Market Wrap / jobs reprieve

A softer than expected US jobs report set the stage for Friday’s rally on the local market.

The S&P/ASX200 finished the first trading week of the new financial year with a daily lift of 1.37% to 8,844 points, and gained 0.92% over the week.

Gold miners led the market higher after bullion’s rebound, with materials topping the leaderboard. Northern Star Resources surged 7.4%, while Evolution Mining added 5%.

Elsewhere in the materials sector, BHP agreed to transfer its San Manuel property in Arizona to Faraday Copper for a 30% stake in the Canadian miner. Shares rose amid continued strength in copper sentiment. Genesis Minerals climbed 15.7% on the news it met annual production guidance for the third consecutive year, producing 285,400 ounces of gold for the 2026 financial year.

Not all stocks finished in the green though, with Suncorp lowering its 2026 gross written premium growth forecast by 2.7%, which weighed on the share price and saw it fall 3%.

In the smaller end of town, Tourism Holdings has granted due diligence access to the

BGH consortium for its potential acquisition. The indicative all-cash offer price is no less than NZ$3.10 per share.

Tonight US markets are closed for the Independence Day holiday as markets monitor further developments out of the Middle East.