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Australian ASX rallies on mining gains as Fortescue reports $747m impairment
The S&P/ASX200 index rose about 0.2% to roughly 8,985, marking its best weekly advance since April. Mining stocks led the rally, with BHP Group and Rio Tinto sharing gains while Fortescue Metals Group fell after announcing a tax impairment of US$525 million (approximately A$747 million).
Gold miners rebounded as the gold price firmed to around US$4,085 per ounce, lifting the local gold sub‑index. Uranium stocks also recovered, reflecting renewed confidence linked to artificial‑intelligence and data‑centre demand. Energy firm Origin Energy highlighted growing demand from data centres, and Deep Yellow CEO Greg Field reiterated opposition to building nuclear reactors in Australia.
The market momentum came amid broader optimism from Wall Street, with strong US technology earnings and a surprise dip in US inflation easing concerns about higher interest rates. Analysts expect continued investor focus on the upcoming corporate reporting season.
Entities
Australian Securities Exchange (ASX) · BHP Group · Beforepay Group Ltd · Chilwa Minerals Ltd · Fortescue Metals Group · Greg Field · Origin Energy · Rio Tinto · Rio Tinto Group
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Westpac shares were at A$38.30, up 0.4% on the day, with UBS reiterating a buy rating and a $45 price target.
- [● 2 SOURCES] Mining stocks led gains, with BHP and Rio Tinto posting advances.
- [○ 1 SOURCE] Chilwa Minerals more than doubled its mineral resource at Mpyupyu to 109.6 million tonnes.
- [○ 1 SOURCE] Analysts upgraded ratings on several ASX shares, including Westpac, Mineral Resources and Whitehaven Coal.
- [● 2 SOURCES] The S&P/ASX200 index was up about 0.2% to roughly 8,985 during the trading day.
- [○ 1 SOURCE] Beforepay Group recorded a record June quarter profit before tax of A$2.4 million and revenue up 43% to A$14.8 million.
- [● 2 SOURCES] Gold prices rebounded above US$4,100 per ounce, lifting gold miners.
- [● 2 SOURCES] Fortescue Metals Group fell after announcing a US$525 million tax impairment.
- [● 2 SOURCES] Deep Yellow CEO Greg Field said “absolutely not” to building local nuclear reactors. www.finnewsnetwork.com.au · www.sharecafe.com.au
- [● 2 SOURCES] Fortescue Metals Group announced a tax impairment of US$525 million (approximately A$747 million). www.finnewsnetwork.com.au
- [● 3 SOURCES] Australian shares posted their best weekly advance since April. www.finnewsnetwork.com.au · www.sharecafe.com.au
- [● 2 SOURCES] Origin Energy reported increased demand from data centres. www.finnewsnetwork.com.au · www.sharecafe.com.au