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Highlights
- ASX lifted by strength in banks and tech sectors.
- Telix Pharmaceuticals drops on regulatory setback.
- Miners lag as iron ore prices slip.
The Australian sharemarket advanced firmly into positive territory, buoyed by gains across most sectors and tracking a strong performance on Wall Street. At midday, the S&P/ASX 200 index rose 0.8 per cent, adding 62.4 points to sit at 8030.6, while the All Ordinaries was up by 0.7 per cent.
Technology stocks led the charge, following strong momentum from US markets where the Nasdaq soared over 1 per cent, aided by Tesla's rally and Alphabet’s upbeat earnings. Australian technology names reflected this strength, with NextDC (ASX:NXT) advancing 3.8 per cent and TechnologyOne (ASX:TNE) climbing 2.6 per cent.
Banks also provided solid support. ANZ Group (ASX:ANZ) lifted 2.1 per cent, joined by National Australia Bank (ASX:NAB) and Westpac (ASX:WBC), each rising over 1 per cent. Commonwealth Bank (ASX:CBA) recorded a modest 0.2 per cent increase. Optimism across the banking sector came amid valuation tailwinds and a generally buoyant sentiment around the broader economy.
Investor focus is also intensifying on China, with expectations of further stimulus announcements by the People’s Bank of China. Finance Minister Lan Fo’an indicated more effective growth-boosting policies are on the way, though analysts remain cautious about the actual impact, citing past disappointments where stimulus measures fell short of hopes.
In contrast to the broader upbeat mood, iron ore miners faced pressure due to a dip in commodity prices. BHP Group (ASX:BHP) slipped 1.1 per cent as iron ore prices edged lower towards $US97 per tonne.
Among individual movers, James Hardie Industries (ASX:JHX) gained 1.6 per cent, as it sought to reassure markets regarding its $14 billion merger with Azek. Meanwhile, Telix Pharmaceuticals (ASX:TLX) dropped 6 per cent following a regulatory delay concerning its new imaging agent for glioma management.
Brambles (ASX:BXB) also retreated, shedding 6 per cent after revising its sales growth outlook downward amid softer consumer demand. Pantoro (ASX:PNR) plunged 9.5 per cent after reporting lower-than-expected production at its Scotia Underground Mine, citing staffing challenges.
However, Ainsworth Game Technology (ASX:AGI) was a major standout, surging 33.1 per cent after Novomatic announced a full acquisition deal valuing the gaming company at $336.8 million.
Lynas Rare Earths (ASX:LYC) rose 2.7 per cent, benefiting from a 22 per cent boost in third-quarter sales revenue, a sign of resilient demand in the critical minerals sector.
As investors keep a close watch on global trade developments and potential policy support from China, the ASX continues to reflect a cautiously optimistic outlook.
