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Highlights
- Australian market sees recovery, led by a significant rise in WiseTech shares.
- Tech sector outperforms, while Mineral Resources and Metcash see declines.
- Major banks stabilize, while miners and select retailers show mixed results.
Australian shares rebounded by midday on Friday, primarily driven by a sharp 14% rise in WiseTech’s (ASX:WTC) stock following the unexpected departure of CEO Richard White. The S&P/ASX 200 rose by 0.4%, recovering from the previous day’s slight decline. Nine of the eleven sectors on the index showed gains, with technology stocks taking the lead, up by 4%.
WiseTech's Significant Surge Following CEO Exit
WiseTech’s sharp increase marked its strongest day in two months as analysts revised ratings overnight. The stock’s rally comes on the heels of White’s resignation, a decision prompted by recent allegations against him. According to statements from the company, both WiseTech and White viewed the decision as a governance-focused response to the issue. Analysts regarded this as a prudent move by the board, reflecting their proactive stance on organizational integrity.
Mining and Financial Sectors: Mixed Outcomes
The mining sector displayed a mix of results. Key players like Rio Tinto (ASX:RIO) and BHP (ASX:BHP) saw modest gains of 1% and 0.5%, respectively. However, Mineral Resources (ASX:MIN) encountered a notable 6% drop. This decline followed a recent report highlighting substantial discounts offered on mining equipment purchases made by two board members, including founder and managing director Chris Ellison.
Gold miner Newmont (ASX:NEM) faced a challenging day, with shares falling 11% due to earnings that fell short of market expectations for the third quarter, despite the company recording its highest quarterly profit in five years.
The financial sector demonstrated resilience. Major banks, including Westpac (ASX:WBC) and ANZ (ASX:ANZ), reversed initial losses, each increasing by 0.8%. However, Bank of Queensland (ASX:BOQ) dropped by 3.6%, trading ex-dividend, adding pressure on its performance.
Retailers and Consumer Goods: Varied Performance
In the retail and consumer goods sector, supermarket supplier Metcash (ASX:MTS) decreased by 2.6% as it announced further cost-cutting strategies due to softer trading conditions in its hardware division. Meanwhile, Qantas (ASX:QAN) rose 0.8%, maintaining stable travel demand in the first half of fiscal 2025.
Other notable movements included a 0.2% increase for Cleanaway (ASX:CWY), which reaffirmed its fiscal 2025 guidance despite broader economic softening. ResMed (ASX:RMD) outperformed with a 5.6% rise, attributed to increased revenue in the first quarter of fiscal 2025 from strong demand for its sleep products. Finally, Unibail-Rodamco-Westfield (ASX:URW) saw a minor gain of 0.3% after reporting it would likely reach the upper range of its 2024 financial guidance.
