Daily Market Update: 23 September 2025

ASX boosted by US rate cut hopes, iron ore, gold miners rally, Newmont up on asset sale

The local market posted a 0.4 per cent gain to start the final week of the quarter, with six sectors finishing positive, but the materials sector the standout, gaining 2.6 per cent. Both real estate and energy were hit, down more than 0.6 per cent on more company-specific news. In mining terms, both Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Ltd (ASX: FMG) gained more than 2 per cent as iron ore, copper and lithium prices all rallied over the weekend. It was a more modest gain for BHP Group Ltd (ASX: BHP) amid news that Chinese steel mills were slowing demand for its core product amid tensions around new contract negotiations. In positive news, the company is said to be in discussions with Global Infrastructure Partners to sell off non-core infrastructure assets they own. But today was all about gold, as the precious metal approached another all-time high, sending the likes of Regis Resources Limited (ASX: RRL) up 8.9 per cent and Newmont Corporation (ASX: NEM) 4.7 per cent, after the latter made 666 million dollars from selling its Orla mine.

Viva Energy tanks on resignation, Starpharma gains on cancer therapy deal, Reece announces buyback

Viva Energy Group Ltd (ASX: VEA) shares tanked by more than 8 per cent after the company announced the resignation of Jevan Bouzo, the head of its convenience and mobility division, who had led the acquisitions of Coles Express, OTR and Liberty in recent years. The change marks the end of acquisitions and a turn to consolidation. Little known cancer firm Starpharma Holdings Limited (ASX: SPL) gained more than 70 per cent after the company confirmed a licensing agreement with global giant Roche Group, which would support the development of new cancer therapies. While the initial payment of just 5.5 million US dollars is modest, the deal could increase to as much as 564 million US dollars. Plumbing supplies group Reece Limited (ASX: REH) saw a strong turnaround following recent struggles, with shares gaining 14 per cent after confirming plans for a 250 million dollar share buyback, despite a challenging outlook in the US.

S&P 500 hits 28th record high of 2025, NVIDIA and OpenAI in massive deal

The S&P 500 Index (NYSE: SPX) surged to another record high overnight, the 28th of the year, with the index gaining 0.4 per cent. The NASDAQ Composite Index (NASDAQ: IXIC) was also up 0.7 per cent amid a broad rally in the Magnificent Seven stocks led by NVIDIA Corporation (NASDAQ: NVDA). The company announced a massive 100 billion US dollar investment into AI model platform OpenAI in a further expansion of artificial intelligence investment. Apple Inc (NASDAQ: AAPL) gained 4 per cent, moving into positive territory for the year, following a series of new product launches. All eyes are focused on jobs and inflation data this week, with many suggesting last week’s rate cut was just the beginning as the central bank seeks to offset weakening employment. Shares in crypto-linked businesses sank, including Coinbase Global Inc (NASDAQ: COIN), as key currencies fell following the unwinding of bullish bets. Oracle Corporation (NYSE: ORCL) gained more than 7 per cent after the White House confirmed it was engaged to recreate the popular TikTok algorithm to enable a potential sale of the US business to local buyers.