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Highlights
The Australian share market pushed higher during Thursday’s trade, lifted by strong gains in the energy sector and gold miners, alongside notable movements in several major companies. By 2pm AEST, the S&P/ASX 200 Index was up 0.5 per cent or 41.4 points to reach 7800.3, with seven of the eleven sectors trading in positive territory.
Gold producers stood out among the day’s top performers, as bullion surged past $US3300 an ounce for the first time, driven by heightened demand for safe-haven assets. This momentum benefited several miners: Bellevue Gold (ASX:BGL) advanced 3.1 per cent, Evolution Mining (ASX:EVN) rose 1.4 per cent, and Ramelius Resources (ASX:RMS) gained 1.1 per cent.
Energy stocks also delivered strong contributions. The sector rose 3.4 per cent, tracking gains in global crude oil prices. Woodside Energy (ASX:WDS) climbed 3.4 per cent, Ampol (ASX:ALD) jumped 6.8 per cent, and Santos (ASX:STO) lifted 2.6 per cent following a report of increased production, reaching 21.9 million barrels of oil equivalent per day.
In economic news, Australia’s job market showed resilience, with 32,200 jobs added in March. The unemployment rate remained steady at 4.1 per cent, calming expectations of an aggressive interest rate cut in May.
Challenger (ASX:CGF) emerged as a key mover, surging 7.5 per cent after the company narrowed its FY25 normalised net profit forecast to between $450 million and $465 million, improving confidence in its performance outlook.
Pilbara Minerals (ASX:PLS) rose 4 per cent despite earlier declines. The lithium producer flagged impacts from a tropical cyclone and temporary plant shutdowns, which affected its production and revenues.
AMP (ASX:AMP) gained 1.8 per cent following a positive update from its platforms business, which recorded $740 million in net cash flows for the quarter. However, platform assets under management slipped slightly due to market volatility.
Insignia Financial (ASX:IFL) added 3.2 per cent as the due diligence period for its ongoing discussions with private equity firms was extended, signaling ongoing interest in the firm’s operations.
Meanwhile, BHP (ASX:BHP) edged 1.5 per cent higher despite reporting a 4 per cent year-on-year decline in iron ore shipments. Although volumes were below analyst estimates, they exceeded output seen in two of the past four years.
The local gains came in contrast to a weaker session on Wall Street, where indices declined following commentary from US Federal Reserve Chair Jerome Powell, who cautioned about inflation risks stemming from global trade tensions.
