Market Wrap / testing highs

The local market edged towards all time highs during Wednesday's trade, with the S&P/ASX 200 advancing 0.9% to 8541.80 points. 

Index leader CBA powered the gains, reaching $181 a share for the first time, and becoming the first ASX-listed company to breach the $300 billion market capitalisation ceiling. 

Qantas shares fell 1.6% as the market reacted to news an old player might make a come-back on the index, with Bain Capital looking to raise $685 million to sell off a 30% stake in Virgin Australia via an IPO. 

Elsewhere, talks between Australia and the European Union on a free trade deal provided further optimism on the market. 

Uranium stocks went nuclear after Facebook parent Meta announced it will acquire an Illinois power plant to secure its energy supply to power data centres. Paladin rose 9.8%.

Elsewhere Droneshield rose 12.5% as Britain increased its military spend, and Mayne Pharma plunged XX% after America's Cosette terminated its $672 million takeover ploy. 

On the data front locally, the Australian economy grew just 0.2% in the March quarter, for an annual rate of growth of 1.3%, lower than forecast sending the Aussie dollar lower and expectations of further rate cuts higher.

The Bank of Canada hands down an interest rate decision tonight, while in the US the Federal Reserve Beige Book is due. Locally tomorrow, the goods trade balance is due, with a $5.5 billion surplus expected.