MARKET WRAPS

Evening Wrap: ASX 200 steady as gold, copper and lithium cap magnificent week for miners

The S&P/ASX 200 closed 8.0 points lower, down 0.09%.

Lead Writer and Presenter
Fri 7 Aug 2026, 17:23 AEST (2h ago)
12 min read

Mentioned

In this article

The ASX 200 ended the week marginally lower on Friday as Iran's threat to bar US and Israeli ships from the proposed Strait of Hormuz deal sent oil climbing above US$83/bbl and raised fresh doubts about whether the so-called "MoU 2.0" would prove more durable than its predecessor. Gold, copper, and rare earths and critical minerals stocks were the biggest winners, as the ASX finished its best weekly performance in months, up 3.2%.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap. Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let’s dive in!


Today in Review

Name
Value
% Chg
Major Indices
ASX 2009,263.6
-0.09%
All Ords9,445.1
-0.07%
Small Ords3,527.7
+0.39%
All Tech3,148.3
-0.17%
Emerging Companies2,987.4
+0.49%
Currency
AUD/USD0.7032
0.00%
US Futures
S&P 5007,738.25
+0.05%
Dow Jones53,943.0
-0.13%
Nasdaq29,573.5
+0.29%
Name
Value
% Chg
Sector
Materials24,937.9
+1.32%
Information Technology1,919.0
+0.77%
Energy10,436.3
+0.58%
Consumer Staples13,529.1
+0.11%
Communication Services1,661.5
-0.04%
Real Estate3,683.2
-0.06%
Utilities9,510.7
-0.44%
Consumer Discretionary4,100.0
-0.52%
Industrials8,576.3
-0.62%
Health Care27,976.2
-0.92%
Financials10,030.9
-0.95%

ASX 200 Intraday Chart

ASX 200 Intraday Chart

Markets

The S&P/ASX 200 (XJO) finished  points lower at 9,263.6, 0.5% from its session low and just 0.1% from its high. Despite the dip at benchmark level, in the broader-based S&P/ASX 300 (XKO) advancers still managed to sneak past decliners by 145 to 135.

For the week, the XJO finished up 287 points or 3.2% higher, 3.6% from its intraweek low and 0.4% from its intraweek high.

Gold Futures (Front month, back-adjusted) COMEX chart_7 Aug.png
Gold Futures (Front month, back-adjusted) COMEX chart

The Gold Sub-Index (XGD) (+3.4%) made it four consecutive sessions of gains for the sector, extending a week that has produced returns among the best since early 2024. COMEX gold futures gained 1.2% to US$4,353/oz and COMEX silver futures surged 3.8% to US$63.96/oz as excitement about the recent bounce gained momentum among traders.

Black Cat Syndicate (BC8) (+6.7%), Genesis Minerals (GMD) (+6.1%), Evolution Mining (EVN) (+3.1%), Regis Resources (RRL) (+3.4%), and Newmont (NEM) (+2.7%) all advanced strongly.

Rare earths and critical minerals were the other standout sub-theme within Materials on Friday, catching a wave of buying that appears to reflect both the AI infrastructure demand narrative and renewed geopolitical focus on Western supply chain security. Chalice Mining (CHN) (+8.8%), Iluka Resources (ILU) (+4.4%), and Lynas Rare Earths (LYC) (+3.5%) were all sharply higher.

Materials (XMJ) (+1.3%) was more broadly positive, with copper the base metals standout — COMEX copper futures tipped a record high of US$6.866/lb overnight before easing to US$6.743/lb in Asian trade. Base metals specialists posted strong results: Aurelia Metals (AMI) (+7.0%), Aeris Resources (AIS) (+6.2%), and South32 (S32) (+2.5%) all advanced.

High Grade Copper Futures (Front month, back-adjusted) COMEX chart_7 Aug.png
High Grade Copper Futures (Front month, back-adjusted) COMEX chart

James Hardie Industries (JHX) (+5.8%) was the sector's largest individual company mover after quarterly income surged 67% to US$104.3 million. SGX iron ore futures eased 0.9% to US$95.30/t — an underperformance that kept the major iron ore-exposed names in check.

