ASX Rises as Tech and Healthcare Shine; Miners Lag Amid Commodity Slide

Key Highlights:

• ASX 200 trades at 8,535.5 by midday, up 0.25% on Monday
• Technology and healthcare sectors lead gains
• Materials and energy stocks slump on softer commodity prices
• U.S. indices hit record highs last week amid hopes of rate cuts
• Investors eye key economic data and Trump’s policy updates this week
   

Australia’s stock market kicked off the final day of the financial year on a modestly upbeat note, with the S&P/ASX 200 climbing 0.25% to 8,535.5 by midday AEST. Gains in healthcare and tech stocks buoyed the benchmark, even as commodity-linked sectors dragged under the weight of falling oil and metal prices.

Tech and Healthcare Take the Lead

Technology led the charge on Monday, with the ASX All Technology Index jumping 1.02% to 4,056.4. Healthcare also posted robust gains, rising 1.44%, buoyed by continued investor confidence in the sector’s earnings resilience. Nib Holdings Ltd (ASX: NHF) surged over 5%, while Iperionx Ltd (ASX: IPX) and Botanix Pharmaceuticals (ASX: BOT) posted solid intraday performances.

Industrials, discretionary, and telecoms added to the gains, all rising over 0.6%, signaling broad market strength outside resources.

Source: MarketIndex

Miners and Energy Stocks Sink

The positive momentum was partially offset by steep losses in the materials and energy sectors. The ASX 200 Resources Index dropped 1.38% to 5,093.6, while energy slipped 1.10%. A retreat in iron ore and crude oil prices weighed on giants like BHP, Woodside Energy, and Fortescue Metals.

Gold stocks also softened, with the ASX All Ordinaries Gold Index edging 0.11% lower despite spot gold climbing 0.17% to US$3,273.97/oz. Mount Gibson Iron (ASX: MGX), Chalice Mining (ASX: CHN), and Liontown Resources (ASX: LTR) all featured among the top losers.

Global Cues and Wall Street Tailwinds

The ASX took cues from Wall Street’s strong close on Friday, where the S&P 500 rose 0.52% to a record 6,173.07, driven by cooling inflation data and fresh hopes of a near-term rate cut by the Federal Reserve. The Nasdaq also closed at an all-time high, buoyed by tech heavyweights and softer labor market indicators.

“Shares have literally climbed a wall of worry over the last six months,” said AMP chief economist Shane Oliver. “Markets are pricing in Fed and RBA rate cuts ahead, which should help shares on a 6–12 month view.”

End of Financial Year Snapshot: Banks Shine, Miners Weigh

With just hours left in FY24/25, the ASX 200 appears poised to end the financial year with close to a 10% gain. Banks and tech stocks led the advance, while miners and energy players pulled returns lower.

• Banks: +26%
• Technology: +26%
• Industrials: +20%
• Discretionary: +17%
• Staples: -3%
• Miners: -6%
• Energy: -13%
  
   

CBA’s meteoric 47% rise drove much of the banking sector’s strength, pushing its market cap to over $310 billion—roughly equal to BHP and NAB combined.

Key Movers

Top Gainers:

• MTM Critical Metals (ASX: MTM): +7.9%
• Elsight Ltd (ASX: ELS): +7.88%
• James Hardie (ASX: JHX): +7.39%
  
   

Top Losers:

• Beetaloo Energy (ASX: BTL): -9.09%
• Baby Bunting (ASX: BBN): -6.43%
• Ausgold (ASX: AUC): -4.58%
  
   

Macro Watch: What’s Ahead This Week

Domestically, investors will watch retail sales (Wednesday), the trade balance (Thursday), and household spending data (Friday). Globally, markets are eyeing Powell’s speech at the ECB Forum and the U.S. non-farm payrolls report Thursday night.

Dr Shane Oliver flagged July as a seasonally strong month but warned of rising tariff risk, particularly ahead of the July 9 deadline for Trump’s trade decisions.

Final Take

As of writing, the ASX 200 remains in positive territory, tracking 8,535.5 at midday. Despite headwinds from the commodity complex, strength in defensive and growth sectors is keeping the broader market buoyant. Investors will be closely monitoring U.S. inflation prints and central bank cues to determine the next leg of the rally.