the COB: earnings watch

With mining stocks extending their rally, the S&P/ASX 200 closed 0.47% higher to 8,861.70 points this Thursday. These gains offset Wall Street-induced weaknesses in the tech sector. 

BHP closed in on CBA as the highest market capitalisation of the index, with the diversified miner gaining a solid 2.6%. It was also on the day it partnered with Rio Tinto to work on iron ore mining at neighbouring mines in the Pilbara.

Meanwhile, commodities like gold and oil were higher overnight on fears the situation in Iran is deteriorating. However US President Donald Trump later stalled the possibility of a US intervention, which reversed oil prices. And most gold stocks ended lower after an impressive rally. Evolution Mining shed 1.4% in today’s trade. 

The tech sector was also lagging after US investors retreated from AI stocks and into defensive positions. 

Elsewhere, Treasury Wine Estates dropped by 4.9%, being downgraded to a ‘sell’ by Citi, following further US distribution concerns.

The US earnings season continues overnight, with TSMC, Morgan Stanley and Goldman Sachs releasing results..