Energy (XEJ) (+0.6%) bucked the week's prevailing pattern, moving in the same direction as mining rather than against it. Hey, the oil price was up, that makes sense (mining is just on such a tear at the moment — it didn't care!).

ICE Brent crude futures surged 3.8% overnight before adding a further 1.3% to US$83.55/bbl in Asian trade. Ampol (ALD) (+0.9%), Woodside Energy (WDS) (+0.5%), and Santos (STO) (+0.4%) were all modestly firmer.

Information Technology (XIJ) (+0.8%) extended its weekly risk-on run despite mixed leads from the US tech sector overnight. WiseTech Global (WTC) (+4.3%) continued its recovery, with Catapult Sports (CAT) (+2.5%), Appen (APX) (+1.8%), and Xero (XRO) (+1.5%) also advancing.

Financials (XFJ) (-1.0%) bore the day's most concentrated capital outflow. The dynamic is well established — in the Australian market, there is typically only so much active money chasing a theme at any given time, and this week the entire thematic basket was pointed squarely at resources. Whatever wasn't in that basket was a source of funds.

Westpac (WBC) (-1.6%), National Australia Bank (NAB) (-1.1%), Macquarie Group (MQG) (-1.0%), Commonwealth Bank (CBA) (-1.0%), and ANZ (ANZ) (-1.0%) all fell as pre-earnings trimming added to the rotation-driven selling.

Health Care (XHJ) (-0.9%) gave ground for the same rotational logic, with one significant company-specific addition. ResMed (RMD) (-8.3%) was the worst performer in the sector after flagging it would raise some product prices to combat inflation in its full-year results — and many read this as a warning sign about underlying margin pressure. Regis Healthcare (REG) (-2.0%), Pro Medicus (PME) (-1.1%), and Ebos Group (EBO) (-1.0%) were also lower.

Consumer Staples (XSJ) (+0.1%) was essentially flat — scant demand on a risk-on day where hot money had no interest in grocery chains and food distributors. The A2 Milk Company (A2M) (-1.9%) and Coles (COL) (-0.7%) were the softer names within a sector that barely registered on the day's radar.

In other commodities moves, GFEX lithium carbonate futures in China gained 1.1% to CNY 143,020/t — yet, arguably, the commodity price recovery was dwarfed by equity price enthusiasm! Liontown Resources (LTR) (+9.3%) and Pilbara Minerals (PLS) (+6.5%) led a strong lithium cohort recovery, with Elevra Lithium (ELV) (+6.6%), Core Lithium (CXO) (+5.6%), and Mineral Resources (MIN) (+3.8%) all also nicely higher. 🔋


Today's best ASX Top 300 gainers

Company
Last Price
Change $
Change %
1mo %
1yr %
Liontown (LTR)$1.18+$0.10+9.3%-28.7%+39.6%
Telix Pharmaceuticals (TLX)$16.19+$1.15+7.6%-6.8%-11.0%
Elevra Lithium (ELV)$8.38+$0.52+6.6%-17.3%+123.5%
PLS Group (PLS)$4.58+$0.28+6.5%-10.9%+158.8%
Genesis Minerals (GMD)$7.13+$0.41+6.1%+18.2%+77.8%
James Hardie Industries Plc (JHX)$43.18+$2.36+5.8%+16.4%+0.9%
Capricorn Metals (CMM)$15.59+$0.85+5.8%+9.9%+59.2%
Vault Minerals (VAU)$5.84+$0.30+5.4%+14.7%+113.9%
Neuren Pharmaceuticals (NEU)$22.72+$1.16+5.4%+36.5%+29.5%
Light & Wonder Inc. (LNW)$124.30+$6.22+5.3%+14.3%-7.1%
Predictive Discovery (PDI)$0.76+$0.035+4.8%+1.3%+68.9%
West African Resources (WAF)$3.48+$0.16+4.8%+18.0%+30.8%
Alkane Resources (ALK)$1.535+$0.07+4.8%+5.9%+84.9%
AMP (AMP)$2.42+$0.11+4.8%+45.3%+38.3%
Iluka Resources (ILU)$7.08+$0.30+4.4%+2.9%+22.7%
Vulcan Energy Resources (VUL)$2.86+$0.12+4.4%-6.2%-7.6%
Emerald Resources NL (EMR)$6.25+$0.26+4.3%+8.1%+75.6%
Southern Cross Gold Consolidated (SX2)$11.20+$0.46+4.3%+13.9%+103.6%
Wisetech Global (WTC)$40.98+$1.68+4.3%+15.9%-64.9%
Westgold Resources (WGX)$5.67+$0.23+4.2%+15.0%+95.5%

