Market Wrap / another day, another record!

The local market had its biggest daily rise since US President Trump’s Liberation Day tariffs in early April, thanks to market leader BHP and a strong tailwind from Wall Street. 

The S&P/ASX200 hit its third record high this week to rise 1.4% to 8757.20 points, breaching 8700 points for the first time. Over the week, the index rose 2.1%. 

All 11 sectors ended in the green led by the healthcare sector. CSL jumped 3.6% as UBS reinforced a buy recommendation on the biotech giant. Mesoblast rocketed 34.6% on strong sales of its cell therapy, Ryoncil, which became commercially available in March.

BHP rose 3% after reporting a record full year iron ore and copper production. However, it also flagged possible delays and cost increases at its giant potash project in Canada. Rio Tinto rose 1.8% 

Fletcher Building rose 3% despite reporting volumes steadily declining across categories after peaking in 2022. CEO Andrew Reding said he expects volumes to not have a meaningful recovery before FY 2027.   

Tonight, we get the US housing starts and building permits data.