ASX Rallies as Energy and Gold Stocks Shine; Challenger (ASX:CGF) Leads Gains

Highlights

• ASX ends higher, boosted by energy and gold stocks
• Challenger (ASX:CGF) surges after upbeat earnings guidance
• Gold prices hit record high, lifting major miners

The Australian share market ended Thursday on a strong note, driven by robust gains across energy and gold sectors. The S&P/ASX 200 Index advanced 0.8% or 60.6 points to finish at 7819.1, marking a weekly rise of 2.3%. The broader All Ordinaries Index also posted a similar gain of 0.8%.

Energy stocks were the standout performers, climbing 3.8% as global crude oil prices rallied following new US sanctions on Iranian oil exports. Among the leaders, Woodside (ASX:WDS) rose 3.9% to $20.07, Karoon Energy (ASX:KAR) jumped 7.6% to $1.34, and Ampol (ASX:ALD) surged 7.7% to $22.24. Santos (ASX:STO) also recorded a 2.9% gain to $5.65 after reporting a production increase to 21.9 million barrels of oil equivalent for the period.

The rally extended to the gold sector, with bullion prices climbing to a record above US$3300 an ounce on haven demand. This lifted major gold producers, including Bellevue Gold (ASX:BGL) which rose 1.6% to 98¢, Evolution Mining (ASX:EVN) up 1.7% to $8.46, and Northern Star Resources (ASX:NST) gaining 1.2% to $22.35.

Economic data released Thursday showed Australia’s employment rose by 32,200 in March, holding the unemployment rate steady at 4.1%. The strong jobs report tempered expectations for an aggressive interest rate cut in May.

Among individual stocks, Challenger (ASX:CGF) soared 10.2% to $6.80 after narrowing its FY25 profit guidance range to between $450 million and $465 million. This revised outlook from the previous $440 million to $480 million range was well-received and made it the top-performing stock on the ASX 200.

AMP (ASX:AMP) gained 3.2% to $1.145 following an increase in net cash flows to $740 million within its platforms business, although total assets under management dipped slightly to $78.8 billion amid ongoing market volatility.

BHP (ASX:BHP) edged up 1.1% to $36.48 despite reporting softer-than-expected iron ore shipments, though its performance still surpassed two of the past four years impacted by weather conditions.

Insignia Financial (ASX:IFL) added 3.3% to $3.72 as it extended due diligence discussions with private equity firms Bain Capital and CC Capital.

Lithium miner Pilbara Minerals (ASX:PLS) rebounded 4.4% to $1.43 after outlining production challenges linked to a cyclone and plant shutdowns.

Meanwhile, Star Entertainment (ASX:SGR) dropped 9.1% to 10¢, becoming the day's biggest laggard after resuming trading.