Closing Bell: ASX surges 0.84pc to record close, pushed higher by tech and banking stocks

• ASX sets new record close at 8587.2 points, breaking February 2025 heights
• 10 of 11 sectors on the up, with only Industrials dragging (-0.08pc)
• All Tech and 200 Banks indices add more than 1pc each

It’s been a convincing day of gains on the ASX, coming straight from a trading break over the long weekend.

The bourse had added 0.75% by midday and had nary a wobble through the day, climbing up 0.84% by the end of trade to set a new record high close at 8587.2 points.

That beats the previous record set in February of 8555 points, and places the ASX just 0.33% from its 52-week trading high.

Consumer discretionary led sector gains up 1.82% while industrials was the only sector to dip, losing just 0.08%.

Standout stocks in the discretionary sector included Aristocrat Leisure (ASX:ALL), up 3.63%, JB Hi-Fi (ASX:JBH) +2.05%, Light & Wonder (ASX:LNW) +3.54% and Tabcorp (ASX:TAH) +5.71%.

Looking at the ASX indices, technology and the major 7 banking stocks generated the most momentum, climbing 1.6% and 1.18% respectively to outweigh the All Ords Gold index’s 1.74% drop.

Gold stocks were hit by an index shift from VanEck for its main GDX ETF, which from September will use a different index without exposure to Aussie mid-caps like Capricorn Metals (ASX:CMM) and Bellevue Gold (ASX:BGL), as well as less exposure to Newmont Corporation (ASX:NEM).

Fineos Corporation (ASX:FCL) jumped 7.14%, NEXTDC (ASX:NXT) climbed 5.16% and WiseTech (ASX:WTC) added 2.34%.

Six of the seven major banking stocks made gains, adding between 2.55% and 0.96%. The exception was QBE Insurance (ASX:QBE), which shed 0.13%.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Making news…

Security AI software company icetana AI (ASX:ICE) has locked in four agreements with SoftBank Robotics Group Corp and its subsidiaries with a total value of $3.6m. Softbank will become an exclusive distributor of icetana AI in Japan, committing to a minimum purchase agreement of US$450k on a recurring annual basis.

The Singapore arm of Softbank Robotics will also take a 17.6% stake in icetana with an investment of $1.87m, and the two companies will work together to integrate ICE’s AI analytics with Softbank’s automation and security solutions via a $1.08m three-year joint product development program.

Krakatoa Resources (ASX:KTA) is gearing up to drill 8000-10,000m at the Zopkhito antimony-gold project, targeting extensions to antimony veins and a gold-rich alteration halo to grow the existing resource (non-JORC) of 26,000 tonnes of antimony and just over 815,000oz of gold.

A low-emissions ammonia bunkering deal with Pilbara Ports Authority and Oceania Marine Energy has marked a step toward delivering low-emission fuel markets at scale for NH3 Clean Energy (ASX:NH3).

Under a joint development agreement, the three entities will work together to establish establishing ammonia bunkering at the Port of Dampier by 2030 to service iron ore carriers.

Yari Minerals (ASX:YAR) has boosted the coal resource at the Rolleston South project by 91%, pegging the new MRE at 151Mt, up from 78.9Mt.

Cloud technology firm FirstWave (ASX:FCT) is preparing to launch its products on Amazon’s global market place after forming a strategic partnership with Amazon Web Services and US-based Corent Technology.

FCT has bagged A$250k in funding in the deal, which forms part of its commercial strategy to monetise some 150,000 customers that already use FirstWave’s free-tier software.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

TRADING HALTS

Aureka Ltd (ASX: AKA) – cap raise
Island Pharmaceuticals Ltd (ASX: ILA) - pending announcement
dorsaVi Ltd (ASX: DVL) – pending licence agreement and cap raise
Kinetiko Energy Ltd (ASX: KTE) – cap raise
McLaren Minerals Ltd (ASX: MML) – cap raise
SSH Group Ltd (ASX: SSH) – cap raise
Australian Critical Minerals (ASX: ACM) – acquisition and cap raise
Southern Palladium Ltd (ASX: SPD) – cap raise
Johns Lyng Group Ltd (ASX: JLG) – potential change of control
FOS Capital Ltd (ASX: FOS) – acquisition and cap raise

IN CASE YOU MISSED IT

Pure Hydrogen (ASX:PH2) plans to spin-off its Windorah gas project into a new ASX-listed company have received a boost from the Queensland government.

Elevate Uranium (ASX:EL8) has uncovered thick, shallow granite-hosted uranium, representing a new mineralisation style beyond the defined Marenica resource.

Arika Resources (ASX:ARI) has identified 17 new targets using ultrafine soil geochemistry within the Mulga Plum – Jeedamya tenements, situated on the western side of Arika’s Kookynie project area.

Anson Resources (ASX:ASN) has revealed a maiden lithium carbonate equivalent resource estimate for the Green River lithium project in Utah of 103,000t, including 19,000t in the indicated category.

One of Japan’s top titanium producers has given their tick of approval to Sovereign Metals (ASX:SVM) rutile from the Kasiya project.

Trigg Minerals’ (ASX:TMG) initial field work at Antimony Canyon in Utah has confirmed both massive stibnite and the project’s high-grade potential.

Axel REE (ASX:AXL) has unearthed more high-grade gallium at Area B of the Caladão project in Brazil, demonstrating “remarkable” mineralisation.

Beneficiation test work at Astute Metals’ (ASX:ASE) Red Mountain project in Nevada has produced lithium clay concentrate grades of up to 4,480 ppm, outlining a clear pathway to commercial production.

Dubbed the Western, Central and Eastern trends, Argent Minerals’ (ASX:ARD) VTEM survey has revealed extensive, distinct anomalies prospective for gold-silver-copper-lead-zinc mineralisation at the Kempfield project in NSW.

Adisyn Ltd (ASX: AI1) has delivered a key ALD system to fast-track its graphene R&D, marking a major step toward commercialising next-gen chip materials for AI and 5G.

Optiscan (ASX:OIL) has revealed a novel microscopic imaging device designed specifically for the veterinary medicine market segment.

Hillgrove Resources (ASX:HGO) has notched up a set of new records for the Kanmantoo copper mine as the red metal sector heats up.

Ora Banda Mining’s (ASX:OBM) drilling across Davyhurst continues to put a spotlight on the project’s expansive gold potential.

Blue Star Helium’s (ASX:BNL) State 9 well has flowed gas at the strongest rate to date as the transition to helium production begins.

LAST ORDERS

West Coast Silver (ASX:WCE) has reshuffled its board, inviting Bruce Garlick to fill the position of executive chair as outgoing executive chair Thomas Reddicliffe moves to a non-executive position.

At Stockhead, we tell it like it is. While West Coast Silver is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.