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Highlights
- ASX200 climbs as rate cut expectations lift investor sentiment
- (ANZ), (MQG), (NAB) among top performers in financials
- Tech and dividend-focused stocks see notable moves on positive updates
The Australian sharemarket advanced steadily through midday trading, with the ASX200 index climbing 0.6% to 8343.7 points. Optimism was underpinned by market expectations of an interest rate cut from the Reserve Bank of Australia, which could bring the cash rate below 4% for the first time since 2023.
A stronger appetite for risk emerged as Wall Street's bullish momentum extended, pushing the S&P 500 to near a bull market threshold. Although US futures eased slightly during the session, local sentiment remained upbeat, lifting eight of the 11 ASX sectors.
Financials and technology companies—typically responsive to interest rate changes—led the rally. (ASX:ANZ) rose 2.2%, recovering from earlier losses, while (ASX:MQG) gained 2% and (ASX:NAB) advanced 1.8%. (ASX:CBA) edged up 0.4% after briefly surpassing the $173 mark.
The technology sector also contributed to market strength. (ASX:TNE), known for its enterprise software solutions, surged 12.8% following its announcement of a 30% increase in its interim dividend and solid first-half revenue growth. For those exploring potential opportunities among ASX dividend stocks, TechnologyOne’s performance stands out.
Telecommunications giant (ASX:TLS) moved 1.9% higher after revealing it would lift prices on most of its phone and internet plans by $3 to $5 monthly in a bid to support earnings.
The real estate segment showed mixed performance, with (ASX:GMG) gaining 1.4% and (ASX:DGI) rising 2.3%. Meanwhile, insurer (ASX:TWR) jumped 4.2% after reporting that its half-year profit nearly doubled to NZ$49.7 million.
However, not all companies shared in the upward momentum. Online retailer (ASX:KGN) fell 8.6% after flagging that its subsidiary Mighty Ape is unlikely to return to profitability until 2026 due to ongoing issues from a recent web platform upgrade.
Mining player (ASX:S32) defied a downward earnings revision to climb 2.9%. Market participants appeared to look past revised alumina forecasts to focus on its broader operational outlook.
As the ASX200 index continues to reflect broader market sentiment, traders remain attentive to monetary policy cues and earnings updates, both of which continue to shape the investment landscape.
