AUS
NZ
UK
CA
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FRA
GER
ESP
ITA
NLD
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IND
POL
BRA
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RUS
CHN
UAE
Highlights
- Australian sharemarket sees tech sector leading gains, supported by strong US performance.
- De Grey Mining (DEG) surges after a significant acquisition announcement.
- Gold miners face pressure from a stronger US dollar impacting metal prices.
The Australian sharemarket edged upwards as the tech sector gained momentum, driven by a strong performance in US technology stocks. The S&P/ASX 200 rose slightly, closing just over 11 points higher at 8436, after nearing its recent all-time high during intraday trading.
Tech stocks were the standout performers, rising by over 1 percent. Optimism stemmed from recent developments in the US, including proposed policies under the incoming administration that boosted the S&P 500 to record highs, led by the technology sector.
The session's earlier gains moderated after retail data released by the Australian Bureau of Statistics showed a modest monthly rise in retail sales, exceeding expectations. October's sales increased by 0.6 percent compared to a smaller increase in the previous month. Analysts suggest this data may reduce the likelihood of near-term rate changes by the Reserve Bank of Australia, despite earlier forecasts from various institutions indicating a potential adjustment by May.
Gold Sector and Mergers
Gold stocks faced mixed outcomes during the session. De Grey Mining (ASX:DEG) surged by nearly 30 percent to $1.97 after Northern Star Resources (ASX:NST) announced a $5 billion share-based acquisition deal. In contrast, Northern Star fell over 5 percent, closing at $16.59.
Other gold miners were weighed down by a stronger US dollar, which led to a decline in gold prices. West African Resources (ASX:WAF) dropped 4 percent to $1.46, Evolution Mining (ASX:EVN) slipped to $4.86, and Newmont (ASX:NEM) declined to $62.95.
Broader Market Movements
GQG Partners (ASX:GQG) fell sharply by 14 percent to $2.02, following a revised rating from a major financial institution, citing growing scrutiny over the company's investment strategies.
Meanwhile, Netwealth (ASX:NWL) announced a milestone of $100 billion in funds under administration. Despite this achievement, shares fell by 5 percent to $29.25, reflecting a broader market response to valuation concerns.
Retail sector updates included Metcash (ASX:MTS), which posted steady results for the latest reporting period. Its shares rose modestly by 2 percent to $3.19, signaling alignment with market expectations.
The day's trading illustrated contrasting performances across sectors, with tech leading gains while traditional gold miners faced pressure from external currency movements.
