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Highlights:
The ASX 200 index moved higher in Thursday’s session, lifted by strength in the energy sector, while other major indices including the All Ordinaries also saw gains. The positive performance came despite weakness in mining stocks, with the broader market moving between gains and losses through the session.
Energy shares gained momentum following a rise in global oil benchmarks. Santos (ASX:STO) and Woodside (ASX:WDS) extended their upward trend, supported by news that the Australian government had extended operations at the North West Shelf gas project. The rally in oil was partly attributed to a US federal trade court’s ruling that invalidated tariffs previously introduced under presidential powers, prompting a surge in commodities.
Miners Weigh Down Broader Gains
While energy lifted the market, mining stocks exerted downward pressure on the index. Iron ore producers such as BHP (ASX:BHP) and Rio Tinto (ASX:RIO) experienced declines, pulling back in response to weaker iron ore prices. The sector’s downturn came as traders responded to softer demand signals from key global and lower spot market sentiment.
Gold mining stocks also trended lower, with activity increasing after recent gains in bullion. The move was in line with a broader global retracement in gold prices over multiple sessions.
Tech-Adjacent Stocks Lifted by Nvidia Momentum
Positive earnings news from US-based Nvidia sparked a lift in tech-adjacent equities on the local bourse. Despite the ASX 200 being relatively light in technology exposure, Nvidia’s performance lifted sentiment around data infrastructure. Megaport (ASX:MP1) and DigiCo Infrastructure REIT (ASX:DCG) both advanced following optimism around growing chip demand and global data centre expansion.
Iron Ore Producer Posts Earnings Growth
Champion Iron (ASX:CIA) rose after reporting a rise in quarterly earnings. The performance was underpinned by record shipments of iron ore concentrate, although lower realised pricing kept gains in check. The company’s update reflected strong operational output amid fluctuating market conditions for iron ore.
Agribusiness Activity Draws Regulatory Attention
Elders (ASX:ELD) moved higher despite scrutiny from the Australian Competition and Consumer Commission regarding its proposed acquisition of Delta Agribusiness. Concerns were raised around the deal’s influence on rural supply market dynamics, particularly in agricultural regions.
Concerns Emerge Over Mining Permits in Guinea
Resolute Mining (ASX:RSG) fell as questions surfaced around its operations in Guinea. The company disclosed it is seeking clarification from the local government after reports indicated that several of its permits could be under review. The uncertainty contributed to downward pressure on its share price during the session.
