ASX Market Open: Friday retreat to deny local bourse its next all-time high | Feb 7, 2025

The Market Herald
02-07

The Aussie bourse is tipped to take a downturn to end Week 6, with ASX 200 futures pointing to a 0.2% drop, to just over 8,500 points.

There were some suggestions the market could have reset its all-time high.

Yesterday’s bumper 1.2% rise has been followed by caution, though.

Particularly, U.S. traders on Wall Street kept their powder dry for two reasons. They want to see how Amazon’s report reads (it’s soon releasing this morning). January jobs data will be released on Saturday (in Aus), too.

The Bank of England also signalled caution after a hefty 50-basis-point cut, leading U.K. traders to offload shares that are hovering around top price highs.

As we often do, Oz investors seem happy to follow the global lead – and some safe profit-taking may be the order of the day through this red Friday.

On profits, Charter Hall Long (ASX:CLW) and Nick Scali (ASX:NCK) report today.

Also in company moves, Generation Development Group (ASX:GDG) is reportedly moving in on Sydney’s Evidentia Group in a deal The Fin says is worth $320 million.

The Mineral Resources (ASX:MIN) price will be closely watched through to close today too following yet another road train accident for the company; a jumbo truck toppled on the Onslow Iron haul road this week.

Enova Mining (ASX:ENV) has landed a win at its CODA North dig with “multiple significant intercepts” the miner says adds great value to its rare earth mineralisation.

Elsewhere, Lord Resources (ASX:LRD) has picked up prominent gravity anomalies that will now guide its copper exploration at its Ilgarari project.

Looking at forex, the Aussie dollar is buying 62.8 US cents.

To commodities, which are in the greenback,

Iron Ore has hiked 2.4% to $106.25 a tonne in Singapore,

Brent Crude is trading at $74.23,

Gold is trading at $2,863 per ounce, and, 

US natgas futures are at $3.38 per gigajoule.

That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.

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