ASX Extends Winning Streak; MinRes Soars, Tech Stocks Shine

April 29, 2025 12:31 PM AEST | By Team Kalkine Media

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ASX Extends Winning Streak; MinRes Soars, Tech Stocks Shine — Image source: Shutterstock

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Highlights

ASX extends gains as sentiment improves on US tariff relief.

Mineral Resources surges despite production downgrade.

Technology and real estate sectors drive market strength.

The Australian sharemarket continued its upward momentum into a fourth consecutive session, supported by positive signals from easing US tariffs and optimistic inflation expectations. By midday, the S&P/ASX 200 Index climbed 0.6 per cent, adding 48.9 points to reach 8046, while the All Ordinaries Index rose 0.7 per cent.

Ten out of eleven sectors traded higher, with technology stocks leading the charge. Aiding the sentiment were comments from US Treasury Secretary Scott Bessent, who highlighted that America’s trade focus is shifting towards negotiations with countries other than China. Meanwhile, US futures gained, and although the Nasdaq edged down by 0.1 per cent, broader Wall Street indices steadied following an early slip.

The White House announced a reduction in automotive tariffs by easing duties on foreign parts, which further lifted global investor confidence. Analysts observed that the previous pace of tariff implementation was too aggressive for industries to adjust swiftly, suggesting that the moderated approach could support market stability.

In Australia, anticipation of a favourable inflation report helped strengthen local sentiment, pushing the Australian dollar closer to its highest level this year. The upcoming quarterly CPI data is forecasted to show inflation returning within the Reserve Bank’s 2 to 3 per cent target band for the first time in four years.

Technology and real estate stocks outperformed, with Xero (ASX:XRO) rising 2 per cent and WiseTech Global (ASX:WTC) adding 1.1 per cent. Goodman Group (ASX:GMG), a data centre and logistics provider, advanced by 1.9 per cent, while property giant Mirvac (ASX:MGR) moved up 1.8 per cent.

Mineral Resources (ASX:MIN) delivered the day's standout performance, surging 12.1 per cent. This significant rise came despite a reduction in the company's iron ore output forecast following a less-than-expected quarterly earnings result.

Among other corporate developments, Northern Star Resources (ASX:NST) weighed heavily on the bourse, sliding 6 per cent after revising its full-year gold production guidance lower. Endeavour Group (ASX:EDV) added 0.6 per cent after naming Jayne Hrdlicka, the former Virgin Australia chief executive, as its new CEO.

Whitehaven Coal (ASX:WHC) gained 5 per cent, overcoming seasonal weather impacts and slower production progress at its Queensland and Narrabri mines. In contrast, Auckland International Airport (ASX:AIA) slipped 1.4 per cent after postponing its plans for a second runway by at least a decade.

As optimism strengthens around tariff easing and inflation control, the Australian market appears set to sustain its positive trajectory in the near term.

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