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Highlights
- ASX 200 hits new record as InfoTech and Telcos lead early trading.
- Crude oil weakness impacts Woodside and Santos.
- Small-cap stocks Nanoveu and African Gold post strong gains.
The ASX 200 opened on a high note today, buoyed by a positive lead from Wall Street overnight. Early gains were driven by strong performances in the InfoTech and Resources sectors, pushing the market to new record levels shortly after the opening bell.
Market Overview
By midday, the ASX 200 benchmark was up approximately 0.7%, fueled by notable performances in InfoTech, telecommunications, and resources. Life360 (ASX:360), a leading player in the family safety and surveillance software market, saw an early rise of over 2%, continuing its upward trend despite the lack of major local news. The sector's strong start was mirrored by Telcos, which also contributed significantly to the day’s positive momentum.
Meanwhile, energy stocks struggled as global crude oil prices continued to slide. Woodside (ASX:WDS) and Santos (ASX:STO), both major players in the sector, saw declines of over 1.3% by lunchtime. This comes amid concerns over lower global oil demand projections from OPEC and a continued drop in China’s oil imports, marking the fifth consecutive month of declines.
Global Market Movements
The overnight performance of the US markets provided a strong foundation for today’s gains. The S&P 500 hit new highs, with significant contributions from tech giants like Nvidia, which rose 2.5%, close to its record peak. A report from Morgan Stanley highlighted strong demand for Nvidia’s Blackwell chips, with orders booked well into the next year. Other semiconductor companies, including ASML and Applied Materials, also saw gains.
In Asia, Japan’s Nikkei surged 1.27% as markets returned from a national holiday, while Chinese markets showed a slower start to the day.
Small-Cap Movers
In the small-cap space, Nanoveu (ASX:NVU) made headlines with a surge just before lunch, following its announcement of a major acquisition. The company will acquire 100% of Embedded A.I. Systems, a move that positions it well in the growing artificial intelligence sector. African Gold (ASX:A1G) also saw significant gains, with its stock more than doubling after the release of promising drilling results, including high-grade gold intercepts.
Additionally, Invion (ASX:IVX) moved higher on news of an upcoming share consolidation, while Eclipse Metals (ASX:EPM) reported positive findings from its HyperXRF assessments, suggesting strong rare earth resource potential at its Greenland project.
