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Highlights
- ASX continues upward trend, tracking Wall Street gains.
- Real estate and utilities lead sector-wide rally.
- New Hope Corporation (ASX:NHC) jumps nearly 10% on strong earnings.
Australian shares extended their winning streak for a third consecutive day, mirroring gains on Wall Street after positive US retail sales data signaled resilience in consumer confidence. The S&P/ASX 200 climbed 0.4%, adding 34.2 points to reach 7,888.3 by late morning. Similarly, the All Ordinaries index also advanced by 0.4%, reflecting a broad-based rally across all sectors.
The market’s momentum aligned with Wall Street’s performance, where ten out of eleven S&P 500 sectors finished in positive territory, led by real estate. In Australia, the real estate and utilities sectors drove the upward trend, with property stocks experiencing notable gains.
Real Estate and Utilities Shine
Among property players, Goodman Group (ASX:GMG) saw a 1% rise, helping push the broader sector higher after initially surging 2%. Charter Hall (ASX:CHC) also posted strong gains of more than 2%, adding to the sector’s strength.
Meanwhile, power companies, often seen as defensive stocks, experienced a boost. Meridian Energy (ASX:MEZ) rose 2.1%, while Origin Energy (ASX:ORG) climbed 1.8%, benefiting from the market’s risk-on sentiment.
Banking and Mining Sector Activity
The financial sector was also active, with major banks posting gains. Westpac (ASX:WBC) rose 1.2%, and ANZ (ASX:ANZ) added 1%. Commonwealth Bank (ASX:CBA) registered modest growth, extending the market's positive momentum.
In the resources sector, iron ore miners faced mixed performance. Iron ore futures in Singapore hovered near $101 per tonne as economic data from China provided little support to market sentiment. Fortescue (ASX:FMG) slipped 1.3%, while gold mining stocks delivered a mixed performance.
Corporate Updates Drive Individual Stock Movements
Several individual stocks saw sharp moves following corporate announcements. New Hope Corporation (ASX:NHC) surged 9.7% after posting a more than 30% increase in interim profits. The company also raised its dividend to 19 cents and announced a $100 million share buyback, boosting investor sentiment.
On the downside, Endeavour Group (ASX:EDV) fell 1.3% after analysts adjusted their outlook on the stock, citing leadership changes and concerns over market share expansion. Gold Road Resources (ASX:GOR) dropped 4% following an announcement that output from its Gruyere joint venture would be lower in the March quarter due to conveyor belt failures and maintenance issues.
Elsewhere, Austal (ASX:ASB) surged 8.1% following news that South Korea’s Hanwha launched a $180 million bid to acquire a 9.9% stake in the shipbuilder. Meanwhile, Contact Energy (ASX:CEN) retreated 1% after reporting lower sales in February due to reduced electricity demand.
Looking Ahead
With positive sentiment prevailing, investors are closely watching global economic data and corporate earnings reports for further market direction. The upcoming sessions will reveal whether the ASX can maintain its upward trajectory as international market conditions continue to evolve.
