ASX rises, buoyed by a rally in the major banks and the materials sector

The Australian sharemarket climbed at the open, buoyed by a rally in the major banks and the materials sector.
The benchmark S&P/ASX 200 Index rose 0.9 per cent, or by 79.5 points to 8978.9 at the start of trade, with eight out of the 11 sectors in the green. That's following a mixed result on Wall Street when the Dow Jones was up 0.4 per cent, S&P 500 down 0.2 per cent and the tech heavy Nasdaq declining 0.8 per cent.
Overnight, Wall Street turned lower into the closing bell when President Donald Trump lashed out again at China.
"I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act," Trump posed on his social media platform.
A short time earlier, during an event at the White House, Trump said: "We have to be careful with China. Look, I have a great relationship with President Xi (Jinping), but sometimes it gets tested because China likes to take advantage of people, and they can't take advantage of us. But we have a fair relationship with China, and I think it will be fine."
On the ASX, the financials sector was among the best performers with index heavyweight Commonwealth Bank climbing 1.9 per cent. National Australia Bank rose 1.4 per cent, ANZ up 1 per cent and Westpac jumping 1.7 per cent. The prudential regulator has removed a $500 million capital penalty imposed on Westpac after its money laundering scandal saying the bank has completed its multi-year risk transformation program.
Elsewhere in the sector, Bank of Queensland rallied up to nearly 4 per cent after it raised its dividend and reported an improved annual profit, buoyed by commercial lending which offset a shrinking mortgage book. Cash profit climbed 12 per cent to $383 million in the 12 months ended August 31. The bank declared a fully franked final dividend of 20 per share, up from an interim payment of 18.
Mining stocks were also in the green, with BHP up 0.8 per cent and Fortescue rallying 1 per cent. Rio Tinto added 0.3 per cent.
Stocks in focus
The chairman of cans and bottles makers Orora says the Saverglass business in France which it acquired in 2023 for $2.2 billion has not met expectations but he believes cost-cutting and restructuring will enable a long-term turnaround. Shares were 2.2 per cent higher.
The Australian Competition and Consumer Commission has launched a probe into Southern Cross Media's proposed takeover of Seven West Media, flagging concerns it may reduce competition for advertisers and audiences. Seven West dropped 1.8 per cent.
DroneShield has a launched a new software platform called DroneSentry-C2 Enterprise and says its received the first order of the software with a European customer with multiple sites at the European Eastern flank. Shares dropped 3.7 per cent.
Gold producer Evolution Mining shares fell 1.3 per cent even as the company said it was on track to deliver FY26 production and cost guidance, according to the miner's latest trading update. The miner's all-in sustaining costs was recorded at $1724 an ounce.

Sumber : AFR