Wall Street wrapped up the month and quarter on a high, with all three major indices closing at record levels. The S&P 500 rose 0.52% to 6,204.95, the Nasdaq gained 0.47% to 20,369.73, and the Dow added 275 points to finish at 44,094.77. June marked a strong rebound from April lows, with the S&P 500 up nearly 5% for the month and over 10% for the quarter. The Nasdaq led with an 18% quarterly surge, driven by tech momentum and easing inflation pressures. Market sentiment was also boosted by Canada’s withdrawal of a planned digital services tax and optimism ahead of the July 9 tariff deadline, as trade negotiations and a major US tax bill remain in focus.
Commodities were mixed, with oil sliding near US$65 a barrel ahead of an expected OPEC+ supply hike, while gold climbed to US$3,303 and iron ore edged lower. The US dollar weakened further against the euro, which has risen nearly 14% this year. In Australia, ASX futures point to a slightly softer open, down 3 points to 8,534. The ASX 200 finished the financial year up 9.7%, its best result since 2021, having gained 25% since the April lows.
IAG lifts full-year profit guidance after mild disaster season
Insurance Australia Group (ASX:IAG) updated its FY25 guidance after lower-than-expected natural peril costs. Estimated costs totalled around $1.08 billion—approximately $200 million below its allowance—despite recent flooding in NSW. This underpins an upgrade in full-year reported insurance profit guidance to between $1.6bn and $1.8bn, and a higher insurance margin of up to 17.5% (previously capped at 15.5%). Gross written premium growth is expected between 4% and 4.5%, with strong momentum in Australian retail lines offsetting weaker performance in New Zealand commercial insurance.
Biome hits record sales and forecasts first full-year profit
Biome Australia (ASX:BIO) reported record full-year revenue of approximately $18.4 million for FY25, up 41% from FY24. The June quarter brought in $5 million, and the month of June alone saw $2.1 million in sales, up 50% on the prior corresponding period (PCP). The company expects to post a full-year net profit for the first time, along with its sixth consecutive quarter of positive EBITDA. Biome’s lead brand, Activated Probiotics, remains the fastest-growing in its category, and the company has also laid international foundations in Canada, Ireland, the UK and New Zealand. Biome now enters FY26 with a $20 million run rate, and management says it remains on track to reach its Vision 27 cumulative revenue target of over $75 million.
Copper Search secures key HMS tenements, drilling to begin this year
Copper Search (ASX:CUS) announced the granting of two key tenements—EL7071 (“Nilpinna”) and EL7072 (“Eddy”)—for its Heavy Mineral Sands (HMS) project in the Eromanga Basin, South Australia. A 4,000m air-core drilling program is scheduled for Q3–Q4 2025, following heritage surveys with the Arabana Traditional Owners. The company also staked new ground and plans low-cost reconnaissance to build a pipeline of HMS targets. The announcement builds on promising early results from a May grab sample with high zircon and ilmenite content. Separately, the company continues to progress its NSW copper-gold projects and has applied for co-funding for future drilling and geophysics.
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Source: Finance News Network
