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Highlights
- The ASX 200 gained 0.2%, driven by tech stocks.
- IDP Education (IEL) and Nine Entertainment (NEC) posted impressive gains.
- Mining and utilities sectors faced pressure amid global economic shifts.
The Australian share market experienced a modest rise on Tuesday, bolstered by a significant rally in technology stocks despite a mixed sentiment across other sectors. The S&P/ASX 200 Index edged up by 0.2%, adding 12.9 points to close at 8270, while the All Ordinaries also saw a 0.2% increase. Nine out of the 11 sectors on the ASX saw positive movement, driven largely by gains in the tech sector, which outperformed others.
The surge in tech stocks in Australia followed a positive trend set by Wall Street overnight, where the S&P 500 snapped a five-day losing streak, climbing 0.4%. The Nasdaq gained 1%, primarily supported by a rally in mega-cap tech stocks such as Nvidia (NVDA), which contributed to the global market’s optimism. As a result, local tech and gaming stocks also gained momentum. The technology sector in Australia advanced by 1.3%, with notable performers including Audinate Group (ASX:AD8), which rose by 3.6%, Aristocrat Leisure (ASX:ALL) up 2.8%, and SiteMinder (ASX:SMR) jumping by 3.7%.
On the flip side, Australian mining stocks continued their downward trajectory, with the price of iron ore slipping below $US98 per tonne. Major players like Fortescue Metals (ASX:FMG) saw a 3.2% drop, BHP (ASX:BHP) declined by 1.4%, and Rio Tinto (ASX:RIO) slipped by 1.1%. These losses were reflective of the continued pressures on global commodity prices.
Utility stocks also faced challenges on Tuesday. The yield on 30-year US Treasuries rose to 4.86%, its highest level in over a year, which contributed to a retreat in defensive sectors. Power company AGL Energy (ASX:AGL) saw a 2.7% decrease as traders shifted towards sectors less sensitive to rising yields, such as healthcare and financials.
Among stocks of note, IDP Education (ASX:IEL) led the charge, gaining 6.4%. This uptick came after an upgrade from Macquarie, which highlighted the stock’s potential for future growth. Nine Entertainment (ASX:NEC), the publisher of The Australian Financial Review, also saw a 5.3% rise following news of a new management overhaul. Pantoro (ASX:PNR), a gold explorer, saw a 2.1% increase after it confirmed that underground drilling would begin at its Norseman project in March 2025.
Stocks like Ramsay Health Care (ASX:RHC) rose by 2% as analysts pointed to an undervaluation of the hospital network. Insignia (ASX:ICG) maintained its position after a takeover bid, while Capricorn Metals (ASX:CMM) gained 2.6% on the back of strong gold production. Amcor (ASX:AMC) also experienced a 1.8% rise following an upgrade from Citi.