Today's worst ASX Top 300 losers

Company
Last Price
Change $
Change %
1mo %
1yr %
4DMedical (4DX)$4.22-$0.42-9.1%-3.2%+788.4%
ResMed Inc. (RMD)$28.87-$2.61-8.3%-6.5%-32.9%
Echo IQ (EIQ)$1.47-$0.08-5.2%-9.8%+617.1%
EQ Resources (EQR)$0.305-$0.015-4.7%+8.9%+771.4%
DroneShield (DRO)$2.18-$0.10-4.4%-13.5%-46.7%
PYC Therapeutics (PYC)$2.04-$0.09-4.2%+31.2%+67.8%
Block, Inc. (XYZ)$113.73-$4.69-4.0%+0.3%-2.3%
SKS Technologies Group (SKS)$8.27-$0.33-3.8%-2.6%+230.8%
Regal Partners (RPL)$2.80-$0.10-3.4%-9.4%-9.1%
Macmahon Holdings (MAH)$0.995-$0.035-3.4%+14.4%+180.3%
Zip Co (ZIP)$2.86-$0.10-3.4%-11.2%-16.6%
Air New Zealand (AIZ)$0.355-$0.01-2.7%-1.4%-33.6%
Tabcorp Holdings (TAH)$0.89-$0.025-2.7%+9.2%+20.3%
Brazilian Rare Earths (BRE)$4.35-$0.11-2.5%0.0%+89.1%
Dalrymple Bay Infrastructure (DBI)$5.55-$0.14-2.5%-2.6%+15.6%
Fortescue (FMG)$18.02-$0.43-2.3%-2.7%-2.6%
Beach Energy (BPT)$0.865-$0.02-2.3%+2.4%-30.2%
HMC Capital (HMC)$3.08-$0.07-2.2%+2.0%-12.3%
Pinnacle Investment Management Group (PNI)$18.83-$0.42-2.2%+4.9%-25.7%
Regis Healthcare (REG)$6.30-$0.13-2.0%-6.5%-28.4%

Chartwatch

Nasdaq Composite Index

Nasdaq Composite Index chart

Analysis

Ditto yesterday’s analysis / candle. Modest supply side showing. Not enough to undo even the last demand side candle — let alone put a dent in the larger move from 24425.

Nothing to see here. No change to the Analysis. No change to the Accept. No change to the Act.

NEXT! (candle and volume combo!)

View

I am 2/3RP on US stocks. (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100%).

Key Levels

26789-27191 is the key zone of supply vs the short term trend ribbon (presently 25663-25686) is the key zone of demand.


S&P/ASX 200 (XJO)

S&P/ASX 200 (XJO) chart

Analysis

Hands up if today’s candle surprised you in any way?

Nope. I didn’t think so.

And that’s a very good thing: when the market pretty much does exactly what we’d expect — when the price action is consistent with the control that we’ve ascertained is in the demand-supply environment.

For those who are new to ChartWatch, I’m referring to today’s candle and its downward pointing shadow — that’s the vertical line bit sticking out/down from the small black box bit.

Downward pointing shadows represent where the price didn’t stay (i.e., the bottom of the shadow). Price fell during the session, but demand stepped in to soak up the excess supply caused the drop, soon overwhelming it. The demand side then remained in control for the rest of the session, with the price closing near the session’s high.

