Market Wrap / metals momentum

The Australian sharemarket recovered from earlier losses today, despite a major selloff in the banks which saw heavyweight Commonwealth Bank lead losses as it shed 1.3%.

The S&P/ASX200 finished the day 0.14% higher at 8,820.60 points. 

Gold hit a fresh record high following US inflation data that confirmed Fed rate cuts bets. At home, Newmont gained 2.2% along with Northern Star up 1.5%. Silver topped US%90 for the first time.

Elsewhere in the materials sector, Rio Tinto posted growth of 0.8% as the mineral miner engaged JPMorgan in talks on a potential acquisition of Glencore, according to sources. 

Monadelphous jumped 1.7% after being awarded a $300 million contract with Rio Tinto.

Bluescope made headlines again, committing $438 million to investors in a $1 per share special dividend. The steel producer opted for a dividend instead of buyback due to current regulatory settings, driving the share price down 0.3%. 

Pivoting to the healthcare sector, Neuren Pharmaceuticals jumped 6.1% after partner Arcadia forecast global net sales of Daybue, its Rett syndrome treatment, to reach US$700 million by 2028. 

Among other industry names, Pro Medicus climbed 1.3% along with Cochlear edging up 1%.

Tonight, markets turn to the US for job vacancies and retail sales data, as well as results from Bank of America, Citigroup and Wells Fargo.