares recovered slightly this morning, gaining 0.65% so far in trading to $2.33 per share.

Our editorial director and Fat Tail Investment Advisory portfolio manager wrote a piece on this company this morning that is only available to subscribers.

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TELIX Pharmaceuticals [ASX:TLX] has seen its shares jump by over 13% in this morning’s trading after updating the market on regulation changes in the US.

The note here provides the full details of the changes. Put simply, the payments for diagnostic radiotherapy have been simplified, which could favour the company’s diagnostic products.

CEO of Telix, Kevin Richardson, commented today:

‘Telix welcomes the proposed rule, which will facilitate more equitable and reliable access to advanced imaging for all patients and support physicians to prescribe the most clinically appropriate solution.’

Shares are currently trading at around $20 per share after gaining nearly 80% in the past 12 months.

Good morning. Charlie here,

The ASX 200 ripped higher this morning, jumping 0.92% to 7,889.0 and approaching the record intraday high of 7,910.5 points.

All sectors are gaining in a broad rally following a strong day in US markets as AI-led enthusiasm lifts the indices.

Closer to home, we’ve seen a great opening by Uranium explorers and developers as new legislation signed in Khazakstan hits major uranium producer Kazatomprom.

The new Mineral Extraction Tax (MET) will increase from 6% to 9% in 2025. The biggest change will occur in 2026, when the government will roll out a two-tier MET based on production output and uranium spot prices.