ASX 200 Surges to Two-Month High as Banking Giants and BHP Fuel Momentum

April 29, 2025 01:05 PM AEST | By Team Kalkine Media

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ASX 200 Surges to Two-Month High as Banking Giants and BHP Fuel Momentum — Image source: Shutterstock

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Highlights

ASX 200 climbs to highest level since early March.

Big banks and BHP Group drive strong midday momentum.

Positive investor sentiment lifts broader market gains.

The Australian sharemarket saw a significant uplift today, with the S&P/ASX 200 index briefly touching a two-month high during midday trading. The benchmark reached an intraday peak of 8067.60 around 12:45 PM, marking its strongest performance since March 7.

Driving the rally was strong momentum from major banking players and resource heavyweight BHP Group (ASX:BHP), as investor sentiment leaned positive across key sectors.

BHP Group (BHP) delivered a notable push to the broader market, climbing 1.2% amid strengthening commodity prices and ongoing optimism around global demand. As a cornerstone of the Australian market, movements in BHP's share price often set the tone for the entire bourse, and today was no exception.

The big four banks also played a pivotal role in today's gains. Westpac Banking Corporation (ASX:WBC) rose by 1%, benefiting from an improved outlook in the financial sector and stability in lending markets. Meanwhile, Australia and New Zealand Banking Group (ASX:ANZ) staged a recovery after initial weakness, reversing an early dip to close 0.6% higher by midday.

Market participants appeared encouraged by signs of economic resilience and corporate earnings stability, prompting a broad-based advance across multiple sectors. The uptick in heavyweight banking and mining stocks offered a strong foundation, helping lift sentiment across the ASX 200.

Although volatility remains a feature of global markets, today's rally underscores the underlying strength in Australia's key sectors, particularly resources and financials. Investors are closely monitoring upcoming economic data and corporate updates, which could influence the next leg of the market's direction.

With the S&P/ASX 200 maintaining positive momentum, market watchers are optimistic about the index's ability to sustain gains over the short term, provided global economic conditions remain favorable.

The midday surge to a two-month high highlights the market’s resilience and the important role major players like BHP Group (ASX:BHP), Westpac (ASX:WBC), and ANZ Group (ASX:ANZ) continue to have in shaping broader market movements.

As the session progresses, attention will remain on whether these gains consolidate or if profit-taking could emerge in the afternoon trade.

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