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Highlights
- Technology and energy sectors lifted the S&P/ASX 200 Index by midday.
- TechnologyOne surged over 12% after strong financial results.
- Energy stocks Woodside Energy and Santos gained, supported by rising oil prices.
The Australian share market experienced a notable rise on Tuesday, driven by gains in technology and energy stocks. By midday, the S&P/ASX 200 Index climbed 0.8%, adding 66.2 points to reach 8366.4. Ten out of eleven sectors recorded gains, reflecting broad market strength.
The technology sector emerged as the top performer, rising 3.2%, buoyed by enterprise software leader TechnologyOne (ASX:TNE). The company reported a 15% increase in full-year net profit, reaching $118 million, alongside a 17% jump in revenue to $515.4 million. It declared a full-year dividend of 22.45 cents per share, fueling a 12.3% surge in its share price.
The energy sector also advanced as geopolitical tensions and a weakening US dollar pushed oil prices higher. Sector heavyweight Woodside Energy (ASX:WDS) rose 1.3%, while Santos (ASX:STO) gained 1.7%. Brent crude oil prices climbed above $US73 per barrel after reports of heightened geopolitical risks, including US approval for Ukraine to use long-range missiles in its ongoing conflict. A softer dollar made commodities priced in the currency more attractive, supporting energy sector gains.
On the corporate front, Santos announced plans to increase shareholder returns starting in 2026, targeting 60% of free cash flow distribution upon the commencement of production from its key projects in the Timor Sea and Alaska. This marks an upgrade from its current policy of returning at least 40% of free cash flow.
Newmont (ASX:NEM) saw a 2.4% rise in its shares after finalizing an agreement to sell its Musselwhite mine in Canada for up to $1.3 billion. The divestment aligns with its broader strategy to streamline operations and enhance shareholder returns.
Meanwhile, KMD Brands (ASX:KMD), the owner of Rip Curl and Kathmandu, declined 2.6%. The company cited cautious consumer sentiment and reported a dip in quarterly sales, reflecting challenges in the retail environment.
Global market movements also played a role. Wall Street indices offered mixed cues, with the Dow Jones declining 0.2%, the S&P 500 rising 0.4%, and the Nasdaq gaining 0.6%. Tesla surged 4.3% following reports of potential regulatory support for self-driving technology.
The overall market sentiment was bolstered by rising risk appetite and optimism in key sectors, helping the ASX rally through midday trading.
