The Australian sharemarket opened slightly higher for a second consecutive session on Tuesday, buoyed by a strong session on Wall Street as further progress was made towards ending the US federal government shutdown.
The S&P/ASX 200 Index added 7 points, or by 0.1 per cent to 8842.90 at 10.15am AEDT. It coincided with the US Senate commencing a series of votes on a package to reopen the government and end the longest shutdown on record.
Broad gains across the index were offset by heavy selling of the banks. Commonwealth Bank dropped 3.6 per cent even as it grew home lending and household deposits by more than the average of all banks over the September quarter, delivering an unaudited cash profit of $2.6 billion.
National Australia Bank fell by nearly 2 per cent, while ANZ and Westpac rose by 1.6 per cent and 0.4 per cent respectively.
Materials saw the sharpest gains as gold rose 2.7 per cent overnight to $US4108.16 an ounce, as JPMorgan Private Bank tipped prices to rise above $US5000 an ounce next year. Northern Star advanced 3.3 per cent, Evolution Mining 3.5 per cent and Newmont 3.5 per cent.
Capricorn Metals lifted 4.3 per cent as it released a conceptual study highlighting potential for underground mining beneath the Orion South open pit at its Mt Gibson Gold Project.
Tech failed to follow a 2.3 per cent gain on the Nasdaq 100 overnight, instead trading flat. WiseTech Global gained 1.2 per cent, but Xero dropped 1 per cent. Family tracking app Life360 edged up 0.3 per cent as it increased revenue and underlying earnings guidance for the full year after a $US120 million deal to buy advertising technology company Nativo.
Stocks in focus
In company news, Bendigo Bank dived 4.3 per cent as it reported unaudited cash earnings of $120.7 million for the September quarter, down 3.2 per cent on the prior quarter but flat on the prior comparative period.
Coles advanced 0.2 per cent as chief executive Leah Weckert told shareholders that providing value to customers should enable the company to keep the “early momentum” going in 2025–26 as it continues to outperform Woolworths.
Endeavour Group has overhauled its leadership with several new appointments, including poaching Supercheap Auto’s managing director for the top job at Dan Murphy’s. Shares gained 0.8 per cent.
Cromwell Property gained 0.6 per cent as it entered into conditional agreements with Straits Real Estate to acquire a 19.9 per cent interest in its Australian industrial portfolio, valued at $470 million, for about $47.6 million.
