ASX Rises as Alcoa and Hub24 Rally 8%; Arafura Jumps 19%

TigerNews AU
Yesterday

Australian shares rose at the open after a rally in the materials sector, following an agreement between Australia and the US to invest a combined $US3 billion ($4.6 billion) in critical minerals projects.

The benchmark S&P/ASX 200 added 0.6%, 52.2 points to 9084.1 at the start of trade, buoyed by a 1.8% rally in the miners.

On the ASX, the miners were among the best performers, with Alcoa rallying 8.2% and Arafura jumping 18.8%. The US and Australia will pump $US1 billion each into Australian and US projects over the next six months, including a $US200 million equity investment in a West Australian gallium plant owned by Alcoa and a $US100 million stake in the Gina Rinehart-backed Arafura Nolans rare earths mine.

Index heavyweight BHP added 2.1% after the miner underlined its faith in global demand for iron ore remaining solid, despite flagging an expected slowdown of growth in China. The mining giant mined a record amount of the commodity in the three months to September 30. Full-year production guidance remained unchanged.

Elsewhere in commodities, gold advanced to a fresh record high as investors piled into the precious metal despite easing trade tensions. Traders instead took advantage of a selloff on Friday to buy more bullion, sending the metal to an all-time high of $US4381.52 an ounce.

The climb locally tracked overnight movements in the US after positive tech earnings pushed Wall Street sharply higher. A broad rally sent all three major Wall Street indexes to a sharply higher close. The S&P 500 and Dow Jones Industrial were both up 1.1% and the Nasdaq composite rose 1.4%.

Super Retail rose 2.3% after appointing BCF managing director Paul Bradshaw as chief executive. Bradshaw is currently managing director of the boating, camping and fishing gear chain, which is a subsidiary of Super Retail and has been with the wider company since 2019. He is set to begin his new role on November 1.

Cleanaway Waste Management lost 2.9% even as it reaffirmed its FY26 earnings guidance and says a cost reduction program at the company is currently underway. The ASX-listed rubbish collector is expected to deliver underlying earnings before interest and taxes in FY26 of between $470 million and $500 million.

Investment platform business Hub24 climbed 8% after its platform funds under administration has increased 8% over the September quarter to $122 billion, up 33% from a year earlier.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10