AUS
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UAE
Highlights
- ASX flat despite US tech rally
- Energy sector shines; Insignia slumps
- Macquarie and Aristocrat weigh on ASX300
Australia's sharemarket remained mostly steady on Wednesday, even as Wall Street surged overnight on optimism from renewed trade dialogue between the US and China. The S&P/ASX 200 hovered at 8268.20 points by mid-afternoon, effectively flat, while the All Ordinaries nudged 1.6 points higher.
Despite a lift in the energy, banking, and tech sectors, losses in several key players kept the broader ASX300 index in check. Notably, (ASX:MQG) Macquarie Group fell 2.1% after regulatory action from ASIC relating to alleged short-selling disclosure failures. Meanwhile, (ASX:ALL) Aristocrat Leisure dropped sharply by 12.7% following half-year results that missed market expectations.
Among the biggest decliners was (ASX:IFL) Insignia Financial, which plunged 15.3% after Bain Capital pulled out of its takeover offer, citing macroeconomic volatility. The exit marked a stark reversal for the wealth manager amid ongoing global uncertainty.
Tech names remained largely resilient, continuing their positive trend from Wall Street. (ASX:360) Life360 surged 10.2% on the back of a stronger-than-expected quarterly update. Elsewhere in the sector, (ASX:TNE) TechnologyOne rose 0.5%, while (ASX:NXT) NextDC gained 1.3%. The momentum follows a broader reassessment of growth stocks, with recent fund manager surveys indicating renewed interest in underweighted tech assets.
In the energy space, gains were more pronounced. Brent crude prices jumped 2.5% to US$66.55, lifting (ASX:WDS) Woodside Energy by 3.6%. The company announced that Saudi energy giant Aramco is exploring a potential equity interest in its US-based LNG project in Louisiana. (ASX:ALD) Ampol also climbed 1.4%, contributing to the sector’s upbeat sentiment.
On the banking front, (ASX:CBA) Commonwealth Bank rose 0.7% after posting a 6% increase in quarterly profit. Peers (ASX:ANZ) ANZ and (ASX:NAB) National Australia Bank also gained, while (ASX:WBC) Westpac dipped slightly.
Interestingly, local investors appeared unfazed by the stronger-than-expected wage growth of 3.4% in the March quarter, which aligned with the Reserve Bank of Australia’s forecasts.
Meanwhile, trading in (ASX:MYX) Mayne Pharma was halted after a 12.2% fall earlier in the day. The pharmaceutical firm faces scrutiny from US regulators over claims of misleading marketing related to an oral contraceptive product.
For those monitoring income opportunities, this quiet session in the broader market may turn attention toward potential ASX dividend stocks, particularly as volatility lingers in growth names.
The day's mixed performance underscores how the ASX300 index can balance global optimism with local headwinds—offering investors a varied landscape of both defensive and growth-oriented sectors.
