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Highlights
- ASX continues upward trend with support from financials
- CBA and other major banks post notable gains
- Healthcare and consumer staples show strength amid global trade optimism
The Australian sharemarket extended its gains on Tuesday, lifted by strength in the financial and defensive sectors. The S&P/ASX 200 rose 0.6%, or 48.5 points, to reach 7797.1 by midday, following Monday’s more than 1% gain. The All Ordinaries also climbed 0.6%, reflecting a broader recovery despite only five of the 11 sectors finishing in positive territory.
Financial stocks provided the biggest boost, with market heavyweight Commonwealth Bank (ASX:CBA) gaining 1.8%. Macquarie Group (ASX:MQG) and Westpac (ASX:WBC) also added 1.6% and 1.8% respectively, contributing significantly to the index’s upward momentum.
The rally followed a more settled session on Wall Street, where the S&P 500 jumped 2.2%, buoyed by a rebound in technology shares. Investor sentiment improved after the US administration hinted at easing trade tensions. President Donald Trump said the government was considering a delay on tariffs targeting automotive imports. This came just days after electronics, including iPhones, were temporarily excluded from new tariffs.
Global markets welcomed the developments. In Japan, carmakers such as Toyota advanced more than 1%, and asset managers began adjusting their strategies. The pause in tariff enforcement has led to a cautiously optimistic outlook, though concerns over long-term economic growth remain.
Locally, investors gravitated toward defensive sectors. CSL (ASX:CSL) rose 2.4%, while consumer-focused stocks Coles Group (ASX:COL) and A2 Milk (ASX:A2M) gained 0.6% and 0.9% respectively.
However, technology shares struggled. WiseTech Global (ASX:WTC) fell 1.9%, and TechnologyOne (ASX:TNE) slipped 1.3%. The biggest decline came from Bellevue Gold (ASX:BGL), which dropped 22.3% after announcing a $156.5 million capital raise through new share placement.
In other corporate developments, Collins Foods (ASX:CKF) declined 4.2% after disclosing plans to exit the Taco Bell brand in Australia as part of a wider operational shakeup. Perpetual (ASX:PPT) fell 1.87% following news that its net outflows more than doubled in the third quarter to $8.9 billion, largely due to investor exits from global and US funds.
Accent Group (ASX:AX1) moved 4% higher on plans to introduce UK sports retail giant Sports Direct to Australia and New Zealand, in collaboration with Frasers Group. Meanwhile, Bapcor (ASX:BAP) edged down 0.2% following a leadership update as Simon Bromell, currently Orora’s (ASX:ORA) beverages president, prepares to join the auto parts firm.
Despite mixed sector performances, the day’s trade showed steady investor appetite for established financial and defensive names amid shifting global signals.