High closes are associated with strong excess demand: unquenched buying pressure (the only thing that stopped the demand side buying more was ding, ding, ding, ding!!! The closing bell). Today, the price didn’t close exactly at the session’s high — but hey, it’s Friday… Two day’s risk without the ability to trade — it was still a good result.

And when we combine today’s result with the broader trends (ST ⬆️ & LT⬆️) price action (rising peaks and rising troughs = supply removal and demand reinforcement) and benign volume — we get a consistent picture of demand side control.

If you can make a strong case that the market is in a state of demand side control, then MOTN, the price, P, should go up! D > S = P ⬆️

View

I am FRP on Aussie stocks. (My personal allowable capital allocation limit for my investments in ASX stocks is now 100%).

Key Levels

There is no key point of supply to contend with, while demand is at 8940 and then at the short term uptrend ribbon (presently 8904-8962).

(Glossary of acronyms! Old Tin Pot (OTP): S&P/ASX 200 | MOTN: More Often Than Not | FOMO: Fear Of Missing Out | HOFU: Holding On For Upside | BTD: Buy The Dip | NUTE: No Urgency To Enter | FOHO: Fear Of Holding On | STR: Sell The Rally | RP: Risk Position | FFS: Fund Flow Shenanigans!)

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Economy

TODAY

  • No major economic data releases in our time zone today...

LATER THIS WEEK

Friday

  • 10:30 USA July Non-Farm Payroll (employment) Data

    • Employment change: +88,000 forecast vs +57,000 in June

    • Unemployment Rate: 4.2% forecast, unchanged

    • Average Hourly Earnings: +0.3% m/m forecast, unchanged


Interesting Movers

Trading higher

  • American Tungsten and Antimony (AT4) $0.06
    +28.0%

    No news today, but yesterday announced commencement of the ramp-up and expansion planning at the company's Del Sol Refinery (Nevada, USA) and the White Spar Antimony Mine (Arizona, USA).

  • AVITA Medical, Inc. (AVH) $1.52
    +18.4%

    Released second quarter and half yearly results. Q2 net revenue grew 18% year over year and 13% sequentially quarter-over-quarter to a record $21.7 million. Gross profit margin of 81.9%, an increase of 70 basis points year-over-year as expenses fell 6%.

  • Liontown (LTR) $1.19
    +9.9%

    No news today, performance reflected general strength in the broader lithium sector. Benchmark GFEX lithium carbonate futures contract price rose today, appears to be steadying after recent sharp falls.

  • New Murchison Gold (NMG) $0.06
    +9.8%

    No news, performance reflected general strength in the broader previous metals sector.

  • Chalice Mining (CHN) $1.37
    +9.4%

    No news, performance reflected general strength in the broader rare earths and critical minerals sector.

  • Chrysos Corporation (C79) $6.37
    +8.0%

    No news. 🤔

  • Telix Pharmaceuticals (TLX) $16.19
    +7.7%

    No news. 🤔

  • PLS Group (PLS) $4.63
    +7.6%

    No news today, performance reflected general strength in the broader lithium sector. Benchmark GFEX lithium carbonate futures contract price rose today, appears to be steadying after recent sharp falls.

  • PMET Resources Inc (PMT) $0.46
    +7.6%

    No news today, performance reflected general strength in the broader lithium sector. Benchmark GFEX lithium carbonate futures contract price rose today, appears to be steadying after recent sharp falls.

  • Adairs (ADH) $1.50
    +6.4%

    No news. 🤔

  • Black Cat Syndicate (BC8) $1.11
    +6.2%

    No news, performance reflected general strength in the broader previous metals sector.

  • Elevra Lithium (ELV) $8.33
    +6.0%

    Sold all of its rights, interests and obligations associated with the Tabba Tabba project (E45/2364) to Wildcat Resources (WC8), with Wildcat assuming full ownership. Elevra will receive total consideration of $16 million plus
    an ongoing royalty. Also, performance reflected general strength in the broader lithium sector. Benchmark GFEX lithium carbonate futures contract price rose today, appears to be steadying after recent sharp falls.

