AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
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Highlights
- Energy stocks surged as oil prices rose due to geopolitical tensions.
- Technology sector lagged, with WiseTech dropping significantly.
- The a2 Milk Company recorded its best single-day gain since 2018.
The Australian share market reached a new closing high as energy stocks rallied amid fears of an escalation in the Ukraine-Russia conflict. On Friday, the S&P/ASX 200 climbed 0.9%, or 70.8 points, to 8393.8, surpassing Tuesday’s record of 8374. The index also advanced 1.3% over the week. Similarly, the All Ordinaries index rose by 0.8%.
The energy sector led the gains, driven by a surge in oil prices. Notable performers included South32 (ASX:S32), which increased by 2.7% to $3.83, Woodside (ASX:WDS) gaining 2.2% to $25.05, and Santos (ASX:STO) rising 1.8% to $6.92. Whitehaven Coal (ASX:WHC) jumped 3.6% to $6.91 as geopolitical tensions supported higher coal demand.
Gold also benefited from the rising geopolitical uncertainty. Newmont (ASX:NEM), the world’s largest gold producer, added 1.4% to $66.68. This comes after the company’s acquisition of Australia’s Newcrest last year. Bitcoin's rise to nearly $US100,000 further supported gold prices, boosted by speculation surrounding the potential resignation of the current US SEC chairman.
In the resources sector, BHP (ASX:BHP) advanced 0.4% to $40.16, Rio Tinto (ASX:RIO) rose 0.6% to $117.18, and Fortescue Metals (ASX:FMG) increased by 1.1% to $18.31.
The big four banks performed well, with Commonwealth Bank (ASX:CBA) scaling a new peak of $159.16 before closing 1.8% higher at $159.03.
The standout gainer of the day was the a2 Milk Company (ASX:A2M), which soared 13.3% to $5.45. This marked its best single-day performance since 2018, driven by an upgraded revenue forecast and the initiation of a dividend program due to robust product sales and rising global dairy prices.
Conversely, the technology sector lagged, led by WiseTech (ASX:WTC), which plunged 12.4% to $121.74 following a downgrade in its FY25 revenue and earnings outlook. Megaport (ASX:MP1) also faced challenges, declining 9.5% to $7.57 despite reaffirming its earnings forecast. Concerns about its hiring plans potentially affecting future margins weighed on its performance.
The day highlighted the divergence in sectoral performance, with energy and resource companies driving the market higher while technology stocks faced setbacks.
