AUS
NZ
UK
CA
USA
IND
Highlights
- ASX 200 rose 0.8%, driven by mining, technology, and consumer stocks.
- BHP and Rio Tinto benefited from rising iron ore prices amid market optimism.
- U.S. tech gains fueled optimism, with ASX following Wall Street’s strong rally.
Australian stocks opened higher, mirroring Wall Street’s overnight gains as leading U.S. tech firms lifted global market sentiment. The S&P/ASX 200 Index climbed 0.8%, adding 64.8 points to reach 8192.4, primarily led by growth in mining, technology, and consumer sectors. Additionally, the Australian dollar strengthened, trading at US66.36¢, reflecting positive market momentum.
The U.S. market’s rally saw the Nasdaq rise by 1.4%, fueled by a 3% surge in Nvidia as it overtook Apple to become the world’s largest company, reaching a market cap of $US3.43 trillion. Tech momentum extended to companies like Palantir Technologies, which surged by 23% after reporting robust demand for artificial intelligence solutions. The broader U.S. indices followed suit, with the Dow Jones rising by 1% and the S&P 500 up by 1.2%.
The positive sentiment on Wall Street spilled over into Australia, where rising iron ore prices supported gains among major mining stocks. Iron ore prices rose 2% overnight to $US105.95 per tonne, ahead of a significant policy meeting in Beijing anticipated to bring more economic stimulus. This boost in commodity prices drove mining giants BHP (ASX:BHP) and Rio Tinto (ASX:RIO) to advance over 1%, benefiting from the promising outlook in China’s economic recovery efforts.
Other stocks of note included Goodman Group (ASX:GMG), which announced expectations for a 9% rise in earnings per share for FY25, alongside a full-year distribution of 30¢ per share in its latest operational update. Despite this announcement, shares dipped slightly by 0.5%.
Meanwhile, other ASX-listed companies like Domain Holdings, Domino’s Pizza, Fortescue Metals Group, and IGO were set to host their annual general meetings, adding to the market’s activity for the day.
The rally underscored a strong start for Australian shares, influenced by global market trends and sector-specific catalysts. As the U.S. election looms, market participants remain watchful, particularly as early polling suggests a tight race.
