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Highlights
The Australian share market posted modest gains by midday, buoyed by optimism over potential progress in US-China trade negotiations and upbeat banking results from Wall Street, despite lingering concerns about the global economy.
The S&P/ASX 200 Index rose 0.2%, or 18.2 points, to 7779.90, while the broader All Ordinaries Index mirrored the gain. Six of the eleven sectors on the index traded in positive territory, with consumer staples leading the way. Defensive stocks found favor amid ongoing market caution, while weakness in energy and mining partially offset broader gains.
Investor sentiment was tentatively lifted after the White House signaled that President Donald Trump remained open to a trade agreement with China, although it indicated that Beijing would need to initiate talks. In the United States, strong equity trading activity and solid consumer indicators from major banks such as Citigroup added to the cautiously positive tone.
Despite this, global market unease persisted. US stock futures indicated a softer open, following a subdued Wall Street session. Sentiment surveys pointed to significant caution among institutional investors, with many reducing exposure to US equities.
On the local front, bank stocks contributed to the ASX’s gains. Westpac (ASX:WBC) rose 1.5%, while Commonwealth Bank (ASX:CBA) climbed 0.8%. Other defensive sectors including utilities, communication services, and consumer staples also performed well. Notable names included Woolworths (ASX:WOW), which gained 1.9%, and Coles (ASX:COL), up 1.3%.
Digital payments platform Zip (ASX:ZIP) delivered the strongest performance of the day, surging 19.9% after it upgraded its full-year earnings guidance, fueling investor enthusiasm.
In contrast, energy stocks weighed on the index. Woodside (ASX:WDS) and Santos (ASX:STO) declined 2.9% and 2.5% respectively, as Brent crude continued to retreat. The International Energy Agency's downward revision of global oil demand contributed to the negative sentiment.
Elsewhere, Star Entertainment (ASX:SGR) slid 2.7% after returning from a trading suspension. The group is in the midst of finalizing a critical funding deal. WiseTech Global (ASX:WTC) edged up 0.9% following updates on its CEO succession plan and a new decade-long agreement for founder Richard White.
Rio Tinto (ASX:RIO) dropped 1.7% after reporting a sluggish start to the year from its iron ore division. Bank of Queensland (ASX:BOQ) gained 4.9% after forecasting improved earnings margins for the second half. Karoon Energy (ASX:KAR) lifted 1.2% even as it flagged higher projected spending for its Neon oil field project in 2025.
