Market Wrap / ceasefire hopes

While the situation remains volatile in the Middle-East - affecting oil and airline routes - the promise of a ceasefire reassured investors during Tuesday's trade.

The S&P/ASX 200 gained 1% to close at 8555.50 points.

Positive sentiment supported the local miners. Rio Tinto added 3.1% as it announced a $2.4 billion investment in a new iron ore mine in partnership with Hancock Prospecting.

Meanwhile, the energy players went into correction territory following recent gains on oil supply uncertainty. Crude oil fell sending Woodside shares down 6.5%.

The fall in energy stocks did little to dent the overall bourse, also boosted by yet another intraday record high from CBA shares. They closed higher by 2.1% to $188.13. 

Local investors also welcomed Virgin Australia and Greatland Gold into the index. Virgin ended 11.4% higher as it re-listed on the ASX after a five-year hiatus; while Greatland Gold is the latest listed gold miner in town, and rose 10.6% on debut.

Other company news included KFC operator Collins Foods, which gained  17.4% as it forecast higher underlying profit in FY26. Treasury Wine Estates closed down 0.9% despite a surprise share buyback announcement.

Tonight, US Federal Reserve Chair Jerome Powell will address US Representatives. Locally tomorrow, May CPI data is due.