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Highlights
- ASX surges with strong gains in banking and tech sectors
- Smartpay skyrockets 44% amid takeover discussions
- China’s stimulus plans fuel optimism in mining and energy stocks
The Australian share market opened on a strong note, driven by a wave of optimism across technology and banking sectors. The S&P/ASX 200 climbed 0.7% to 7,840 points in late morning trade, with all 11 industry sectors trading in positive territory. The rally followed a strong performance on Wall Street, where news of the U.S. avoiding a government shutdown lifted market sentiment.
A key catalyst for the market's momentum was China’s announcement of upcoming measures to stimulate consumption. This news, combined with a rally in U.S. equities, particularly in the technology sector, contributed to a broad-based uptick in Australian stocks.
Tech and Banking Stocks Gain Strength
Technology stocks saw solid gains, with WiseTech (ASX:WTC) rising 0.7% and Xero (ASX:XRO) advancing 1.7%. The renewed enthusiasm for tech was driven by risk-on sentiment spilling over from Wall Street, where Nvidia (NASDAQ:NVDA) posted a 5% weekly gain.
Banking stocks also contributed to the market's strength, with Commonwealth Bank (ASX:CBA) climbing 1.3%. The financial sector broadly benefited from investor optimism, as the economic outlook appeared to stabilize.
Mining and Energy Stocks Ride China’s Stimulus Optimism
Despite China’s pledge to introduce consumption-boosting measures, iron ore futures in Singapore dipped 1.4% to $US102.55 per tonne. However, Australian mining giants saw a boost, with Rio Tinto (ASX:RIO) rising 2.2%, Fortescue Metals (ASX:FMG) gaining 3.6%, and BHP (ASX:BHP) advancing 1.5%. Mineral Resources (ASX:MIN) surged 7.7% following an analyst upgrade.
Energy stocks also gained ground as oil prices remained above $US71 per barrel. Woodside Energy (ASX:WDS) climbed 1.9%, Santos (ASX:STO) gained 1%, and Ampol (ASX:ALD) added 1.6% on renewed optimism surrounding China’s demand for crude oil.
Smartpay Soars 44% Amid Takeover Talks
One of the biggest movers of the day was Smartpay Holdings (ASX:SMP), which soared 44.3% after confirming it was in takeover discussions with multiple parties. The sharp rise followed an earlier slump caused by regulatory concerns over debit card surcharges.
In other corporate updates, Spartan Resources (ASX:SPR) jumped 10.3% after confirming a merger with Ramelius Resources (ASX:RMS), though Ramelius shares slipped 2.1%. Meanwhile, Navigator Global (ASX:NGI) advanced 5.7% after revealing a plan to acquire a minority stake in U.S.-based private equity firm 1315 Capital for $111.44 million.
Westpac (ASX:WBC) edged up 0.8% as it announced the hiring of National Australia Bank’s (ASX:NAB) CFO, Nathan Goonan, amid broader leadership changes at NAB, whose shares remained flat.
In the defense sector, Highcom (ASX:HCL) gained 4.8% after securing a $3 million order for its ballistic products from an international buyer. The deal reflects growing global demand for defense-related equipment.
With all sectors trading in positive territory, the ASX continues to ride the wave of global optimism, benefiting from external catalysts and strong corporate activity.
