ASX closes up 0.10% as miners soar and banks tumble
Gold and mining stocks surged as the ASX finished with a tiny 0.10% gain, while banks fell sharply despite strong earnings.
The ASX closed up 0.10% on Monday as mining and materials stocks carried the market higher while other sectors stumbled. The materials index surged 2.88%, driven by spot gold jumping around 1.4% to US$4,127 an ounce, silver gaining 2.6% and copper adding about 1.2%.
BHP and Rio Tinto bounced after last week's wobble. Banking stocks took a hit, with ANZ dropping more than 4% despite cash profit rising 10% to $7.59 billion.
The bank cited soft revenue, disappointing margins and nearly doubled loan provisions, signalling concern about a volatile external environment. Property was the worst performer, sinking 1.32%.
- Up 0.10%
- ASX close
- Up 2.88%
- Materials index
- US$4,127 per ounce
- Gold price
- Up 10% to $7.59 billion
- ANZ cash profit
Why it mattersThe divergence shows investor caution about banks and property even as commodity demand strengthens, signalling mixed confidence in the economy.
AustraliaAustralian property investors and savers holding bank shares saw declines, while mining investors gained as global commodity prices rebounded.
✓ Claims checked against the source. checked 8 h ago
