Index Update: The S&P/ASX 200 ended Thursday higher, adding 43.80 points, or 0.47%, to close at 9,271.60 and reach a fresh 100-day high. The benchmark has gained 3.39% over five sessions and now sits just 0.27% below its 52-week peak. Eight of the 11 sectors finished in positive territory, led by Materials, which rose 1.11% and extended its five-day gain to 7.66%. Health Care advanced 0.81%, while Financials and Consumer Staples gained 0.45% and 0.42%, respectively. A-REITs fell 0.94%, while Utilities declined 0.39%. Hopes of a US-Iran agreement to reopen the Strait of Hormuz supported sentiment as local earnings updates continued.

Macro Update: Australia’s seasonally adjusted goods trade surplus increased by AUD 4.296bn in June 2026, according to the ABS. Goods exports rose AUD 4.196bn, or 9.6%, mainly due to non-monetary gold, while imports slipped AUD 100mn, or 0.2%, as fuel and lubricant purchases declined. Globally, Iran and Oman moved closer to a commercial shipping framework for the Strait of Hormuz, although reopening remains uncertain. Meanwhile, US-Iran tensions persisted, Houthi militants claimed another tanker attack in the Gulf of Aden, and Israeli strikes resumed in southern Lebanon.

Top Market Movers: Minerals 260 Limited (ASX:MI6) led the gainers, rising 10.61% to AUD 0.730, followed by Pantoro Gold Limited (ASX:PNR), which advanced 9.95% to AUD 2.430. AMP Limited (ASX:AMP) gained 5.96% to AUD 2.310. Among the decliners, Silex Systems Limited (ASX:SLX) fell 5.31% to AUD 4.820, Deep Yellow Limited (ASX:DYL) declined 2.48% to AUD 1.375, while Aussie Broadband Limited (ASX:ABB) slipped 2.37% to AUD 4.940.

Commodity Update: Currency markets traded cautiously on Thursday as the Japanese yen struggled to hold recent intervention-driven gains, while the U.S. dollar remained near a six-week low ahead of the closely watched U.S. nonfarm payrolls report. Investor sentiment stayed mixed amid uncertainty over a potential U.S.-Iran agreement. Gold advanced 0.75% to USD 4,337.00, silver gained 0.34% to USD 62.50, and copper rose 0.09% to USD 14,121.00. Brent crude oil declined 0.20% to USD 79.28 as easing shipping concerns in the Strait of Hormuz and higher U.S. crude inventories weighed on prices.

Our Stance: The S&P/ASX 200 extended its advance on Thursday, rising 0.47% to 9,271.60 as Materials led eight sectors higher. The benchmark gained 3.39% over five sessions and moved within 0.27% of its 52-week high. Australia’s June goods trade surplus increased by AUD 4.296bn, supported by a 9.6% rise in exports. Gold, silver and copper advanced, while Brent crude eased amid shifting Strait of Hormuz expectations. Minerals 260 Limited (ASX:MI6) and Pantoro Gold Limited (ASX:PNR) topped gains. The market’s momentum remains constructive, although geopolitical uncertainty and upcoming US employment data could test sentiment.

The S&P/ASX 200 Index gained 43.80 points in the latest trading session, forming a strong bullish candlestick pattern that reflects renewed buying interest and improving market sentiment. The index continues to maintain a constructive technical structure, with momentum indicators remaining supportive and suggesting that buyers are actively accumulating during market dips, reinforcing the prevailing uptrend. From a technical perspective, immediate support is positioned near the 9,200 level. As long as the index holds above this key support zone, the broader bullish outlook remains intact, increasing the possibility of further upside movement and a retest of recent highs. A decisive breakout above the recent swing high near 9,200 would further strengthen the bullish setup and may open the path towards the next resistance level around 9,340.50 in the upcoming sessions.