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Highlights
- Energy stocks drove the ASX higher amid a surge in crude oil prices.
- TechnologyOne reported strong revenue and profit growth, boosting its shares.
- Santos outlined plans for increased shareholder returns starting in 2026.
Australian shares opened higher on Tuesday, supported by gains in the energy sector following an increase in global crude oil prices. The S&P/ASX 200 Index edged up 0.1%, rising by 9.2 points to 8309.4. The Australian dollar also strengthened to US65¢ as the US dollar softened overnight.
The energy sector emerged as the top performer, climbing 1.6%. Major players such as Woodside Energy (ASX:WDS) and Santos (ASX:STO) gained 1.6% and 1.8%, respectively. This performance mirrored a rally in oil prices, with Brent crude settling above $73 per barrel. Rising geopolitical tensions and a weaker US dollar were key drivers of the surge, making commodities priced in US dollars more attractive.
Global Market Insights
On Wall Street, mixed trends were observed with the Dow Jones declining by 0.2%, the S&P 500 gaining 0.4%, and the Nasdaq advancing by 0.6%. Notable movements included Tesla’s 4.3% rise following reports about federal initiatives for self-driving vehicles. Analysts noted that rising risk appetite also contributed to gains across sectors globally.
TechnologyOne Outperforms with Strong Results
Enterprise software company TechnologyOne (ASX:TNE) surged 6.7% after reporting a 15% rise in full-year net profit to $118 million. Its revenue climbed 17% to $515.4 million. Alongside these impressive figures, the company declared a full-year dividend of 22.45¢ per share, further boosting investor confidence.
Santos Focuses on Higher Returns
Santos (ASX:STO) announced plans to increase shareholder returns starting in 2026, coinciding with the commencement of its major projects in the Timor Sea and Alaska. The company aims to return 60% of free cash flow, up from its current policy of at least 40%.
Other Market Updates
Gold mining giant Newmont (ASX:NEM) gained 1.8% after finalizing a deal to sell its Musselwhite mine in Canada for up to $850 million. This move aligns with its broader strategy to streamline its portfolio and enhance shareholder value.
Meanwhile, KMD Brands (ASX:KMD), the parent company of Rip Curl and Kathmandu, reported a 5.8% decline in total group sales during the first quarter. Sales dropped across its key brands, with Rip Curl falling 6.7%, Kathmandu 2.7%, and Oboz 8.6%.
Energy stocks, rising crude prices, and corporate updates drove the ASX higher, showcasing a mix of resilience and caution in the current market environment.
