The S&P/ASX 200 climbed 1 per cent to close at 8990.90, marking its second consecutive day of growth. The financial sector was a standout performer, led by the big four banks. Commonwealth Bank rose 1.5 per cent after its chair confirmed long-term leadership stability, a factor that typically reassures investors and clients alike.
Westpac’s 2 per cent rise followed the removal of a regulatory capital penalty, signalling improved governance and risk management within the institution. National Australia Bank and ANZ also added to the upward momentum, gaining 1.9 and 0.5 per cent respectively.
The Bank of Queensland posted a 12 per cent increase in annual cash profits, prompting a 1.4 per cent lift in its share price as it announced a higher dividend. For accountants and financial professionals, the regional bank’s strong result underscores how operational restructuring and tighter balance sheet management can translate directly into shareholder returns.
Mining stocks continued their rally, driven by a resurgence in iron ore prices. BHP and Rio Tinto each advanced by around 1.8 per cent, while Fortescue Metals added 2.1 per cent. With commodity demand still strong, these results reinforce the sector’s resilience amid global trade fluctuations.
Rare earths producers also remained in focus following reports that the federal government may implement price floors and invest further in critical minerals, part of a broader strategy to secure Australia’s place in the renewable supply chain.
The healthcare sector showed robust performance, with CSL gaining 2.6 per cent and smaller biotech Telix surging over 16 per cent after reporting exceptional quarterly growth.
Energy stocks were the day’s weak link. Santos fell 2.2 per cent as oil prices dipped, while Origin Energy edged up 2 per cent after hinting that its Eraring power station may need to remain operational beyond 2027.
While overseas markets remain volatile due to ongoing US-China trade tensions, Australia’s equity market has demonstrated a notable degree of independence. For business and tax professionals, the rally highlights renewed investor confidence in domestic fundamentals.
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