  • Austral Resources Australia (AR1) $0.07
    +5.9%

    QIC Queensland Critical Minerals Fund invested $15 million in AAR through a non-dilutive royalty financing arrangement. The will be used to support a Stage 2 expansion of the company's Rocklands processing facility, initially funding a scoping study.

  • Predictive Discovery (PDI) $0.77
    +5.9%

    No news, performance reflected general strength in the broader previous metals sector.

  • Capricorn Metals (CMM) $15.60
    +5.8%

    No news, performance reflected general strength in the broader previous metals sector.

  • Genesis Minerals (GMD) $7.11
    +5.7%

    No news, performance reflected general strength in the broader previous metals sector.

  • James Hardie Industries Plc (JHX) $42.54
    +4.2%

    Announced its results for the June quarter. Earnings were ahead of consensus forecasts and with the company's recent FY guidance upgrade.

Trading Lower

  • ResMed Inc. (RMD) $29.00
    -7.9%

    Delivered a solid set of FY26 numbers: revenue in line with forecasts, a slight earnings beat and a 10% dividend increase, but US, Canada and Latin America device revenue of $459m came in just shy of the $462.3m consensus.

  • WAM Active (WAA) $1.06
    -7.8%

    Announced July NTA data / results. NTA fell from 115.45c in June to 100.30c. The fund holds several early stage tech and biotech companies that pulled back sharply in July.

  • 4DMedical (4DX) $4.33
    -6.7%

    No news. Pulling back from a recent strong rally.

  • Alligator Energy (AGE) $0.04
    -6.4%

    Substantial shareholder notice from Morgan Stanley, now owns 5.08% on the basis of: Holder of securities subject to an obligation to return under a securities lending or prime brokerage agreement. Read as facilitating a big "short seller"!

  • DroneShield (DRO) $2.19
    -4.2%

    Substantial shareholder notice from Citi, now owns 5.06% on the basis of: Agent Lender and as the holder of securities subject to an obligation to return under a securities lending agreement. Read as facilitating a big "short seller"!


Broker Moves

Company
Broker
Action
Rating
Price Target
ACLAustralian Clinical Labs
Goldman SachsDowngraded
Sell
$2.08
AGLAGL Energy
Morgan StanleyRetained
Underweight
$9.28
AMPAMP
CitiRetained
Buy
$2.60
Goldman SachsRetained
Neutral
$2.15
JardenRetained
Neutral
$2.40
JPMorganRetained
Overweight
$2.40
MacquarieRetained
Neutral
$2.28
Ord MinnettRetained
Accumulate
$2.50
UBSRetained
Buy
$2.61
ARBARB Corporation
CitiRetained
Neutral
$17.40
AUEAurum Resource
Canaccord GenuityRetained
Speculative Buy
$1.40
AZYAntipa Minerals
Canaccord GenuityRetained
Speculative Buy
$1.00
BPTBeach Energy
Bell PotterRetained
Hold
$0.95
Canaccord GenuityRetained
Buy
$1.15
CitiRetained
Sell
$0.80
CLSARetained
Hold
$0.80
MacquarieRetained
Underperform
$0.75
Ord MinnettRetained
Hold
$1.04
RBC Capital MarketsRetained
Sector Perform
$1.05
UBSRetained
Sell
$0.82
BRGBreville Group
Ord MinnettRetained
Buy
$37.20
COLColes Group
UBSDowngraded
Neutral
$25.50
CQRCharter Hall Retail REIT
CitiInitiated
Buy
$4.50
EVNEvolution Mining
UBSRetained
Neutral
$13.00
JHXJames Hardie Industries Plc
Morgan StanleyRetained
Overweight
$42.00
KYPKinatico
Bell PotterRetained
Buy
$0.36
Shaw and PartnersRetained
Buy
$0.38
NCKNick Scali
CitiRetained
Neutral
$14.50
NSTNorthern Star Resources
UBSRetained
Buy
$24.05
NWSNews Corporation
MacquarieRetained
Outperform
$49.75
UBSRetained
Buy
$58.00
NXGNexGen Energy (Canada)
UBSRetained
Buy
$18.50
PNIPinnacle Investment Management Group
Ord MinnettRetained
Buy
$23.40
PNRPantoro Gold
UBSRetained
Buy
$3.60
PXAPEXA Group
MacquarieRetained
Outperform
$15.15
REAREA Group
Bell PotterRetained
Sell
$147.00
CitiRetained
Buy
$182.75
JardenRetained
Neutral
$183.00
JPMorganRetained
Overweight
$200.00
MacquarieRetained
Neutral
$170.00
MorgansRetained
Buy
$203.00
Ord MinnettRetained
Buy
$225.00
RBC Capital MarketsRetained
Sector Perform
$197.00
UBSRetained
Neutral
$177.00
RMDResMed Inc.
CitiRetained
Neutral
$34.00
MorgansRetained
Buy
$40.97
RMSRamelius Resources
UBSRetained
Buy
$4.80
TORTorque Metals
Canaccord GenuityRetained
Speculative Buy
$0.55
WGXWestgold Resources
UBSRetained
Buy
$7.75
WOWWoolworths Group
UBSDowngraded
Sell
$39.00

