ASX Extends Rally as Energy Stocks Surge; Woodside, Santos Lead Gains

May 02, 2025 12:48 PM AEST | By Team Kalkine Media

Google News:

ASX Extends Rally as Energy Stocks Surge; Woodside, Santos Lead Gains — Image source: shutterstock

Recent News

Bravery Over Bladder: Former Marine Tackles Taboo Topic

Forward Air stock surges on report PE firms express acquisition intere...

RBC initiates Knife River, Martin Marietta amid continued infrastructu...

WP Engine Celebrates 15 Years of Innovation

Highlights

ASX extends winning streak, buoyed by global cues

Energy sector leads gains as oil prices rebound

Woodside and Santos jump amid positive sentiment

Australian shares continued their upward momentum, stretching into a seventh consecutive session of gains, as optimism around possible US-China trade talks lifted market sentiment. This rally came despite global concerns over trade tariffs impacting tech giants abroad.

The benchmark S&P/ASX 200 climbed 0.7% or 58.4 points to 8204 by midday, while the broader All Ordinaries also advanced 0.7%. Ten out of the 11 sectors were trading in the green, with the energy sector spearheading the rise, supported by a rebound in global oil prices and improving global trade signals.

Investor sentiment received a boost following a statement from China’s commerce ministry, which indicated it was assessing a request from the US to reopen trade talks. This development came at a time when US futures also moved higher, and Wall Street posted strong overnight performance — the Nasdaq jumped 1.5%, and the S&P 500 rose 0.7%, marking its longest rally since August.

Back on home turf, energy giants delivered standout performances. Woodside Energy (ASX:WDS) rose 2.4%, and Santos (ASX:STO) surged 2.5% as both tracked the recovery in oil prices and benefited from improved demand prospects, especially given China’s role as the world’s top crude importer. These moves reinforced the strength of ASX dividend stocks, often favored for their steady income amid uncertain global environments.

The financial and healthcare sectors also contributed to the market’s rise. Commonwealth Bank of Australia (ASX:CBA) gained 0.6%, briefly touching a new all-time high above $169. In healthcare, CSL Limited (ASX:CSL) rose 1.6% and Sigma Healthcare (ASX:SIG) advanced 2%, highlighting resilience in the sector amid global market fluctuations.

Technology shares offered a mixed picture. WiseTech Global (ASX:WTC) inched up 0.6% after confirming it is evaluating a potential acquisition of e2open, a US-listed supply chain platform. However, Block Inc. (ASX:SQ2) plunged 24.6% following investor reaction to its earnings results.

Meanwhile, Capstone Copper (ASX:CSC) rallied 4.8% after posting record revenues of $533.3 million for the March quarter, driven by strong output at its Mantoverde and Mantos Blancos mines.

On the downside, Corporate Travel Management (ASX:CTD) fell 10.5% after cautioning about weaker revenue and earnings, citing the drag from trade-related client demand issues.

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.