AUS
NZ
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Highlights
- Gold stocks shine as bullion hits fresh record
- Challenger (ASX:CGF) surges after profit update
- Broader market lifts despite offshore tech pressure
The Australian sharemarket started Thursday on a positive note, lifted by strong gains in the materials and energy sectors, particularly gold miners, following a surge in the precious metal's price to a record high.
The S&P/ASX 200 Index advanced 0.2%, adding 14 points to open at 7772.9. A key driver of the early strength came from gold producers, as bullion soared above $US3300 an ounce, exceeding Monday’s previous high amid continued haven demand.
Leading the charge, Bellevue Gold (ASX:BGL) rose 4.6%, Evolution Mining (ASX:EVN) gained 2.6%, and Ramelius Resources (ASX:RMS) climbed 2.1%. The uptick in these stocks closely followed bullion’s 2.7% rally overnight.
In company updates, Challenger (ASX:CGF) jumped 5% after narrowing its FY25 normalised net profit guidance to between $450 million and $465 million, compared to its earlier range of $440 million to $480 million. This update supported confidence in its earnings outlook.
AMP (ASX:AMP) also edged up nearly 1%, supported by $740 million in net cashflows within its platforms business. However, its total assets under management fell slightly to $78.8 billion, reflecting broader market volatility.
In the mining sector, BHP (ASX:BHP) saw a modest 0.5% lift in its share price, despite reporting a 4% drop in Australian iron ore shipments for the quarter to 66.76 million tonnes. While the result missed analyst expectations, it remained better than historical figures during similarly disrupted periods.
Oil and gas producer Santos (ASX:STO) advanced 2.1% after reporting a 2% rise in quarterly production to 21.9 million barrels of oil equivalent, though sales volumes dipped by 1% from the prior quarter.
Insignia Financial (ASX:IFL) saw its shares climb 3.8% following news that private equity firms Bain Capital and CC Capital extended the due diligence period for their potential acquisition by another four weeks.
On the downside, Pilbara Minerals (ASX:PLS) dropped 1.7% after revealing a sharp decline in production and revenue due to cyclone-related disruptions and the temporary shutdown of one of its processing plants. Despite the weaker March quarter, the company reaffirmed its full-year guidance.
In infrastructure, Transurban (ASX:TCL) inched up 0.3% after reporting a 10% year-on-year traffic increase on its WestConnex toll road in Sydney, highlighting a rebound in urban mobility trends.
Globally, US markets pulled back sharply overnight, with the S&P 500 and Nasdaq both slumping as comments from Federal Reserve Chair Jerome Powell spurred investor caution. Despite the overseas headwinds, the ASX found early strength in defensive assets and resilient domestic earnings updates.
