Market Wrap / record reset

Key Points:

ASX 200 closes at record high, driven by tech and mining stocks TechnologyOne, WiseTech, BHP, and Mineral Resources among top performers Jimmy Jiang highlights Ballard Mining, Saint George Mining, and Seiya Luca for their growth and sector positioning Rare earths and gold stocks expected to outperform as global supply dynamics shift

Australian shares have hit record highs, with the S&P/ASX 200 (ASX:XJO) pushing past 9,200 points and closing 0.5% up at 9,175, capping off a robust reporting season. Key sectors such as technology and mining drove gains, boosted by strong performances from companies like WiseTech (ASX:WTC), up 3%, and TechnologyOne (ASX:TNE), which soared 7% following its AI initiative. Miners also stood out, with BHP (ASX:BHP) posting another record high, Rio Tinto (ASX:RIO) gaining 3.5%, and Mineral Resources (ASX:MIN) up nearly 4%, while gold producers saw some weakness amid shifting investor sentiment.

Jimmy Jang of GBH Capital highlights continued investor interest in the technology sector, supported by Nvidia’s strong results and positive outlook for AI. He points to sustained inflows despite higher-than-anticipated inflation and speculation around interest rate hikes in May. Jang singles out Ballard Mining (ASX:BM1) for its cash reserves, strong gold resource, and positive outlook at current gold prices, considering it a key pick for gold exposure.

Saint George Mining (ASX:SGQ) and Seiya Luca also feature as attractive plays for rare earths and niobium, amid global efforts to diversify away from Chinese supply chains. Jiang anticipates these companies will benefit from strategic deals and government support as demand for rare earths intensifies.