Australian Share Market Lifts: Tech and Banking Sectors Shine

March 20, 2025 11:36 AM AEDT | By Team Kalkine Media

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Australian Share Market Lifts: Tech and Banking Sectors Shine — Image source: shutterstock

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Highlights

Technology and banking stocks lead gains on the ASX.

Wall Street's upbeat session influences Australian markets.

Key corporate movements include acquisitions and regulatory approvals.

The Australian share market showed a robust opening on Thursday, influenced by a stable U.S. economic outlook and unchanged interest rate projections by the Federal Reserve. The S&P/ASX 200 Index (ASX:XJO) climbed 0.7%, an uplift of 54.1 points, reaching 7882.4 shortly after the market opened, while the All Ordinaries (ASX:XAO) mirrored this rise.

Tech stocks took the lead, propelled by positive movements in the U.S. where the Federal Reserve’s recent comments reassured investors about interest rates and inflation concerns linked to ongoing tariffs. This buoyancy was reflected in the performance of major tech firms on the ASX, with WiseTech (ASX:WTC) and TechnologyOne (ASX:TNE) both seeing a rise of 2.3%.

Banks also showed strong performance, with Commonwealth Bank (ASX:CBA) rising by 1%, while ANZ (ASX:ANZ) and Westpac (ASX:WBC) similarly posted gains of over 1%. National Australia Bank (ASX:NAB) also saw an increase of 1%, even amidst a downgrade by Morgan Stanley.

The real estate sector, sensitive to changes in interest rates, also posted gains. Goodman Group (ASX:GMG) ascended by 1.3%, Scentre Group (ASX:SCG) by 1.4%, and Vicinity Centres (ASX:VCX) by 1.4%.

In corporate developments, Nanosonics (ASX:NAN) surged 10.8% following U.S. regulatory approval for its new endoscope cleaning device, aimed at reducing hospital infection risks. In the waste management sector, Cleanaway (ASX:CWY) advanced 2.8% after announcing its acquisition of Contract Resources, a move expected to yield significant cost synergies annually.

Telecommunications also saw notable activity with TPG Telecom (ASX:TPG) climbing 2.2% after receiving approval for its significant fibre network sale to Vocus Group (ASX:VOC), demonstrating continued growth and reconfiguration in the sector.

In the mining sector, Arafura Rare Earths (ASX:ARU) leapt 9.5% after it secured a deal to supply rare earth materials to the Luxembourg-based Traxys, marking a significant step in its global supply chain expansion.

This collective uptick across various sectors underscores a growing confidence in the Australian market, driven by favorable global economic cues and strategic corporate activities.

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