ASX snaps losing streak as copper miners rally
Australian shares snapped a four-day losing streak as investors returned to miners and financials after the latest Middle East flare-up pushed oil prices up.
The S&P/ASX 200 Index was up 43.5 points, or 0.5 per cent, to 8806, with only three of the 11 sectors higher.
The benchmark fell 0.5 per cent for the week as airstrikes and the reimposition of US oil sanctions on Iran left the countries’ memorandum of understanding in a state of limbo, raising uncertainty over the safe passage of energy and other commodities through the Strait of Hormuz, plus heightening inflation and interest rate fears.
However, Westpac economist Luka Belobrajdic said sentiment had not turned bearish. “Markets adopted a cautious risk-on tone, with investors treating the latest US-Iran strikes as another phase of managed escalation and remaining confident that crude flows from the Middle East will continue despite renewed tensions.”
On the ASX, materials were the strongest as Morgans upgraded its copper forecast, and traders returned to gold miners as bullion steadied.
South32 advanced 5.2 per cent to $4.02 as Morgans elevated it to “accumulate” following the 14 per cent uplift in the US copper price to $US4.85. Rio Tinto rose 3.8 per cent to $164.49 and BHP by 2.5 per cent to $58.28. Evolution Mining underpinned gold gains by climbing 3.4 per cent to $11.63.
Risk appetite also extended to uranium stocks, as Australia and India finalised an agreement enabling long-term uranium exports to the South Asian nation. Paladin Energy rose 4.1 per cent to $10.06 and Deep Yellow 7.4 per cent to $1.44.
Banks also rose as National Australia Bank climbed 0.8 per cent to $39.61, Commonwealth Bank 0.5 per cent to $168.86, Westpac 0.9 per cent to $36.54, and ANZ by 0.8 per cent to $36.05.
Losses were driven by healthcare; Pro Medicus dropped 6.3 per cent to $197.07 after a 33 per cent jump in the past month, and CSL was 2.1 per cent lower to $122.89.
Investors took profit on energy stocks as Brent crude held flat at $US76.19 a barrel. Santos was down 0.4 per cent to $7.62, and Woodside Energy was 0.9 per cent lower to $29.05.
Stocks in focus
In company news, Bravura Solutions soared 15.1 per cent to $2.36 after it upgraded its 2026 fiscal year earnings guidance. It now expects cash earnings to come in at $77 million compared to its guide of $69 million to $73 million.
Ingenia Communities fell 0.5 per cent to $4.34 as it confirmed it is in discussions with Peet over a possible transaction. Shares in Peet rallied 4.7 per cent to $1.78.
WiseTech Global slid 1.8 per cent to $34 as it moved to reassure investors that logistics giant DSV remains committed to its CargoWise platform.
Sandfire Resources rallied 3.8 per cent to $18.83 as it increased the planned life of its Black Butte copper mine in Montana by 50 per cent to 12 years after declaring a maiden ore reserve for the Lowry deposit.
This concludes our coverage for today. We’ll be back on Monday morning to bring you more live markets news and expert analysis.
Source: https://www.afr.com/markets/equity-markets/asx-to-open-higher-tech-stocks-boost-wall-st-20260710-p60e5h