ASX BHP Surges as US Tariff Rollback Hopes Spark Rally; Resource and Tech Stocks Lead the Charge

April 23, 2025 12:13 PM AEST | By Team Kalkine Media

Google News:

ASX BHP Surges as US Tariff Rollback Hopes Spark Rally; Resource and Tech Stocks Lead the Charge — Image source: shutterstock

Recent News

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

US job growth in May tops forecasts, but Macquarie warns cracks are em...

Highlights

ASX jumps nearly 2% on Wall Street rally and US tariff rollback signals

Resource and tech stocks post strong gains amid easing trade concerns

Telix, Paladin shine with major updates; Cettire tumbles on weak demand

Australian shares surged higher, with the S&P/ASX 200 rallying 1.7% to 7946.3 in early trade, driven by positive cues from Wall Street and hopes for a de-escalation in US-China trade tensions. The All Ordinaries followed suit, up 1.6%, as investors responded positively to remarks from US President Donald Trump indicating that current tariffs on China, which sit at 145%, could be significantly reduced.

Wall Street’s strong overnight performance set the tone. A report from Bloomberg suggested that US Treasury Secretary Scott Bessent considered the ongoing tariff standoff unsustainable, boosting investor confidence. All three major US indices closed over 2% higher, sparking a global “risk-on” sentiment that flowed into the Australian market.

Technology stocks led the rally locally. WiseTech Global (ASX:WTC) advanced 3.2%, while Goodman Group (ASX:GMG) and NextDC (ASX:NXT) rose 2.4% and 3.6% respectively, benefiting from the upbeat global sentiment.

Resource stocks also climbed as commodity prices moved higher. Iron ore and crude oil prices gained amid expectations that China’s import demand may remain resilient. BHP Group (ASX:BHP) rose 2.8%, with attention also turning to reports that CEO Mike Henry could step down in the coming months. Woodside Energy (ASX:WDS) and Santos (ASX:STO) added over 3% each.

In contrast, gold miners were among the day's laggards as investors took profits following a recent rally in bullion prices above US$3500 per ounce. Evolution Mining (ASX:EVN) fell 8.1%, and Genesis Minerals (ASX:GMD) dropped 8.4%.

Paladin Energy (ASX:PDN) delivered the strongest performance of the session, soaring 16.3% after reporting a record quarterly output of triuranium octoxide at its Langer Heinrich mine, despite weather disruptions in Namibia.

Telix Pharmaceuticals (ASX:TLX) also impressed, climbing 14.7% on the back of a 62% surge in revenue, fueled by solid demand for its imaging solution for prostate cancer diagnostics.

Meanwhile, Cettire (ASX:CTT) slid 15.3% after weaker-than-expected demand from US consumers weighed on earnings. Insignia Financial (ASX:IFL) edged up 3.1% despite notable outflows totaling $1.8 billion, largely attributed to a single institutional client.

Capricorn Metals (ASX:CMM) dropped 6.6% after its CEO was stood down due to legal proceedings. Additionally, Woodside Energy (ASX:WDS) noted a 4% quarterly decline in production due to adverse weather and operational issues at key assets.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.