1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Despite a negative session, the Australian sharemarket snapped a three-week losing streak, gaining 0.9% over the past five days.Friday was a weak session, but the S&P/ASX 200 Index recovered from an initial 1.1% drop to close lower by 0.11% to 8,516.30 points.
With no sign that the Strait of Hormuz will re-open, oil prices remained well bid, boosting the energy sector by 0.7%. Coal prices also rose as investors bet on stronger demand with Whitehaven surging 4.9% on a positive broker upgrade from UBS while Yancoal gained 3.6%.
Elsewhere, Rio Tinto announced a record spend of $19.7 billion dollars on Australian suppliers in 2025. Its shares rose 1.5%.
The sell-off in the gold miners continued with Genesis down 3.9%, while technology was the weakest sector with data centre operator NextDC falling 7.9%. But Xero shares rose 0.6% as it announcecd a partnership with Anthropic.
Meanwhile, Weebit Nano shares fell 15.9% as it completed an $80 million institutional placement, raising funds to accelerate its ReRAM semiconductor technology.
Tonight, several Federal Reserve officials are set to speak as markets watch for more developments out of the Middle East.
