Australian Shares Rose on Positive Market Sentiment

2 min read | June 06, 2024 04:19 PM AEST | By Team Kalkine Media

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Australian Shares Rose on Positive Market Sentiment — Image source: Company website

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The Australian stock market enjoyed a bullish trend today, mirroring the positive momentum seen on Wall Street. On Thursday, the S&P/ASX200 ended higher, with an increase of 52.80 points or 0.68%, closing at 7,821.80. Over the past five days, the index has surged by 2.54%, currently standing 1.12% below its 52-week high. Among the notable gainers are two ASX-listed companies, each experiencing notable increases in their share prices. Let's take a closer look at why these particular stocks were outperforming the market:

Genesis Minerals Ltd (ASX: GMD)

The share price of Genesis Minerals has surged by 5.32% to AU$1.92. This gold explorer and development company has benefited not only from the rising gold price but also from a positive broker note released by Ord Minnett. The brokerage firm upgraded Genesis Minerals' shares to an accumulate rating, citing the company's exposure to gold and copper.

Northern Star Resources Ltd (ASX: NST)

Investors were flocking to Northern Star Resources, pushing its share price up by 1.81% to AU$14.61. The surge in gold prices overnight, fueled by softening US bond yields and expectations of interest rate cuts, has boosted sentiment towards gold mining stocks. Despite a hold rating and a price target of AU$15.60 by Ord Minnett, Northern Star Resources continues to rally.

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