ASX Climbs 1% on China Stimulus Hopes; Technology Stocks Lead, Telix Slides

3 min read | April 28, 2025 11:56 AM AEST | By Team Kalkine Media

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ASX Climbs 1% on China Stimulus Hopes; Technology Stocks Lead, Telix Slides — Image source: shutterstock

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Highlights

ASX rises 1% amid China stimulus hopes

Technology sector leads local market gains

Telix tumbles after US regulatory setback

Australia's sharemarket opened the week on a strong note, lifted by optimism around potential economic stimulus from China and a positive lead from Wall Street. The S&P/ASX 200 gained 1%, or 76.6 points, reaching 8044.8 near mid-morning on Monday, while the All Ordinaries also posted a 1% increase. Nine of the 11 sectors traded higher, with technology shares leading the advance.

Investor sentiment received a boost after reports surfaced that China may introduce further stimulus measures to support economic growth. Markets are awaiting updates from the People’s Bank of China following comments from finance minister Lan Fo’an, who indicated a focus on implementing stronger policies to bolster both domestic and global growth.

Wall Street’s rally on Friday helped pave the way, as the S&P500 gained 0.7% following hints from former US President Trump about engagement with China on tariffs, despite official denials from Beijing. Over the weekend, reports suggested China had eased some tariffs on US goods, lifting hopes of reduced trade tensions. The tech-heavy Nasdaq rose over 1%, fueled by a 9.8% surge in Tesla shares.

Locally, technology stocks mirrored US trends. WiseTech (ASX:WTC) advanced 1.6%, while data centre operator NextDC (ASX:NXT) jumped 4%. The major banks also contributed to the rally, with the financial sector strengthening 0.7%. ANZ Group (ASX:ANZ) rose 1.9% after a ratings upgrade citing recent underperformance.

However, not all sectors joined the celebration. Mining giants weighed slightly on the index as iron ore prices softened. BHP Group (ASX:BHP) edged 0.3% lower amid weaker commodity pricing.

Telix Pharmaceuticals (ASX:TLX) faced the steepest decline on the benchmark, sliding 7.2% after a new drug application was not approved by US regulators. Meanwhile, James Hardie Industries (ASX:JHX) rose 1.8% following its efforts to reassure investors regarding its $14 billion merger plans with Azek amid ASX review concerns.

Brambles (ASX:BXB) retreated 5.9% after adjusting its annual sales revenue growth forecast down to a range of 4% to 5%, reflecting uncertainties in consumer demand.

In a standout move, Ainsworth Game Technology (ASX:AGI) soared 33.1% after majority shareholder Novomatic announced plans to acquire the remaining shares in a deal valuing the gaming machine maker at $336.8 million. Additionally, Lynas Rare Earths (ASX:LYC) rose 2.3% after reporting a 22% increase in third-quarter sales revenue, reaching $123 million.

As investors look ahead to further developments from China, the local market remains sensitive to global economic policy signals and commodity price movements.

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