ASX Ticks Higher as Tech and Real Estate Shine; Inflation Data in the Spotlight

April 30, 2025 12:04 PM AEST | By Team Kalkine Media

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ASX Ticks Higher as Tech and Real Estate Shine; Inflation Data in the Spotlight — Image source: shutterstock

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Highlights

ASX gains, buoyed by tech and real estate sectors

US markets rally despite weak job data and falling consumer confidence

All eyes on Australia’s CPI data and potential RBA policy move

The Australian sharemarket made early gains on Wednesday, mirroring a strong performance on Wall Street as investors remained optimistic about the economic outlook despite weak labour data in the US. The S&P/ASX 200 Index rose 0.4%, or 28.3 points, reaching 8098.9—its highest level in two months. The broader All Ordinaries Index advanced 0.3%.

Real estate and technology led the charge locally, driven by expectations of a rate cut by the Reserve Bank of Australia (RBA) should inflation data meet forecasts. Eight of the 11 sectors in the ASX opened higher, with real estate topping the gains, and tech following closely behind.

The upbeat mood followed gains on Wall Street where the S&P 500 Index posted its best six-day streak since 2022, closing 0.6% higher. A significant drop in the 10-year Treasury yield to 4.17% helped lift investor sentiment, even as US job openings fell to 7.19 million in March—the lowest since September. Consumer confidence in the US also fell to a five-year low, yet market participants remained focused on prospects of trade progress, with the US Treasury indicating developments with Japan and India.

Back home, market attention now shifts to the quarterly Consumer Price Index (CPI) data due Wednesday. Core inflation is expected to ease to 2.9%—within the RBA’s target range—strengthening the outlook for a potential 25 basis point rate cut.

Among local stocks, the interest-rate sensitive sectors were clear winners. WiseTech Global (ASX:WTC) gained 1.4%, while DigiCo Infrastructure REIT (ASX:DCG) advanced 1.5% despite board-level changes. Stockland (ASX:SGP) added 2.2% after reaffirming its distribution guidance for FY25.

Defensive utilities, however, came under pressure. Origin Energy (ASX:ORG) dropped 2.1% following a decline in its LNG revenue for the quarter.

In company-specific moves, Ora Banda Mining (ASX:OBM) slid 4.5% after trimming its FY25 production forecast due to plant upgrades. Star Entertainment Group (ASX:SGR) rose 2.8%, despite its Q3 loss widening to $21 million from $8 million in the previous quarter. Champion Iron (ASX:CIA) edged up 0.9% after posting a record 18% year-on-year increase in quarterly sales, totaling 3.5 million dry metric tonnes. Meanwhile, Alcoa Corporation (ASX:AAI) declined 1.1% following operational disruptions tied to Spain’s national power outage on April 28.

With inflation data imminent, the next few sessions will be pivotal in determining the market's next move, especially for rate-sensitive sectors.

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