The key takeaways from the last 24 hours

ASX finishes higher as CBA hits new peak, Xero rallies on profit boost, employment gains

The local market posted another positive day, buoyed by the Commonwealth Bank (ASX:CBA) which added 1.3 per cent to reach a new all-time high, despite growing commentary around its recent strength. Six of the 11 sectors finished higher, led by technology, on the back of global buying of the likes of NVIDIA (NYSE:NVDA). WiseTech (ASX:WTC) managed another 2 per cent gain while accounting software Xero (ASX:XRO) surged on the back of a strong earnings result. Management reported a 30 per cent increase in profit as the company continues to increase revenue per user, with revenue up 23 per cent to NZ$2.1 billion, on the back of a 6 per cent increase in subscribers to 4.4 million globally. Wesfarmers (ASX:WES) was a beneficiary of stronger employment data with shares gaining more than 2 per cent following news of a 89,000 person jump in employment and unemployment remaining steady at 4.1 per cent. 

NRW Holdings tanks on Whyalla deal, Mayne Pharma confirmed take over bid, IAG up on Perth purchase

Shares in service provider NRW Holdings (ASX:NRW) fell by more than 8 per cent after the company warned of a possible $113 million impairment in relation to its work at the Whyalla steelworks. The company is concerned that a decision by the government to move the assets into being ‘infrastructure’ as opposed to personal property would impact on its ability to collect on the debts it is owed. Insurance Australia Group (ASX:IAG) gained strongly after announcing the acquisition of The Royal Automotive Club of Western Australia’s insurance business for $400 million, representing another 1.3 million members. Mayne Pharma (ASX:MYX) managed an 8 per cent gain as an independent review of a takeover bid from Cosette for $672 million was seen to be in the best interests of shareholders.

S&P500 delivers fourth straight day of gains, Walmart rallies on solid result, Meta down on delays

The S&P500 delivered a fourth straight day of gains, adding 0.4 per cent while the Canadian share market hit an all-time high after rallying for eight days in a row. The Nasdaq was unchanged, but the Dow Jones gained 0.7 per cent as the rally in technology turned to one of old-fashioned dividend paying companies. Walmart (NYSE:WMT) was the latest to deliver a solid result, with sales growing 4.5 per cent during the quarter, far better than expected, but the share price little changed. US producer price inflation fell, while growth in retail sales slowed considerably after the latest tariff announcements in a threat to the domestic economy. Shares in Meta Platforms (NYSE:META) were 2 per cent lower, after the company flagged a delay in the rollout of its flagship AI model.