• The ASX rallied by over 1% today
  • Iron ore stocks climbed, and Discretionary sector was the best performer today
  • Apple is set to unveil new product launches later tonight

 

The ASX 200 was up again today, its third gain in as many days as the index closed 1% higher.

Local shares tracked Wall Street’s rally as the US Senate approved the debt ceiling deal, averting what would have been the first-ever US default. The S&P 500 and Nasdaq had climbed by more than 1% on Friday.

On the ASX, the Discretionary sector was the best performer today, up by 2%. Other sectors that rallied include Healthcare and Mining.

Energy stocks were surprisingly subdued despite a 3% jump in crude prices after Saudi Arabia said it will cut supply by an extra 1 million barrel-a-day starting in July.

Iron ore stocks climbed as iron ore futures traded on the Singapore exchange lifted amid reports the Chinese government will implement measures to jumpstart the country’s ailing property sector.

Meanwhile, market operator ASX Ltd (ASX:ASX) said it will keep its ageing CHESS clearing and settlement system running for 9 more years until 2032.

Regulator ASIC and the RBA said they will take action to ensure that all necessary steps are taken to support and maintain the current CHESS until its replacement is successfully implemented.

 

Apple share price one to ‘watch’

The Apple (NASDAQ:AAPL) share price would be one to watch tonight. The WWDC Apple conference later today (US time) is set to unveil new product launches that experts believe would propel the company into a new era.

One of the game-changing product launches is a “mixed reality” headset that offers both virtual reality and augmented reality.  The product is being billed as Apple’s biggest hardware launch since the debut of the Apple Watch in 2015.

New launches to be announced tonight include new MackBooks and new features for iPhone, iPad and Apple Watch.

And with much of the focus on AI,  investors will be watching closely for some sort of demo on a new AI product, or an outline of the company’s AI strategies.

 

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Agri busines company Elders (ASX:ELD) rose 3% after the Board agreed that Mark Allison should continue in the role of Chief Executive Officer of the company.

Ellison has been at the helm of Elders since 2014, and before that was the company’s chair and executive chair. In November 2022, he announced that he would retire from the company by mid-November this year.

Gold miner Evolution Mining (ASX:EVN) rose after saying that it has successfully restructured its debt maturity profile involving a US$200 million US private placement, and the replacement of the existing $590 million term loan facilities with a reduced $300 million four-year term loan facility.

 

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