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Highlights
- ASX gains momentum despite global trade concerns, with most sectors ending in positive territory.
- Cochlear (ASX:COH) and AMP (ASX:AMP) take a hit due to profit challenges.
- Mining and utility stocks rise, buoyed by strong commodity prices and investor confidence.
The Australian stock market continued its upward momentum on Friday, marking a three-day rally despite concerns over new trade policies introduced by U.S. President Donald Trump. The S&P/ASX 200 climbed 0.7%, adding 58.2 points to reach 8598.20, while the All Ordinaries Index followed suit, also rising 0.7%.
Investor sentiment remained strong, with ten of eleven sectors posting gains. Defensive sectors, such as consumer staples and utilities, led the charge as market participants weighed the potential impact of new U.S. tariffs targeting countries with higher taxes on American goods. While Australia’s free trade agreement with the U.S. offers some protection, concerns remain over potential effects related to the Goods and Services Tax (GST).
Strong Performance Across Sectors
Utilities and consumer staples were among the biggest gainers. Origin Energy (ASX:ORG) saw a 1.4% increase, while Treasury Wine Estates (ASX:TWE) continued its rally from the previous session, surging 4.8%. Supermarket giant Woolworths (ASX:WOW) also gained 1.7%, reinforcing the strength of defensive stocks amid uncertain global trade conditions.
Mining stocks had a positive session, driven by iron ore prices holding steady at around $106 per tonne. BHP (ASX:BHP) added 0.9%, benefiting from resilience in the commodities market.
Cochlear and AMP Face Setbacks
On the downside, Cochlear (ASX:COH) faced a significant decline, plummeting 10.4% after revising its full-year profit forecast downward. The adjustment comes as cost-of-living pressures impact revenue generated from servicing its hearing implants.
Similarly, AMP (ASX:AMP) experienced a steep 12.9% drop in share value following a sharp decline in half-year profit, which nearly halved to $150 million. The downturn was largely attributed to the divestment of its financial advice business.
Other Market Movers
Real estate group Mirvac (ASX:MGR) rose 5%, despite reporting a 6% drop in profit for the six months ending in December. Earnings remained largely unchanged, but investor confidence remained intact.
Investment firm GQG (ASX:GQG) recorded a 3.8% rise as it doubled its net flows in the half-year period, increasing funds under management by over 25% to $153 billion.
Gold explorer Westgold Resources (ASX:WGX) benefited from high gold prices, which nearly doubled its half-year revenue, pushing its stock up 2.1%.
Meanwhile, Unibail-Rodamco-Westfield (ASX:URW) declined 3.5%, despite increasing its distribution payout by 40% and exceeding its full-year earnings guidance with €9.85 per share ($16.30 AUD).
As the market digests the latest developments in global trade policies, Australian stocks continue to show resilience, with strength in key sectors offsetting pressures faced by select companies.
