Market Wrap / reporting rally

The local market posted its best gain in two weeks Tuesday, as global investor sentiment was boosted by expectations of sooner, and perhaps deeper, interest rate cuts by the Fed.The S&P/ASX 200 Index rose 1.23% to close at 8770.4 points, with all 11 sectors in the green.

 Interest-rate sensitive stocks led the gains, with the A-REITs sector adding 1.4%. The IT sector also gained 1.4%.

The prospect of further US rate cuts also boosted gold, with Aussie-listed gold miners rising. Newmont gained 4.1% and Northern Star added 1%.

 In company news, Credit Corp soared 16.2% after posting a 16% rise in FY25 profit and forecasting a solid FY26.

 Austal rose 7.9% after finalising an agreement with the Federal Government to become Australia’s strategic shipbuilder, and upgrading its guidance. Electro Optic Systems gained XXX% after securing a defence contract worth $125 million.

Heading the other way, Telix Pharmaceuticals plunged 8.5% after flagging higher operating expenses, while TPG Telecom fell 0.4% amid plans to return $3 billion to shareholders. 

 Ahead tonight, US services PMIs are due along with international trade data. AMD, Pfizer, Caterpillar and Rivian are among companies reporting.