ASX200 hits another record high

The S&P/ASX 200 notched higher marking its fifth consecutive record high, driven by renewed optimism following the Reserve Bank of Australia’s rate cut and firm July employment data, which together bolstered expectations for further easing. Financials outperformed, with Westpac Banking Corporation (ASX: WBC) rallying strongly, while Australia and New Zealand Banking Group Limited (ASX: ANZ) and National Australia Bank Limited (ASX: NAB) also posted gains. In materials, miners like Newmont Corporation (ASX: NEM), Northern Star Resources Ltd (ASX: NST), Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Ltd (ASX: FMG), and BHP Group Limited (ASX: BHP) benefited from rising forecasts for gold and iron ore.

Gold Road Resources Limited (ASX: GOR) had its scheme booklet registered with the Australian Securities and Investments Commission, outlining the proposed acquisition by a subsidiary of Gold Fields Limited: shareholders will receive A $2.52 fixed cash component, plus a variable cash consideration tied to their stake in Northern Star, as well as a potential fully franked special dividend. The Independent Expert valued Gold Road between A $2.80 and A $3.28 per share and concluded the scheme is fair and reasonable.

Australian corporate spotlight

Baby Bunting Group Limited (ASX: BBN) jumped after raising profit guidance for FY 2026 beyond forecasts. Ampol Limited (ASX: ALD) surged following its agreement to acquire EG Australia for A $1.1 billion. Amcor plc (ASX: AMC) fell sharply as weak North American volumes weighed on performance. Mirvac Limited (ASX: MGR) posted a modest profit shift to A $68 million for the year to June, though revenue slipped 10 per cent to A $2.74 billion. Cochlear Limited (ASX: COH) rose subtly after its annual profit landed at the lower end of its revised guidance.

U.S. markets slipped, though remain perched at near record highs

Overseas, U.S. equities pulled back: the S&P 500 slid 0.3 per cent, Nasdaq Composite declined 0.4 per cent, and the Russell 2000 contracted 0.6 per cent. Applied Materials, Inc. (NASDAQ: AMAT) slumped roughly 14.1 per cent after issuing weak fiscal fourth-quarter guidance, dragging down peers like KLA Corporation (NASDAQ: KLAC). Opendoor Technologies Inc. (NASDAQ: OPEN) rose about 4.3 per cent amid leadership changes and weak Q2 results. In biotech, Arcutis Biotherapeutics, Inc. (NASDAQ: ARQT) led gains with a 5.7 per cent jump on technical buying interest.