AUS
NZ
UK
CA
USA
IND
Highlights
- ASX opens with a sharp gain following Wall Street momentum
- Paladin Energy leads with record quarterly output
- Gold stocks retreat as prices peak above $US3500/oz
Australian shares climbed sharply in early trade, lifted by a global rally in equities and optimism over a possible reduction in US-China trade tariffs. The S&P/ASX 200 rose 1.7%, gaining 129.6 points to reach 7946.3 within the first half hour of trading, while the All Ordinaries index added 1.6%.
The rally was sparked by Wall Street's strong performance, where all major indexes closed over 2% higher. Market sentiment turned positive following reports that US Treasury Secretary viewed the current 145% tariff rate as unsustainable. President Donald Trump added to the optimism by stating that any final tariff rate would be significantly lower, prompting hopes for a resolution to the ongoing trade tensions with China.
This improved outlook spurred a risk-on rally in the Australian market. Technology stocks saw notable gains, with (ASX:WTC) jumping 3.2%. Data infrastructure leaders (ASX:GMG) and (ASX:NXT) also benefited, rising 2.4% and 3.6%, respectively.
Energy and mining sectors followed suit as commodity prices surged. Iron ore and crude oil rallied on expectations that Chinese demand might remain resilient. (ASX:BHP) gained 2.8%, amid speculation regarding its CEO's future. Meanwhile, oil and gas players (ASX:WDS) and (ASX:STO) each advanced more than 3%.
(ASX:PDN) was the standout performer, soaring 16.3% after announcing record quarterly production from its Langer Heinrich mine, which delivered 745,484 pounds of triuranium octoxide despite weather disruptions in Namibia.
Conversely, gold miners were under pressure as traders took profits after gold briefly crossed $US3500 an ounce. (ASX:EVN) declined 8.1% and (ASX:GMD) dropped 8.4%, reflecting the sector-wide retreat.
Other notable movers included (ASX:TLX), up 14.7% on the back of a 62% surge in revenue driven by prostate cancer imaging product sales. On the downside, (ASX:CTT) plummeted 15.3% following weak US demand and disappointing earnings results.
(ASX:IFL) edged up 3.1%, despite a $1.8 billion quarterly net outflow attributed to a major institutional redemption, bringing total funds under management down to $321.8 billion. Meanwhile, (ASX:CMM) slipped 6.6% after its CEO was stood down amid legal charges.
(ASX:WDS) also reported a 4% fall in quarterly production due to adverse weather conditions and unplanned outages, totaling 49.1 million barrels of oil equivalent.
The broader market momentum reflects investor confidence in the potential easing of trade headwinds, with the local bourse echoing the strong sentiment from global counterparts.
