AUS
NZ
UK
CA
USA
IND
Highlights
- ASX gains led by materials and gold stocks rebound
- ResMed surges after tariff exemption news
- Investor optimism fueled by potential US tariff rollback
The Australian sharemarket began Thursday on a positive note, buoyed by investor optimism surrounding potential trade de-escalation between the United States and China. This momentum followed an overnight rally on Wall Street, where major indices posted strong gains amid speculation that US President Donald Trump may reconsider steep tariffs on Chinese goods.
The S&P/ASX 200 Index rose by 0.5 per cent, or 38.4 points, to reach 7958.9 by mid-morning. Similarly, the All Ordinaries advanced 0.5 per cent. The rally was broad-based, with nine out of eleven sectors trading higher, notably materials and gold stocks.
Driving this uplift was news from prominent US media outlets suggesting the White House might reduce tariffs on Chinese imports from a peak of 145 per cent to a range of 50 to 65 per cent. This development injected a fresh wave of optimism into global markets, with the S&P 500 and Nasdaq climbing as much as 2.5 per cent. Electric vehicle giant Tesla (NASDAQ:TSLA) jumped 5.8 per cent following comments from CEO Elon Musk reaffirming his commitment to the company.
Back in Australia, gold producers rebounded following a sharp 2.7 per cent decline in gold prices a day earlier. Emerald Resources (ASX:EMR) gained 2.8 per cent, and Newmont (ASX:NEM) surged 4.1 per cent, even as the latter reported a 19 per cent dip in first-quarter output. Iron ore prices also gave a lift to mining stocks, with BHP (ASX:BHP) up 1 per cent and Fortescue Metals Group (ASX:FMG) climbing 1.6 per cent after the commodity briefly crossed the $US100 per tonne mark.
One of the session’s standout performers was ResMed (ASX:RMD), which soared 8.2 per cent following news it had secured an exemption from US tariffs. Though its earnings per share of $US2.37 came in slightly under expectations, investors welcomed the relief on trade-related costs.
Building materials company James Hardie (ASX:JHX) rose 3 per cent amid news that the ASX and Australian Treasurer Jim Chalmers are in discussions over its proposal to shift its primary listing without a shareholder vote.
Among lithium players, Liontown Resources (ASX:LTR) gained 3.6 per cent, backed by a 17 per cent increase in March-quarter revenues, fueled by higher sales volumes of spodumene concentrate.
Meanwhile, Generation Development Group (ASX:GDG) slipped 11.5 per cent, despite growth in assets under management across all divisions, marking a sharp reaction in its early journey as a newly included ASX 200 entity.
As global and local investors navigate through trade policy shifts and earnings season updates, the broader tone remains cautiously optimistic.
