Australian shares experienced gains near midday, with the big four banks contributing to the rise. However, Nuix shares plummeted, and rare earths stocks continued their downward trend amidst profit-taking activity. Zip and Life360 saw jumps in their stock value, while Ramelius Resources experienced a 5 per cent drop.
In other news, Nuix chief executive Jonathan Rubinsztein has resigned from his position, with an interim appointment made to replace him. Nuix is a data analytics software company that stabilised after a turbulent listing on the ASX and regulatory investigations. The Australian Competition and Consumer Commission (ACCC) is also alleging that Microsoft misled users regarding price hikes for its AI assistant, Copilot, by not informing subscribers of their option to opt out of the increased charges.
Goldman Sachs suggests a pullback is likely on the ASX and has announced it is buying 12 defensive stocks. Analysts have upgraded the earnings outlook for Australia’s mining sector. This upgrade places the ASX 200 on track to potentially break three years of shrinking earnings, with an estimated $4 billion boost expected by 2026.
Internationally, US pension giants voted to remove James Hardie’s chairwoman, Anne Lloyd, alongside two directors, heightening anticipation for a contentious shareholder meeting later this week. Tensions rise as the US anticipates China will halt rare earth export controls following trade talks, with a potential meeting between Donald Trump and Xi Jinping looming.
