AUS
NZ
UK
CA
USA
IND
Highlights
- ASX climbs alongside US market optimism
- Energy, mining, and aluminium stocks lead rally
- IDP Education rebounds after steep drop
Australian equities surged early Wednesday, following a positive lead from Wall Street as renewed optimism over the US jobs market helped bolster global sentiment. The benchmark S&P/ASX200 index rose 0.5%, or 40.5 points, to 8507.2 in the opening 20 minutes of trade, marking a promising start as all 11 sectors traded higher. The broader All Ordinaries also climbed 0.5%.
This uplift came after encouraging US data showed job openings in April unexpectedly climbed to 7.4 million, calming concerns around labour market stability amidst ongoing trade tensions. In New York, the S&P 500 edged closer to its all-time high, bolstered by gains in chipmakers such as Broadcom and Nvidia.
Back home, the Australian sharemarket saw strong performances particularly from energy and mining sectors. Rising iron ore futures in Singapore supported miners like BHP Group (ASX:BHP) and Fortescue Metals Group (ASX:FMG), both up 1%. The uptick in iron ore prices underpinned investor confidence, reflecting demand strength in key Asian markets.
Aluminium-related companies also made notable moves. US-based Alcoa Corporation (ASX:AAI) advanced 4.1%, while South32 (ASX:S32) climbed 1% following news that President Trump signed an executive order increasing tariffs on steel and aluminium imports to 50%.
The energy sector recorded a solid gain, lifted by global oil prices which rose over 1% overnight. The gain was attributed to wildfires in Canada disrupting production. As a result, Woodside Energy (ASX:WDS) rallied 2.2% and Santos (ASX:STO) rose 1%.
Among individual stocks, IDP Education (ASX:IEL) rebounded 6.7% after its sharp 50% decline the previous day. The company had cited global policy uncertainty affecting its enrolments, but today's recovery suggested investor appetite remained for its long-term prospects.
Meanwhile, Westpac Banking Corporation (ASX:WBC) edged 0.7% higher despite regulatory action, with ASIC filing suit against its subsidiary RAMS over allegations of systemic misconduct. Pharmaceutical firm Mayne Pharma Group (ASX:MYX) jumped 4.7% following news that US regulators had cleared concerns over its contraceptive pill Nextstellis.
In corporate takeover news, a bidding war for PointsBet heated up after Japanese firm Mixi (ASX:MXI) tabled a higher offer to outpace Australian rival Betr. This prompted a 9.7% rise in PointsBet shares, while Betr’s valuation dropped 4.2%.
The rally across various sectors highlights the resilience and breadth of opportunities on the ASX, especially for those exploring ASX dividend stocks with stable yield potential. As the S&P/ASX200 inches closer to historic highs, market sentiment continues to reflect optimism grounded in both local and global developments.
