ASX Climbs as Real Estate Shines; Northern Star Faces Headwinds

April 29, 2025 11:33 AM AEST | By Team Kalkine Media

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ASX Climbs as Real Estate Shines; Northern Star Faces Headwinds — Image source: shutterstock

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Highlights

ASX lifted by gains in real estate and banking sectors

US markets showed volatility ahead of major earnings reports

Northern Star weighed on mining sector with revised gold output guidance

The Australian sharemarket saw a modest rise on Tuesday, building on its recent momentum, as strong performances in the real estate sector and among major banks offset a decline in mining heavyweight Northern Star Resources (ASX:NST).

The S&P/ASX 200 Index edged up by 0.2%, or 16.4 points, marking the fourth consecutive session of gains. The broader All Ordinaries Index also rose by 0.2%. Nine of the 11 sectors traded in positive territory, with real estate stocks providing the biggest lift to the market.

Investors were cautiously optimistic despite a volatile session on Wall Street overnight. In the United States, the Dow Jones Industrial Average closed 0.3% higher, while the Nasdaq Composite dipped slightly by 0.1%. The tech sector saw mixed results, with Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) facing pressure, even as Meta Platforms (NASDAQ:META) and Apple (NASDAQ:AAPL) posted gains.

Sentiment in global markets was dampened after comments from US Treasury Secretary Scott Bessent, who suggested a lower likelihood of a near-term US-China trade agreement, shifting the country's focus to other trading partners. Additionally, a significant drop in Texas manufacturing activity added to concerns about the broader US economic outlook.

According to Jonas Goltermann from Capital Economics, markets are likely to remain choppy amid ongoing uncertainties surrounding US trade policies and economic conditions. Although financial markets have recovered from the turmoil earlier in April, challenges could persist in the weeks ahead.

On the domestic front, real estate stocks led the charge. Goodman Group (ASX:GMG) advanced by 2.6%, with investors positioning ahead of Australia’s quarterly CPI data release due Wednesday. The inflation figures are anticipated to show a further cooling in the annual rate, potentially bringing it within the Reserve Bank of Australia's 2% to 3% target range.

Banks were another source of strength for the ASX 200. Commonwealth Bank of Australia (ASX:CBA) rose 0.5%, while National Australia Bank (ASX:NAB) and Westpac Banking Corporation (ASX:WBC) each gained close to 1%. Australia and New Zealand Banking Group (ASX:ANZ) traded slightly lower.

On the downside, Northern Star Resources (ASX:NST) weighed heavily on the mining sector after the company revised its full-year gold production forecast downward, resulting in a 4.8% decline in its share price, the steepest drop among the ASX-listed stocks during early trading.

As investors eye the upcoming inflation data, the focus remains on how central banks may adjust monetary policy moving forward, setting the stage for continued market movement.

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