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Highlights
- ASX rises on global tech optimism and commodity gains
- Neuren Pharmaceuticals leads with double-digit surge
- Strong moves seen in tech, mining, and defense sectors
Australian shares climbed on Monday as optimism around easing US trade tensions lifted sentiment across the board, with tech and mining stocks leading gains. By midday, the benchmark S&P/ASX 200 index had jumped 1.2 per cent, adding 90.3 points to reach 7736.8, while the broader All Ordinaries was also up by 1 per cent. Ten out of the eleven sectors were in the green, powered by strong momentum in materials and technology.
A key driver for the rally was news from the United States that several technology products, including smartphones and computer hardware, will be temporarily exempt from import tariffs. This development boosted hopes that the US could be shifting away from previous aggressive trade policies, lifting global investor sentiment. The Nasdaq is also set to reflect this optimism, expected to open more than 1 per cent higher.
Australian tech names responded strongly. WiseTech Global (ASX:WTC) rose 2.8 per cent, while TechnologyOne (ASX:TNE) climbed 2.7 per cent, helping push the ASX technology sector up 2.2 per cent by lunchtime.
Miners also had a strong session, supported by an early rally in iron ore prices and optimism surrounding a potential US-China trade agreement. BHP Group (ASX:BHP), often seen as a barometer for the sector, added 2.5 per cent, and Mineral Resources (ASX:MIN) surged 7.4 per cent.
Gold stocks continued their upward trajectory, following a record-setting run in gold prices late last week. Newmont Corporation (ASX:NEM) jumped 4.8 per cent, continuing its bullish trend.
Leading the day's gains, Neuren Pharmaceuticals (ASX:NEU) soared 18.6 per cent after the US Food and Drug Administration endorsed the outcomes of a major clinical trial. The update paves the way for further drug development milestones later this year.
In defense and security, DroneShield (ASX:DRO) advanced 14.6 per cent after announcing five new repeat contracts with a long-standing defense partner in the Asia-Pacific region, worth a combined $32.2 million.
Elsewhere, MA Financial Group (ASX:MAF) edged up 1.1 per cent after reporting a 20 per cent increase in first-quarter fund inflows, bouncing back from early losses.
In the gold space, De Grey Mining (ASX:DEG) gained 0.8 per cent after Gold Road Resources (ASX:GOR), which owns a 17.3 per cent stake, confirmed support for Northern Star Resources’ (ASX:NST) proposed acquisition of De Grey. Gold Road rose 0.2 per cent, while Northern Star eased by 0.3 per cent.
