AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX on track for a three-day winning streak
- Tech sector leads gains following Wall Street rally
- Brambles drags after cutting revenue growth forecast
The Australian sharemarket is on course to achieve a three-day winning streak, riding on the positive momentum from Wall Street and optimism surrounding potential stimulus measures from China. By mid-afternoon, the S&P/ASX 200 had risen 0.7 per cent, adding 56.1 points to reach 8024.3, while the All Ordinaries also climbed 0.7 per cent.
Sentiment was bolstered after the S&P 500 gained 0.7 per cent on Friday, helped by developments suggesting the White House is working with trade partners to avert tariff escalations. The Nasdaq also advanced over 1 per cent, driven by a 9.8 per cent surge in Tesla shares and positive earnings from Alphabet. However, some caution remains as US futures dipped ahead of the next session.
Locally, investors await updates from the People’s Bank of China, anticipated later today, following Finance Minister Lan Fo'an’s comments about introducing additional growth-supportive policies. Although previous experiences have led to cautious optimism, market watchers continue to monitor whether any new stimulus measures will have a substantial impact.
Technology stocks on the ASX mirrored Wall Street's strength. NextDC (ASX:NXT) gained 4 per cent, and TechnologyOne (ASX:TNE) rose 3.3 per cent. Financials also contributed to the positive trend, with ANZ Group Holdings (ASX:ANZ) advancing 2 per cent. National Australia Bank (ASX:NAB) and Westpac Banking Corporation (ASX:WBC) each climbed over 1 per cent, although Commonwealth Bank of Australia (ASX:CBA) pared earlier gains, dipping 0.5 per cent.
The mining sector, however, remained under pressure. BHP Group (ASX:BHP) fell 1.4 per cent following a decline in iron ore prices to around $US97 per tonne. Additionally, Brambles (ASX:BXB) weighed on the broader index, falling 5.3 per cent after lowering its sales revenue growth forecast due to uncertainties in consumer demand.
Other notable corporate updates included James Hardie Industries (ASX:JHX), which rose 1.1 per cent as it clarified the status of its proposed $14 billion merger with Azek. Meanwhile, Telix Pharmaceuticals (ASX:TLX) declined 6.2 per cent after the US FDA did not approve its imaging agent TLX101-CDx for glioma management.
Gold producer Pantoro (ASX:PNR) saw its shares retreat 9.8 per cent after a disappointing quarterly output, affected by delays in staffing at its Scotia Underground Mine. In contrast, Ainsworth Game Technology (ASX:AGI) surged 32.43 per cent after Novomatic announced plans to acquire all outstanding shares in the company, valuing it at $336.8 million. Lynas Rare Earths (ASX:LYC) also moved higher by 3.2 per cent, reporting a 22 per cent rise in third-quarter sales revenue to $123 million.
With most sectors painted green, the ASX looks set to extend its recent momentum, although eyes remain firmly on global developments and China’s next moves.
