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Highlights
The ASX closed slightly higher, lifted by gains in the tech sector.
Mining and energy stocks retreated despite stronger global cues.
Local market movement followed upbeat quarterly results from Meta and Microsoft.
The Australian share market edged upward, supported by robust performance in the local technology segment. The S&P/ASX 200, All Ordinaries, and Information Technology Index all registered modest gains, despite pronounced declines across resource-focused sectors.
Investor sentiment in the technology sector was buoyed by strong quarterly earnings from global technology leaders Meta and Microsoft. This momentum helped technology firms on the ASX, such as WTC, register notable increases during the session.
Mining Sector Slips on Commodity Pressure
Mining shares on the ASX traded lower, reflecting ongoing softness in commodity prices. Heavyweights in the sector recorded losses, contributing to the downward pressure on the broader market. The materials segment weighed heavily, with companies like BHP finishing in negative territory.
Global commodity markets showed limited support, leading to concerns over earnings performance for domestic resource producers. Additionally, sentiment was dampened by subdued demand indicators from major trading partners, which affected overall resource stock performance.
Energy Stocks Retreat on Mixed Global Signals
Energy companies on the ASX also moved lower during the session. Weakness in global oil prices and subdued demand expectations impacted the energy index, dragging on companies such as WDS.
Volatility in global energy markets, combined with concerns about supply dynamics, placed downward pressure on the local energy sector. The sector's performance was in contrast to tech gains and added to the mixed tone of the broader market.
US Economic Contraction and Import Surge
Macroeconomic data from the United States revealed a contraction in economic activity, with a surge in imports during the March quarter. The sharp rise in imports has been linked to concerns about incoming tariff measures, particularly under the influence of anticipated trade policy changes by former President Trump.
This import activity has contributed to a wider trade deficit and raised questions around the resilience of the global economy. The contraction in the US economy provided a cautious backdrop for Australian markets, even as tech earnings overseas lifted sentiment in parts of the ASX.
Mixed Performance Across Sectors
While the tech sector provided upward momentum, other sectors struggled to maintain gains. Financial services firms remained flat, while consumer-facing industries saw varied performance. Companies like XRO in the tech space outperformed, in contrast to weakness in heavy industry and energy-related names.
Despite pressure from key sectors, the overall ASX indices finished slightly in the green. A tech-led rally helped offset the drag from mining and energy, leading to a narrowly positive session. The contrasting performance across sectors highlighted the fragmented nature of market movements during the day.
