AUS
NZ
UK
CA
USA
IND
Highlights
- The S&P/ASX 200 index gained 0.7%, driven by rising energy stocks as geopolitical tensions pushed oil prices higher.
- The a2 Milk Company (ASX:A2M) led the gains, surging nearly 13% after raising revenue guidance and announcing dividend plans.
- Lovisa Holdings (ASX:LOV) fell 3%, as early FY25 sales missed analyst expectations, while WiseTech Global (ASX:WTC) plunged 16% following a downgrade in its earnings outlook.
ASX 200 Advances Amid Oil Price Surge
The S&P/ASX 200 index rallied 0.7% on Friday, gaining 60 points to close at 8383, approaching its all-time high reached earlier this week. The index is on track for a 0.5% weekly gain, reflecting strength in energy and consumer sectors despite headwinds in technology.
The rally was supported by a rise in global oil prices, driven by heightened geopolitical tensions between Russia and Ukraine. Concerns over supply disruptions led to a 2% overnight increase in crude oil prices, benefitting key energy players on the ASX.
Energy and Mining Stocks Lead Gains
Energy stocks outperformed as oil prices surged. Santos Limited (ASX:STO) and Woodside Energy Group (ASX:WDS) rose by over 1%, while Whitehaven Coal (ASX:WHC) climbed nearly 4%. Strength in the energy sector reflects increased demand for traditional energy sources amidst global uncertainty.
Mining heavyweights BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) gained 0.6%, with Fortescue Metals Group (ASX:FMG) adding 0.4%. These gains were underpinned by stable iron ore prices and strong market sentiment.
Technology Sector Pressures
The technology sector was the sole laggard, with the S&P/ASX All Technology Index declining. WiseTech Global (ASX:WTC) fell sharply by 16% after revising its FY25 revenue and earnings guidance downward, citing slowing demand in key markets.
Megaport Limited (ASX:MP1) dropped 12%, despite reaffirming its FY25 earnings forecast of $57 million to $65 million. Investors appeared cautious over the company's near-term growth outlook.
Consumer and Retail Highlights
The a2 Milk Company (ASX:A2M) was the top performer, soaring nearly 13% after upgrading its revenue forecast and announcing plans to pay dividends. The company attributed this to robust sales and higher global dairy prices.
Lovisa Holdings (ASX:LOV) experienced a 3% decline after reporting weaker-than-expected sales growth in the first 20 weeks of FY25. The company’s performance lagged analyst estimates, weighing on its share price.
Banking Sector and Dividend Moves
The major banks posted gains, with Commonwealth Bank of Australia (ASX:CBA) and National Australia Bank (ASX:NAB) rising 0.8%. The financial sector remains a key pillar for the index's resilience amid broader market fluctuations.
Orica Limited (ASX:ORI) eased 1.3% as its shares traded ex-dividend, reflecting typical post-dividend payout adjustments.
Cryptocurrency and Currency Markets
Bitcoin climbed 0.5%, nearing the $US99,000 mark. This followed news of U.S. Securities and Exchange Commission Chairman Gary Gensler announcing his departure in January, which was viewed as a positive development by cryptocurrency advocates.
