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Highlights
- Australian market hits new intraday high led by technology and energy stocks.
- TechnologyOne soars after strong financial results and dividend announcement.
- Energy sector gains driven by geopolitical tensions and rising oil prices.
The Australian sharemarket made significant gains on Monday, propelled by robust performances in the technology and energy sectors. The S&P/ASX 200 Index rose 1.3%, adding 108.9 points to reach 8409.1 by mid-afternoon. This marked a record intraday high for the index, with all 11 sectors trading in positive territory.
The technology sector emerged as the top performer, advancing 3.7%. A standout was enterprise software provider TechnologyOne (ASX:TNE), which surged 11% after reporting a 15% increase in full-year net profit to $118 million and a 17% rise in revenue. The company also announced a full-year dividend of 22.45¢ per share, further bolstering investor confidence.
The energy sector also contributed to the market's upward momentum. The surge in global oil prices, fueled by rising geopolitical tensions and a weaker US dollar, supported the gains. Key players in the sector, such as Woodside Energy (ASX:WDS), rose 2%, while Santos (ASX:STO) edged up 0.7%. Brent crude oil settled above US$73 per barrel, as the US approved the use of long-range missiles in Ukraine, escalating tensions and impacting energy markets.
In corporate news, Santos announced plans to enhance shareholder returns from 2026 onwards, once its major projects in the Timor Sea and Alaska begin production. The company updated its payout target to 60% of free cash flow, up from the current 40%, signaling confidence in its growth pipeline.
Meanwhile, Newmont (ASX:NEM) advanced 2.4% after announcing the sale of its Musselwhite mine in Canada for up to US$850 million. The deal aligns with Newmont’s strategy to streamline operations and optimize shareholder value.
In contrast, KMD Brands (ASX:KMD), the owner of Rip Curl and Kathmandu, saw a 1.3% dip in its share price. The company cited concerns about consumer sentiment following a decline in quarterly sales.
The day’s rally highlights the resilience of the Australian market, with broad-based gains across sectors underpinned by improved investor sentiment and strong performances from leading stocks. As geopolitical developments and corporate updates unfold, market dynamics continue to reflect a mix of opportunities and challenges.
