Market Wrap / geared down GDP

The S&P/ASX 200 climbed 0.70% higher to 8,785.70 points this Wednesday. The mining sector continued to register gains, while the banks bounced back from Tuesday’s losses.

In the gold space, Northern Star Resources pushed ahead and extended Tuesday’s gains over prospects of a takeover. It's share price rose 5% today.

Meanwhile, BHP reset its record high, and shares traded for close to $65 apiece at the end of the session.

All major banks were in the green, with Macquarie gaining 0.5%. Its asset management arm will sell a controlling stake in CLI, a Brazilian bulk terminal operator.

The tech sector was more contrasted, but overall gave back some of the previous day’s gains. Megaport remained on a trading halt as it announced four new AI infrastructure contracts worth nearly $459-million. The IT service providers also started a rights issue to raise $827 million.

Elsewhere, The Lottery Corporation (ASX:TLC) shed 0.9% as it lowered its full year operating expense guidance; to fund a push into AI.

On the data front, the past quarter GDP saw a softer-than-anticipated growth of 0.3%, supporting expectations that the RBA will hold rates steady at its June meeting.

Overnight, US ADP non-farm payrolls for May are due. Tomorrow, RBA Governor Michele Bullock will discuss the latest Federal Budget before the Senate Economics Legislation Committee.