ASX Rises Amid Trade Speculation; ResMed Surges, Generation Development Tumbles

3 min read | April 24, 2025 07:01 PM AEST | By Team Kalkine Media

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ASX Rises Amid Trade Speculation; ResMed Surges, Generation Development Tumbles — Image source: Shutterstock

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Highlights

ASX gains led by materials sector and rebounding gold stocks

Generation Development slumps despite AUM growth

ResMed rallies after tariff exemption and earnings update

The Australian sharemarket saw moderate gains in midday trade, buoyed by speculation of easing US-China trade tensions. The benchmark S&P/ASX 200 Index edged 0.6 per cent higher to 7963.9 points, building on the previous session’s momentum. Materials and gold sectors led the climb, with seven of eleven industry groups finishing in positive territory.

The optimism followed reports suggesting the US administration under President Donald Trump might reduce its proposed 145 per cent tariffs on Chinese imports to a range between 50 and 65 per cent. While global markets reacted cautiously, the potential thaw in trade tensions added a layer of support to risk assets.

Wall Street's upbeat session offered further cues. The S&P 500 hit a two-week high and the Nasdaq jumped 2.5 per cent, aided by strong corporate earnings. Shares of Tesla (NASDAQ:TSLA) jumped 5.8 per cent as CEO Elon Musk vowed to devote more attention to the EV giant. Bitcoin also remained firm, holding above the $US93,000 mark.

Back in Australia, gold producers rebounded as bullion prices climbed 1.9 per cent. Emerald Resources (ASX:EMR) rose 4 per cent, while Newmont (ASX:NEM) added 4.4 per cent despite a notable drop in quarterly production. Iron ore miners supported the broader rally, with BHP Group (ASX:BHP) rising 1.1 per cent and Fortescue Metals (ASX:FMG) gaining 1.6 per cent, buoyed by spot prices crossing the $US100-a-tonne threshold.

Conversely, oil stocks struggled amid softening crude prices. Woodside Energy (ASX:WDS) declined 1.7 per cent, tracking weakness in Brent crude as OPEC+ reportedly considered ramping up supply.

In company-specific action, Generation Development Group (ASX:GDG) sank 14.2 per cent despite noting asset growth across its investment platforms during its first quarterly report as a member of the ASX 200.

Medical device maker ResMed (ASX:RMD) surged 7.3 per cent after confirming an exemption from US tariffs. While its earnings per share of $US2.37 came in slightly below estimates, the exemption news offset concerns.

PWR Holdings (ASX:PWH) dropped 6.3 per cent following news that its CEO, Kees Weel, will take temporary leave for medical treatment. Meanwhile, James Hardie Industries (ASX:JHX) gained 3.7 per cent amid policy discussions around listing regulations.

Liontown Resources (ASX:LTR) advanced 2.7 per cent after a 17 per cent revenue increase in the March quarter, propelled by improved spodumene concentrate sales and output.

Overall, the ASX’s gains reflected cautious optimism as investors awaited further clarity on global trade developments.

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