The ASX All Ords (XAO) made a new 52 week high today, hitting a mark of 8,796.70 before tailing off into the close. The index closed at 8,768.60 for a mild 0.018% decline on the day, with resistance often-times found at psychologically rounded numbers such as 8,800. The ASX 200 charted a similar path on the day, making it’s own new high at 8,567.30, before ending the day at 8,538.90 for a 0.034% decline.

Mining Resources firms such as MinRes (ASX:MIN, +14.8%), Pilbara Minerals (ASX: PLS, +12.5%), and Lynas Rare Earths (ASX: LYC, +12.52%) lead the gainers, whilst Capricon Metals (CMM, -4.08%), Regis Healthcare (REG, -4.52%), and Boss Energy (BOE, -3.19%) were notable laggards.

When approaching new highs, it can be healthy for markets to look to take some profits off the table, or look to reassess as a phase of price discovery takes place. The uncertainty surrounding tariffs remain, with the 90 day cut off period on the initial pause moving closer, and tensions between the US and China not exactly easing.

The bounce in lithium stocks could be an element of an oversold reversal, or a slowing of some of the tax-loss selling that looked to have brought some of the names lower. Rare earth restrictions from China, that had appeared to be easing after initial talks between the two largest economies has appeared to benefit Lynas Rare Earths today, with the stock hitting new 52 week highs, and closing significantly higher.

From a sector perspective, whilst the ASX200 Materials closed 0.52% higher, Industrials (-0.33%0, Energy (-0.39%), and Financials (-0.11%) all ended the day lower.

 

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