ASX hits 100-day high on finance and tech rally

The S&P ASX 200 surged 1.4% on Tuesday to set a fresh 100-day high, trading just 0.62% below its all-time peak set in February. The market rally was driven by strong gains in information technology and the financial sector, which touched a new record high in trade.

Macquarie (ASX:MQG) led the financial charge with a gain of 3.13%, while the major banks added between 1.59% and 3% each. Tech stocks also posted robust performances, buoyed by overnight gains on Wall Street.

Information technology stocks jumped more than 3% for the session. Investors are watching the sector closely as broader market volatility often forces a sell-off on minor misses in earnings targets or revenue guidance. When the broader market is already high, even a small deviation from expectations can trigger a sharp decline in share price.

Copper prices offset falling iron ore prices

The materials sector faced a mixed performance. Iron ore prices have slipped to a 13-month low, with Singapore futures trading as low as US$92.85 per tonne before recovering to around US$93.70. Citi noted that prices below US$95 a tonne are edging into dangerous territory, though the broker doesn’t predict major shakeups until the price drops to around US$85/t.

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For Rio Tinto (ASX:RIO), copper prices provided some relief. Rio climbed 1.56% as copper prices edged back toward all-time highs, jumping 0.5% to US$13,870 per tonne. Pure copper plays like Sandfire (ASX:SFR) and Capstone Copper (ASX:CSC) also forged higher, lifting 3.86% and 4% each.

Defence stocks rally

Defence and drone stocks were another point of interest today. Electro Optic (ASX:EOS) surged 9%, Droneshield (ASX:DRO) jumped 14.33%, and Elsight (ASX:ELS) added 6.4%.

Stock movers and shakers

Credit Corp (ASX:CCP) plunged 7.2% on its FY26 results. The company reported net profit after tax of $105.5m, coming in at the midpoint of expectations, but missed revenue estimates by about 1%. Investors were looking for net profit closer to $115m, and the softer revenue figure, combined with an underwhelming FY27 profit prediction, weighed on the stock.

Life360 (ASX:360) surged 10.64% after Macquarie maintained an Overweight rating on the stock, although it trimmed the price target from $33.10 to $31.10. Macquarie noted that the company’s subscription and advertising momentum will likely support a strong result in the upcoming quarter.

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Industrial services specialist Maas Group (ASX:MGH) bounced 7.86% after securing a new AI data centre-related infrastructure order from Firmus. The contract is set to bump the company’s underlying EBITDA to between $300m-$310m, while continuing operations EBITDA stays steady at $130m-$135m.

Lumos Diagnostics (ASX:LDX) has fielded a US$767,800 FebriDx purchase order from PHASE Scientific. Management says the timing is perfect as US healthcare providers prepare for the upcoming flu season.

Future Metals (ASX:FME) has launched an update scoping study program for its Panton platinum group metal-nickel-chromium project in Western Australia. The company points to an improved pricing environment and potential for lower capital requirements as core reasons for the update.