AUS
NZ
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CA
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Highlights
Commonwealth Bank (ASX:CBA) supported the S&P/ASX 200 and All Ordinaries Index with a modest rise.
Technology and data centre firms like DigiCo (ASX:DCG) and Goodman Group (ASX:GMG) advanced after upbeat US tech earnings.
Iron ore prices declined, weighing on miners BHP (ASX:BHP) and Rio Tinto (ASX:RIO).
The Australian sharemarket edged higher with support from key financial and technology companies. The S&P/ASX 200 Index and the All Ordinaries Index both moved into positive territory after opening lower. Technology emerged as the best-performing sector, while strength in Commonwealth Bank (ASX:CBA) provided additional upward momentum for the broader market.
This upward shift came after a strong session on Wall Street, where the S&P 500 reversed losses following mixed US economic data. A key inflation gauge remained unchanged in March, increasing expectations for a rate adjustment in the United States, while quarterly earnings from large tech firms lifted investor sentiment globally.
Commonwealth Bank helps offset weakness in other financials
A modest recovery in Commonwealth Bank helped support domestic financial stocks. The shares advanced marginally, contributing to the index's gains. However, other major banks saw a slight pullback, with National Australia Bank (ASX:NAB), Westpac (ASX:WBC), and ANZ (ASX:ANZ) each recording small declines amid early session profit-taking.
Data centre and tech stocks rally on AI infrastructure demand
Technology and data infrastructure companies lifted after overseas reports pointed to increased investment in artificial intelligence capabilities. DigiCo Infrastructure REIT (ASX:DCG) registered the strongest performance on the index with a notable rise. Goodman Group (ASX:GMG) also posted a solid gain, and logistics software company WiseTech (ASX:WTC) saw a significant increase in value.
These gains came after global technology leaders delivered earnings that surpassed expectations, reinforcing the outlook for expanded AI development and supporting sentiment in the sector.
Iron ore prices drag down mining stocks
Mining companies came under pressure as iron ore prices slipped to a three-week low. BHP (ASX:BHP) and Rio Tinto (ASX:RIO) declined in response to softer Chinese factory output, which impacted sentiment around commodity demand. The benchmark Singapore contract for iron ore fell, influencing miners across the sector.
Energy stocks also fell as oil prices weakened. Woodside Energy (ASX:WDS) declined amid a broader retreat in energy markets.
Platinum Asset Management (ASX:PTM) surges after merger development
Platinum Asset Management (ASX:PTM) saw a double-digit increase after it was disclosed that L1 Capital entered discussions regarding a strategic merger. The firm acquired a significant equity stake from a founding shareholder, fuelling interest in the fund manager’s future direction.
Global outlook influences local sentiment
Overseas developments continued to shape Australian market sentiment. US futures pointed higher following strong earnings from major technology firms, which offset earlier concerns about economic contraction.
Meanwhile, the Bank of Japan maintained its policy rate unchanged, while trade-related uncertainty lingered following discussions on tariffs. This broader backdrop contributed to the mixed performance across sectors on the local exchange.
