Closing Bell: Banks buy Park Lane, retailers promptly land on it | Stockhead
Banks and property stocks pulled the ASX higher on Thursday, while retailers, technology companies and lithium shares struggled.
The ASX 200 closed 0.50% higher at 8891.8, despite lingering concerns following the latest inflation figures. The Small Ordinaries added 0.41%.
Financials and real estate led the advance, rising 1.87% and 1.84% respectively. The ASX 200 Banks index climbed 2.10%, making the major lenders the clear driving force behind the market’s gains.
Energy stocks advanced 1.36%, while communication services rose 0.94%.
Retailers had a much tougher session. Wesfarmers (ASX:WES), JB Hi-Fi (ASX:JBH) and Super Retail Group (ASX:SUL) fell after softer trading updates indicated households remain cautious about discretionary spending.
Consumer discretionary stocks dropped 1.98%, while consumer staples lost 1.77%. Technology declined 1.11% after a three-day rebound.
Materials slipped 0.65% as lithium companies came under renewed pressure following a 4% fall in Chinese lithium futures. The ASX 200 Resources index finished 0.32% lower.
Mesoblast (ASX:MSB) was a notable exception, surging more than 20% after reporting a 44% increase in Ryoncil revenue.
In short: banks and property stocks carried the market, retailers were punished, lithium weakened again and Mesoblast delivered the standout performance.
Overseas markets and other developments
The US Federal Reserve kept interest rates unchanged at 3.75% to 4%, although two officials argued for an immediate increase.
Microsoft exceeded market expectations as revenue from its Azure cloud business jumped 48%. Alphabet moved in the opposite direction after growth in search advertising disappointed investors.
Oracle climbed about 12% after forecasting US$30 billion in free cash flow by 2029, while Apple unveiled a touchscreen MacBook Pro.
Outside financial markets, a San Francisco startup is reportedly offering people US$20 an hour to walk robot dogs for four to six hours at a time. In Britain, a capybara that escaped from a zoo seven months earlier was finally spotted by wildlife cameras.
Company news
- Andromeda Metals (ASX:ADN) produced 4N high-purity alumina and sent a sample to Japan for customer evaluation.
- Ark Mines (ASX:AHK) outlined an $883 million development case for its Sandy Mitchell rare earths project.
- Ballard Mining (ASX:BM1) intersected high-grade gold outside the Baldock resource at its Mt Ida project in Western Australia.
- Jacaranda Natural Resources (ASX:JRL) began trading on the ASX, with drilling at its Globe gold project in Botswana expected to start shortly.
- QMines (ASX:QML) intersected copper-gold mineralisation beneath the historic Mt Chalmers open pit in Queensland.
- Strategic Elements (ASX:SOR) progressed a mining pilot program, while its EdgeIQ artificial intelligence technology reached a development milestone.
- Thrive Tribe Technologies (ASX:1TT) advanced its defence software strategy through its veterans’ care platform.
Late-session announcements
Black Canyon
Black Canyon (ASX:BCA) strengthened the team working on its Wandanya manganese project by appointing Brett Suann as marketing consultant and Rathy Brandes De Roos as principal technical services.
Suann has 30 years of experience across manganese and iron ore, including senior positions with BHP, Anglo American and Hancock Iron Ore. Brandes De Roos brings more than 25 years of mining experience across project studies, development and operations.
The pair will support the Wandanya scoping study, which is targeted for completion this quarter, along with planned feasibility studies in 2027. Wandanya has a maiden resource of 23.6Mt grading 25.8% manganese.
BPH Energy and Cortical Dynamics
Cortical Dynamics, in which BPH Energy (ASX:BPH) owns a stake of more than 16%, was selected for the October 2026 cohort of Mayo Clinic Platform Accelerate.
The health-technology company is developing AI-enhanced patient-monitoring systems for hospitals and surgical teams. Its products include technology for measuring brain activity under anaesthesia and a software platform designed to provide predictive information throughout the surgical pathway.
Koonenberry Gold
Koonenberry Gold (ASX:KNB) proposed changing its name to Gilmore Metals Limited to reflect its increased focus on copper-gold exploration in New South Wales following the acquisition of the Lachlan and Gundagai project portfolios.
Shareholders will vote on the proposal at the company’s November 30 annual general meeting. Subject to shareholder and ASX approval, the ticker is expected to change from KNB to GLM.
Trading halts
- Alvo Minerals (ASX:ALV) — drilling results
- Celsius Resources (ASX:CLA) — legal dispute with Equinaire
- Cyprium Metals (ASX:CYM) — capital raising
- Gold Hydrogen (ASX:GHY) — exploration results and capital raising
- Lithium Plus Minerals (ASX:LPM) — capital raising
- Neurizon Therapeutics (ASX:NUZ) — capital raising
- OpenLearning (ASX:OLL) — capital raising
- Power Minerals (ASX:PNN) — strategic investment
- Rokeby Resources (ASX:RKB) — capital raising
- Skylark Minerals (ASX:SKM) — strategic investment and capital raising
One more thing
It was also International Hermit Day—a celebration best observed by staying home and avoiding everyone.
Disclosure: Companies included in the company-news and late-announcement sections may be advertisers, but they did not sponsor this article.
