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Highlights
- ASX hits fresh two-month high amid Wall Street momentum
- Real estate and banking sectors drive gains
- Miners weigh down on market as commodity prices soften
The Australian sharemarket extended its recent gains on Wednesday, mirroring Wall Street’s optimism, as investors seemed confident that equities could hold firm amid a potential economic slowdown triggered by rising tariffs.
The S&P/ASX 200 surged 0.3% or 23.2 points to reach 8093.8 by early afternoon, a level not seen in the last two months. The All Ordinaries Index also moved in tandem, adding 0.3%. A positive tone prevailed in six out of eleven sectors, with real estate emerging as the top performer.
Driving the momentum from the US was the S&P 500 Index, which notched up its sixth straight session of gains. This came despite economic concerns, including a drop in US job openings in March and a sharp decline in consumer confidence to its lowest in five years. Optimism prevailed as US Treasury Secretary Scott Bessent highlighted progress in trade talks with Japan and India. However, US futures turned cautious following a downbeat earnings report from Super Micro Computer.
Domestically, gains were led by rate-sensitive real estate and financials. Commonwealth Bank (ASX:CBA) rose 1.5%, boosting overall sentiment. Goodman Group (ASX:GMG) climbed 1.4%, and DigiCo (ASX:DCC), which operates in the data centre space, added 2.4%.
The rally in the broader index faced headwinds from weakness in commodity-related stocks. Declines in iron ore and gold prices pressured the mining sector. Newmont Corporation (ASX:NEM) lost 1.9%, and Evolution Mining (ASX:EVN) fell 2.2%. Fortescue Metals Group (ASX:FMG) was down 1.7%, reflecting pressure in iron ore markets.
Utilities also came under pressure. Origin Energy (ASX:ORG) dropped 1.8% after revealing a quarter-on-quarter decline in LNG revenue.
In other stock-specific developments, Ora Banda Mining (ASX:OBM) tumbled 7.1% after revising down its full-year production outlook due to planned equipment upgrades affecting its processing capacity. Star Entertainment Group (ASX:SGR) remained flat, despite posting a third-quarter loss of $21 million, more than double from the previous quarter. Champion Iron (ASX:CIA) edged 0.9% lower even as it reported record sales of 3.5 million dry metric tonnes for the March quarter. Meanwhile, Alcoa Corporation (ASX:AAI) slipped 1.6% after a national power outage in Spain disrupted operations at its San Ciprian smelter.
As the ASX rides this upward trend, investors continue to keep a close eye on defensive plays and income-generating ASX dividend stocks, especially as global uncertainties loom. With the index gaining momentum, the broader implications on the ASX200 could set the tone for the near term.
