ASX 200 LIVE: Broad Rally Lifts ASX Higher While Stockland Rallies and Platinum Rejects Bid

ASX Rises Amid Broad Rally

The Australian Securities Exchange (ASX) experienced a significant gain today, with the benchmark S&P/ASX 200 Index increasing by 0.8%, or 63.4 points, reaching 8189.5 at noon. This remarkable rise comes despite Wall Street's conservative close, where the Dow Jones fell by 0.7%. All 11 sectors have shown positive performance, signaling a robust market.

Sector Performance

The consumer discretionary sector led gains, with Wesfarmers jumping 1.5%, Aristocrat rising 1.4%, and JB Hi-Fi climbing 2.6%. Major miners also saw increases, benefiting from a higher iron ore price influenced by China's recent economic stimulus. Rio Tinto reported a rally of 1%.

Corporate Updates

In corporate news, Washington H Soul Pattinson reported a 27.8% decrease in net profit to $498.8 million for FY24 but saw shares rise 0.9%. Platinum Asset Management's shares slipped 0.3% after rejecting Regal Funds Management's takeover bid, stating the proposal undervalues the company. Furthermore, Stockland shares rallied 1.1% after securing ACCC approval for its acquisition of 12 Lendlease residential parks. Brickworks shares soared 5.4% despite reporting a net loss of $119 million due to a property devaluation.