AUS
NZ
UK
CA
USA
IND
Highlights
- ASX extends rally with strong gains across sectors.
- Tech stocks mirror Wall Street’s upbeat performance.
- Banks bolster the market while miners lag.
The Australian share market notched its third consecutive session of gains, buoyed by positive momentum from Wall Street and fresh optimism surrounding US-China trade discussions. At the closing bell, the S&P/ASX 200 rose by 0.4 per cent, adding 28.9 points to settle at 7997.1 points. The All Ordinaries also mirrored the same growth pace. Energy stocks led the broad-based rally with ten out of eleven sectors ending in the green.
On Wall Street, the S&P 500 climbed 0.7 per cent following remarks from the White House about upcoming negotiations aimed at easing trade tensions. Although Chinese officials later tempered expectations, the Nasdaq soared over 1 per cent, supported by a remarkable 9.8 per cent surge in Tesla and upbeat earnings from Alphabet.
Back home, investors largely looked past the lack of fresh economic stimulus from Chinese authorities, choosing instead to focus on stronger global cues. Australian tech shares followed the Nasdaq’s lead, with NextDC (ASX:NXT) advancing 2.5 per cent to $11.40 and TechnologyOne (ASX:TNE) gaining 3.1 per cent to $28.92.
Banks added substantial weight to the bourse’s climb. ANZ Group Holdings (ASX:ANZ) led the sector, rising 1.6 per cent to $29.31, while National Australia Bank (ASX:NAB) and Westpac Banking Corporation (ASX:WBC) also saw notable gains. Commonwealth Bank of Australia (ASX:CBA) initially participated in the rally but later eased, closing 1.1 per cent lower at $162.85.
However, miners were a drag on the market. BHP Group (ASX:BHP) dipped 1.1 per cent to $37.66 as investor appetite shifted away from traditional safe havens like gold. Among gold stocks, West African Resources (ASX:WAF) fell 3.7 per cent to $2.30, while Pantoro (ASX:PNR) slumped 9.8 per cent following lower-than-expected production figures for the March quarter.
In other corporate movements, Brambles (ASX:BXB) weighed on the index with a 5 per cent decline to $19.83 after revising down its sales revenue growth forecast, citing uncertainty around consumer spending trends. Telix Pharmaceuticals (ASX:TLX) slipped 6.6 per cent to $26.68 after a US regulatory body withheld approval for its new imaging agent, TLX101-CDx.
Meanwhile, Ainsworth Game Technology (ASX:AGI) soared 31.1 per cent to 97¢ following an announcement that majority shareholder Novomatic would acquire the remaining shares, valuing the company at $336.8 million. ALS Limited (ASX:ALQ) also lifted sentiment, rising 3.9 per cent to $16.36 after assuring investors that recent US tariffs would not materially affect its input costs.
The Australian market remains on a positive trajectory, recovering nearly 10 per cent from its April lows, with optimism continuing to drive the upward trend.