Scans

Top Gainers

Code
Company
Last
% Chg
WNXWellnex Life Ltd$0.115+109.09%
AEIAeris Environmental Ltd$0.035+52.17%
ALBAlbion Resources Ltd$0.056+43.59%
QEMQEM Ltd$0.022+29.41%
AT4American Tungsten & Antimony Ltd$0.062+24.00%
View all top gainers

Top Fallers

Code
Company
Last
% Chg
L1MLightning Minerals Ltd$0.012-20.00%
MEGMegado Minerals Ltd$0.018-18.18%
ICLIceni Gold Ltd$0.021-16.00%
IS3I Synergy Group Ltd$0.17-15.00%
RASRagusa Minerals Ltd$0.017-15.00%
View all top fallers

52 Week Highs

Code
Company
Last
% Chg
SNXSierra Nevada Gold Inc$0.09+14.65%
AMIAurelia Metals Ltd$0.38+7.04%
AU1The Agency Group Australia Ltd$0.034+6.25%
OILOptiscan Imaging Ltd$0.17+6.25%
VMMViridis Mining and Minerals Ltd$4.32+5.37%
View all 52 week highs

52 Week Lows

Code
Company
Last
% Chg
ICLIceni Gold Ltd$0.021-16.00%
RASRagusa Minerals Ltd$0.017-15.00%
CHWChilwa Minerals Ltd$0.725-12.65%
RMYRma Global Ltd$0.022-12.00%
BPGBlack Pearl Group Ltd$0.295-11.94%
View all 52 week lows

Near Highs

Code
Company
Last
% Chg
GLPRiShares Ftse GBL Property Ex Aus (Aud Hedged) ETF$29.22+0.17%
RHCRamsay Health Care Ltd$44.32+1.77%
AN3PIAustralia and New Zealand Banking Group Ltd$103.04-0.40%
WVOLiShares MSCI World Ex Aust Minimum Volatility ETF$46.06+0.07%
PYCPYC Therapeutics Ltd$2.13+1.43%
View all near highs

Relative Strength Index (RSI) Oversold

Code
Company
Last
% Chg
LOTLotus Resources Ltd$0.2350.00%
BBOZBetashares Aus Equities Strong Bear Complex ETF$19.19-1.08%
CNICenturia Capital Group$1.48+0.34%
AXQAura Consolidated Group, Inc$3.08+2.33%
MYRMyer Holdings Ltd$0.2150.00%
View all RSI oversold

ABOUT THE AUTHOR

Lead Writer and Presenter

Carl brings more than 30 years of investing experience and a track record of helping thousands of investors navigate every kind of market. A highly regarded commentator on global macro trends and their impact on Australian and US equities, he is also one of Australia's most recognised educators in technical analysis — having taught his distinctive price-action trend following methodology to two generations of investors.

07/08/2026