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Highlights
- NAB (NAB) sees significant rise despite mixed earnings results.
- Nuix (NXL) shares tumble following withdrawal of revenue growth guidance.
- Oil and iron ore prices boost key sector stocks, including BHP (BHP) and Rio Tinto (RIO).
The Australian share market saw a modest lift this morning as investors anxiously awaited news from an upcoming meeting between US and Chinese trade representatives. The S&P/ASX 200 increased by 0.1% or 6.7 points, reaching 8158.10, while the All Ordinaries also showed a slight uptick of 0.1%.
Despite a weak overnight performance in the US, where equities fell on the back of tariff-related developments, positive sentiment emerged following reports that senior Chinese officials will meet US Treasury Secretary Scott Bessent in Switzerland to discuss tariff reductions. This brought a sense of optimism to the market, especially in sectors sensitive to global trade dynamics.
A surge in oil and iron ore prices also played a pivotal role in the market's upward momentum. Companies like Woodside Petroleum (ASX:WPL) and Santos (ASX:STO) saw their stock prices rise by 1.4% and 1.5%, respectively, benefitting from a rebound in Brent oil prices due to expectations of a reduction in US oil production. Major miners BHP (ASX:BHP) and Rio Tinto (ASX:RIO) gained around 1.5%, following an uptick in Singapore's iron ore futures, which rose 1.5% to $US98.95. The rise in commodity prices provided a much-needed boost to these resource-heavy stocks, which are key components of the ASX 300 index.
However, gold prices dropped as news of potential trade easing between China and the US dampened demand for haven assets, affecting stocks like Newcrest Mining (ASX:NCM), which is often seen as a safe haven during market uncertainty.
The banking sector showed signs of recovery after a sharp sell-off the previous day. National Australia Bank (ASX:NAB) was the standout performer, surging by 3.9%, despite reporting core earnings and revenue that fell short of analysts' expectations. Other major banks, including Commonwealth Bank (ASX:CBA), Westpac (ASX:WBC), and ANZ (ASX:ANZ), followed with more modest gains.
On the corporate front, Macquarie (ASX:MQG) saw a slight decline of 0.4%, as the Australian Securities and Investments Commission (ASIC) demanded an independent review of its derivatives trading operations, following concerns over inadequate supervision.
In contrast, Nuix (ASX:NXL) faced a significant setback with shares plunging by 23.6% after withdrawing its full-year revenue and cash flow growth forecasts. The company cited delays in customer commitments to new IT contracts as a key factor. Meanwhile, JB Hi-Fi (ASX:JBH) dropped 5.3%, disappointing investors despite reporting strong growth across all business divisions in the nine months to March.
Amidst the fluctuations, Boss Energy (ASX:BOE) saw a 6.5% increase after expressing confidence that it is well-positioned to benefit from rising triuranium octoxide prices.
For investors looking for stable returns, exploring the landscape of ASX dividend stocks could prove fruitful. As the market continues to show volatility, companies offering attractive dividends in the ASX300 might be worth consideration.
