Tech Surge Boosts ASX, While Gold Miner Newmont Faces Sharp Drop

October 25, 2024 03:39 PM AEDT | By Team Kalkine Media

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Tech Surge Boosts ASX, While Gold Miner Newmont Faces Sharp Drop — Image source: shutterstock

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Highlights

WiseTech jumps 14%, boosting ASX.

Newmont plummets over 11% following rising cost concerns.

Strong performance in technology and financials leads the market higher.

The Australian share market saw a mixed session, with the S&P/ASX 200 rising by 0.2%, adding 35.2 points to close at 8241.5. The market rebounded from the previous session’s small loss, driven by a major surge in the technology sector, which was up 4%. Despite the positive momentum, the benchmark is on track to record a small weekly decline of around 0.5%.

A standout performer was WiseTech Global (ASX:WTC), which saw a significant 14% increase in its stock price after the sudden departure of its CEO, Richard White. This rally followed a period where WiseTech had experienced a sharp drop of over 20% in the last five trading sessions. The stock’s jump came as market participants responded to the leadership change with renewed interest in the company's future direction.

The mining sector also played a crucial role in supporting the ASX, with key players such as Rio Tinto (ASX:RIO) and BHP (ASX:BHP) both gaining ground. Rio Tinto rose 1%, and BHP climbed by 0.5%, helped by the rise in iron ore prices, which increased by 1.8% to $US101.30 per ton in Singapore trading.

However, the day wasn’t without its challenges. Newmont Corporation (ASX:NEM), one of the major gold miners on the index, faced a steep decline of over 11%. The drop came after its latest earnings report revealed that the company is grappling with increasing mining costs, even though it posted its strongest quarterly profit in five years.

Mineral Resources (ASX:MIN) also faced pressure, falling more than 6% following a report that some of its board members had purchased mining equipment at discounted rates, raising concerns about governance.

In other sectors, financial stocks showed resilience, with Westpac (ASX:WBC) and ANZ (ASX:ANZ) both up 0.8%, while Bank of Queensland (ASX:BOQ) dropped by 3.6% after going ex-dividend.

Elsewhere, ResMed (ASX:RMD) surged 5.6%, supported by higher demand for its sleep devices, while Cleanaway (ASX:CWY) edged up 0.2% after reiterating its fiscal 2025 guidance.

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