Market Wrap / premium payday

Wednesday saw a third consecutive session of gains for the S&P/ASX 200, which settled at 9,007 points, a rise of 0.5%, and importantly above the psychological 9,000-point level.

Shares in National Australia Bank hit a record after the lender posted a 16% rise in first-quarter cash earnings, thanks to robust growth in its business and home lending divisions. Shares closed higher by 4% at $47.14.

Private health insurers spiked after the government approved the biggest increase in premiums in almost a decade. Medibank gained 6%. However, Suncorp shed 4.4% after slashing its interim dividend following a sharp fall in cash earnings.

In other company news, SGH and US-based Steel Dynamics sweetened their takeover offer for Bluescope Steel to $15 billion. BSL shares rose 2.6%, while SGH finished up 1.5%.

Superloop jumped 18.2% on news it is set to acquire a new internet provider. The company also swung back to a half-year profit. Netwealth was another strong performer on the back of its earnings update.

Today’s share price moves were not only about reporting season. Copper prices gave back some gains due to higher inventories. BHP and Sandfire Resources were lower, while Capstone Copper tumbled by 14% after hiking its cost guidance for 2026, alongside stable production.

Looking ahead to tomorrow; Wesfarmers, Telstra and Medibank Private report. Rio Tinto releases earnings after the close in London.