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Highlights
- ASX 200 remains flat amid mixed global sentiment
- Star Entertainment resumes trade with sharp early gains
- Energy sector drags, while tech and banks see modest strength
The Australian sharemarket began on a cautious note on Wednesday, with the S&P/ASX 200 index hovering at 7762.3 in early trade. Despite initial optimism from Wall Street over potential US-China trade negotiations, investor sentiment remained fragile, with concerns about the global economic outlook keeping markets in check.
Seven of the eleven industry sectors on the ASX saw gains, led by technology stocks. However, gains were largely offset by declines in energy and mining shares. The All Ordinaries index edged down just one point, reflecting a largely directionless start to the session.
The global backdrop included a mix of signals. While the White House suggested the US president was open to trade talks with China, the sentiment was tempered by cautious economic outlooks from major US banks. Survey data from Bank of America indicated investor sentiment in the US had hit a 30-year low, prompting many to pull back from equities. In Australia, economists flagged a 40 per cent chance of recession, contributing to the market's tentative tone. Meanwhile, the Australian dollar paused a five-day decline.
Bank stocks were among the early gainers. Shares of Westpac (ASX:WBC) rose 1.1 per cent, while Commonwealth Bank (ASX:CBA) added 0.3 per cent. These gains helped balance out declines in the energy sector, where Woodside (ASX:WDS) and Santos (ASX:STO) both slid more than 1 per cent, following a dip in global oil prices.
One of the more notable movements came from Star Entertainment (ASX:SGR), which surged 9.1 per cent after trading resumed following months of suspension. The embattled casino operator is pursuing a rescue plan amid regulatory challenges.
Elsewhere, WiseTech (ASX:WTC) gained 0.9 per cent after confirming progress in its CEO search and signing founder Richard White to a new decade-long employment agreement.
The Bank of Queensland (ASX:BOQ) also made headlines, rising 5.6 per cent after forecasting stronger earnings margins for the second half, despite the broader economic uncertainty.
Abacus Storage King (ASX:ASK) declined 1.6 per cent after disclosing it is reviewing a $783 million takeover bid and conducting an independent property valuation.
Karoon Energy (ASX:KAR) edged higher by 1.2 per cent, despite lifting its 2025 expenditure guidance due to cost increases in its Neon oil field project.
Air New Zealand (ASX:AIZ) gained 1.9 per cent, despite issuing earnings guidance for FY25 that came in below expectations, citing reduced compensation from engine manufacturers.
The market reflected a tug-of-war between cautious optimism and economic uncertainty, with investors watching both global signals and local corporate updates closely.
