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Gold, silver and copper hit highs: Will the rally last?
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AU Evening Wrap: Australia Shares Rise 0.8% Amid Bank, Gold Gains

Moomoo News AU joined discussion · May 27 02:28
Market Performance
Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.8% higher at 7788.3 amid strong gains by banks, gold miners and consumer-focused companies. Ten of 11 sectors finished higher as the benchmark index bounced from Friday's 1.1% drop, following a mostly positive lead by U.S. equities.
The heavyweight financial sector added 0.8% as banks $Westpac Banking Corp(WBC.AU)$, $National Australia Bank Ltd(NAB.AU)$, $CommBank(CBA.AU)$ and $ANZ Group Holdings Ltd(ANZ.AU)$ put on between 0.7% and 1.1%.
Strength in gold stocks helped the materials sector rise 0.5% despite iron-ore miners finishing in the red, while consumer discretionaries and staples rose by 1.1% and 1.3%, respectively. Shares of retailers and food companies gained.
Source: ASX
Source: ASX
AU Evening Wrap: Australia Shares Rise 0.8% Amid Bank, Gold Gains
AU Evening Wrap: Australia Shares Rise 0.8% Amid Bank, Gold Gains
Top News
Lendlease to Exit International Construction, Free Up $2.98 Billion
Australian real-estate developer $Lendlease Group(LLC.AU)$ has announced plans to exit international construction due to a prolonged market downturn. The move will free up 4.5 billion Australian dollars (US$2.98 billion) for capital returns, debt reduction, and local growth. The company will set up a dedicated capital-release unit and plans to release up to A$2.8 billion in capital over the next 12 months. This will begin with an on-market A$500 million buyback, which will kick off shareholder returns. Lendlease expects to record up to A$1.48 billion in charges and impairments in the current fiscal year, including goodwill writedowns against its U.S. and U.K. units.
Rio Tinto and BHP Team Up for Battery-Electric Truck Trials in Australia
$Rio Tinto Ltd(RIO.AU)$ and $BHP Group Ltd(BHP.AU)$ have announced plans to collaborate on battery-electric haul truck trials in the Pilbara region of Australia. The mining companies will test large battery-electric haul trucks from manufacturers Caterpillar and Komatsu, with BHP trialing two Cat 793 haul trucks from the second half of 2024 and Rio Tinto trialing two Komatsu 930 haul trucks from 2026. The companies will share the outcomes of the trials. This move towards battery-electric technology is part of the mining industry's efforts to reduce emissions and transition towards more sustainable operations.
Source: Dow Jones Newswires, AFR, ASX
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