Market Wrap / the COB : finishing where we started

The Australian sharemarket failed to latch onto the US tech tailwinds this Friday as the divergence between the two markets widened. The S&P/ASX200 plunged 0.92% to 8,828.70 points, but finished the trading week up 0.3%. 

BHP dragged the index lower after the cost of its Canadian potash project expanded to US$6.9 billion, with the stock slumping 4.2%. This weighed on the materials sector, which fell 3.70%, as PLS and South32 also posted heavy losses.

Sticking on theme, St Barbara dipped despite clearing a major permitting hurdle for its 15 Mile processing hub in Canada, a project designed to produce more than 100,000 ounces of gold per year over 11 years.

ElectroOptic Systems soared 14% after it secured a contract with UAE defence firm Generation 5 worth almost $177 million. IDPEducation was also a winner, after upgrading its FY26 profit guidance. 

Travel stocks got off relatively unscathed, headlined by Citi backing Qantas' "Project Sunrise", citing the long haul flights could add up to $400 million in international earnings.

Elsewhere, Dexus Industria REIT climbed as it increased on market buyback to 5% of securities.

Over in the C suite, the Commonwealth Bank appointed Victoria Ledda as group chief information officer and Rodrigo Castillo as group chief technology officer.

Tonight, the US observes the Juneteenth national holiday which means markets will be closed.