ASX Today Live News & Analysis

Australian Market Report - Australian shares flat as banks slip, miners dig in
Morningstar with AAP
Thursday 03 July 2025

The Australian share market has recovered from morning losses to finish flat as a rotation out of banking stocks and into iron ore giants continues.

The benchmark S&P/ASX200 index on Thursday finished down 1.9 points, or 0.02 per cent, to 8,595.8, while the broader All Ordinaries gained 4.9 points or 0.06 per cent, to 8,833.6.

Thursday's close was still the highest ever for the All Ordinaries and the second-highest ever for the ASX200, behind Wednesday.

IG market analyst Tony Sycamore said the ASX200 had found the air above 8,600 too thin for its liking - by midday it was down as many as 54 points - but buyers had stepped in ahead of an overnight monthly jobs report from the US that will shape expectations of Fed rate cuts into the year-end.

The ASX's mining/materials sector climbed 3.0 per cent on Thursday, its biggest jump since April 10, and one that follows a 1.8 per cent rise on Wednesday.

The gains were supported by a 2.5 per cent rise in the price of iron ore, to $US95 a tonne, after China vowed to crack down on "disorderly low-price competition" in the steel industry and phase out some industrial capacity.

"The move shows China's leaders are trying to tackle deflationary pressures weighing on the economy," ANZ researchers Brian Martin and Daniel Hynes wrote in a note.

"The plans should also bring some relief to the steel industry, which has been weighed down by overcapacity."

BHP rose 5.6 per cent to a seven-week high of $39.27, in what was the Big Australian's best single-day performance in more than four years.

Rio Tinto and Fortescue both advanced 1.8 per cent, to $110.25 and $110.25 respectively, while Mineral Resources grew 7.8 per cent to $24.44.

In the energy sector, coalminers were ascendant, with Whitehaven gaining 8.2 per cent and New Hope advancing 6.5 per cent.

But uranium plays lost ground, with Boss Energy falling 5.9 per cent, Bannerman sliding 3.0 per cent and Deep Yellow subtracting 2.6 per cent.

The big four banks were also mostly lower, with CBA declining 2.2 per cent to $179.69, Westpac subtracting 0.7 per cent to $33.48 and NAB down 1.1 per cent to $38.91.

ANZ was the outlier, rising 0.5 per cent to $30.08.

In the consumer sector, Kmart owner Wesfarmers slipped 2.0 per cent, JB Hi Fi dropped 3.0 per cent and Eagers Automotive slipped 1.2 per cent.

In health care, Pro Medicus advanced 7.8 per cent to an all-time high of $307.39 after the medical imaging giant signed a $170 million, 10-year contract to provide services to a chain of 14 hospitals in Colorado, Wyoming and Nebraska.

The Australian dollar was buying 65.77 US cents, from 65.75 US cents at 5pm on Wednesday.

ON THE ASX:

The benchmark S&P/ASX200 index finished Thursday down 1.2 points, or 0.02 per cent, at 8,595.8

The broader All Ordinaries climbed 4.9 points, or 0.06 per cent, to 8,833.6

The NZX 50 Lost -79.81 points (-0.63%) to 12,704.48 while the Nikkei gained 23.42 points (0.06%) at the time of writing, to be closed at 39,785.90

Companies commencing Ex-Dividend Trading Today (ASX 300):

ALS Limited

Qualitas Real Estate Income Fund

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All Ordinaries8,833.604.900.06%
CAC 407,735.962.46-0.03%
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HKSE24,069.94151.47-0.63%
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Nikkei 22539,785.9023.420.06%
NZX 50 Index12,704.4879.81-0.62%
S&P 5006,227.4229.410.47%
S&P/ASX 2008,595.801.90-0.02%
SSE Composite Index3,461.156.360.18%

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