ASX 200 closes at record as banks rally, resources drag
A 0.8% advance left the benchmark at a fresh all-time high, with the major lenders doing the heavy lifting as iron ore names slid on softer Chinese data.
Marcus Pereira
Senior Markets Correspondent · Wednesday 3 June 2026 · 3 min read
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The S&P/ASX 200 closed up 0.8% at a record high, led by the financials sector as the four majors each added more than 1%.
Materials was the lone sector in the red, with the large-cap iron ore miners falling after Chinese steel output data undershot expectations.
Turnover was heavier than the 20-day average as index funds rebalanced ahead of quarter-end.
Breadth was healthy: more than two-thirds of the index advanced, suggesting the move was not narrowly concentrated.
Investors now look to offshore leads, with US payrolls due Friday and a heavy domestic earnings calendar next week.
Marcus Pereira
Senior Markets Correspondent · 12 years on the markets desk
Marcus covers the ASX, equity capital markets and the RBA. Breaking news and daily Morning Briefing lead.