Wall Street Up, ASX Expected to Rise; Oil Prices Drop

CBA shares continued their rally, climbing another 2.1 per cent to $188.13, reaching a new all-time high. The stock, representing about 12 per cent of the ASX, has attracted international investors seeking stability in Australia. It has surged over 22.5 per cent since the year began.

Tony Sycamore, a market analyst at IG Australia, noted that offshore investors are driving this rally towards Australian equities, particularly the largest blue-chip stock, CBA. Other major banks like NAB, Westpac, and ANZ also saw gains. Optimism returned to the ASX, with investments flowing into sectors like materials and tech stocks.

Iron ore giants BHP, Fortescue Metals, and Rio Tinto saw significant increases. Rio's partnership with Hancock Prospecting for a new iron ore project in WA was a key development. WiseTech Global and Next DC in the tech sector, along with Collins Foods, also experienced positive movements.

Gold miners had mixed results, while utilities and energy stocks faced declines due to falling oil prices. Trump's ceasefire announcement and Iran's symbolic strikes impacted markets positively, with the S&P 500 rising 1 per cent and oil prices dropping below $70.

The local market's gains followed a Wall Street rally, with the S&P 500, Dow Jones, and Nasdaq all posting gains. The absence of oil-related threats from Iran provided a boost to investor confidence.

According to the source: The Sydney Morning Herald.