ASX 200 Powers to Eight-Week High as Energy and Tech Stocks Shine

April 29, 2025 04:51 PM AEST | By Team Kalkine Media

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ASX 200 Powers to Eight-Week High as Energy and Tech Stocks Shine — Image source: Shutterstock

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Highlights

ASX 200 touches two-month peak as sentiment improves.

Mineral Resources (ASX:MIN) and Boss Energy (ASX:BOE) drive strong gains.

Australian dollar hits a fresh 2025 high amid US policy shifts.

The Australian sharemarket surged to its highest level in two months on Tuesday, buoyed by optimism over easing US tariffs and hopes of cooling inflation. The S&P/ASX 200 Index climbed 0.9%, gaining 73.5 points to close at 8070.6, marking its fourth straight day of positive movement. Meanwhile, the broader All Ordinaries Index rose by 1%.

All 11 industry sectors finished the session in the green, with energy stocks leading the charge. Investor sentiment in global markets also received a lift after the White House announced tariff reductions for automotive manufacturers, boosting Australian and Asian equities despite a mixed day on Wall Street.

Technology stocks showed resilience as earnings anticipation for major US tech giants stirred volatility. NextDC (ASX:NXT) added 2.2% to $11.65, while WiseTech Global (ASX:WTC) advanced 1.2% to $87.60.

In the energy space, uranium players fueled gains following positive cash flow news. Boss Energy (ASX:BOE) surged 14.3% to $3.20 after revealing its South Australian uranium project achieved its first quarter of free cash flow. Deep Yellow (ASX:DYL) also made strong moves, lifting 11.7% to $1.15.

Among standout performers, Mineral Resources (ASX:MIN) rallied 13.2% to $20.57 despite adjusting down its iron ore output guidance. The company’s performance mirrored investor confidence in selective resource plays even amid cautious undertones in the broader market.

Gold prices edged lower towards US$3300 an ounce, reflecting a reduced demand for traditional safe-haven assets as risk appetite improved. Northern Star Resources (ASX:NST) faced some pressure, retreating 4.7% to $19.88 following a downgrade to its full-year gold production outlook.

Fortescue Metals Group (ASX:FMG) recorded a solid 5.8% gain to $16.37, benefiting from a favorable reassessment of its stock performance relative to peers. Whitehaven Coal (ASX:WHC) also climbed 4.7% to $5.08, despite reporting a dip in quarterly output due to seasonal and operational challenges.

In currency markets, the Australian dollar reached a new 2025 peak at US64.49¢. Conflicting signals from US trade policy and expectations for a more stable inflation reading on Wednesday added momentum to the Aussie’s rise.

While recent gains on the ASX 200 are encouraging, analysts remain cautious, suggesting the current rally could face headwinds if new trade tensions emerge.

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