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Laura Bessarati

๐Ÿ‘ค Speaker
935 total appearances

Appearances Over Time

Podcast Appearances

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So at the moment, the Aussie market currently hovering roughly around its lowest level in about six weeks.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So we really haven't been able to shake off those declines from CBA today after they released their results.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So the financial sector currently sitting at its worst level since December.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

It's down by 4%.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

And in fact, it's the only sector that's falling.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So completely the financials holding the market back because 10 of the 11 sectors are lifting today.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

As we mentioned, you know, the materials sector has somewhat offset the declines that we're seeing in the financial space.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So we have seen BHP just continuing to climb in today's session.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

Of course, yesterday, it surged to a fresh record high driven by record copper prices, particularly given that copper is BHP's largest earner now.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

But iron ore prices have also remained very resilient, currently hovering around $111 US per tonne.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So that's

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

that's been supportive.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

And today, you know, that momentum and BHP share prices just continued sending its shares to yet another fresh record high and really cementing it as the largest stock on the Aussie market, particularly with that hefty pullback in shares of CBA, which just widened the divide between the two companies in terms of market value.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

Also, Rio Tinto has benefited from strong commodity prices, sending its shares to a record high as well today.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

And that, combined with pretty broad-based improvements across many of the other mining stocks, has actually sent the materials sector within striking distance of its own record high.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

So year-to-date, the materials sector up something like 20%, BHP is up 35%, and Rio Tinto up 30%.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

A stock that's jumped to the top of the winner's list today has been gaming giant Aristocrat Leisure.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

Its share price is up a little over 13% after reporting a surge in half-year profit that was driven by strong demand for its gaming machines and also digital gaming business.

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

And

CommSec Market Update
PM 13 May 26: Bank profits weigh on ASX, miners climb

It's also reported a bigger dividend as a result, so it's paying 50 cents per share compared with 44 cents per share the same time last year.