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Highlights
- Tech stocks drive ASX gains, led by earnings optimism
- Judo Bank tumbles after cautious lending update
- Mining and energy weigh down broader market
The Australian share market extended its winning streak to a sixth consecutive session, with the S&P/ASX 200 Index rising 0.2% or 19.4 points to close at 8145.6. Investor optimism was driven by a strong rebound in technology stocks, helping the benchmark maintain a two-month high, despite a drag from mining and energy sectors.
The gains were spurred by a sharp turnaround on Wall Street overnight, where major US indices rebounded following mixed economic data. While the US economy showed contraction for the first time since 2022, a key inflation gauge remained flat, fueling expectations of a potential rate cut by the Federal Reserve.
Technology stocks led the rally on the local bourse, mirroring the sentiment in the US where companies like Microsoft and Meta posted robust quarterly earnings. The tech sector surged 4% on the ASX, with standout performances from WiseTech (ASX:WTC), which rose 6.6% to $94.37, and Xero (ASX:XRO), up 3.2% at $169.51.
Data centre operators were also among the top performers, buoyed by expectations of increased infrastructure spending. NextDC (ASX:NXT) climbed 4.6% to $12.37, DigiCo Infrastructure REIT (ASX:DCG) gained 6.3% to $2.86, and Goodman Group (ASX:GMG) added 3.4% to finish at $31.
However, the enthusiasm in tech was tempered by declines in mining and energy. Iron ore prices slipped due to weak Chinese factory data, with BHP (ASX:BHP) down 0.9% to $37.83 and Rio Tinto (ASX:RIO) falling 1% to $115.90. Oil prices also dropped, dragging Woodside Energy (ASX:WDS) 2.6% lower to $20.20, while Santos (ASX:STO) slipped 1.5% to $5.92.
In corporate developments, Judo Capital Holdings (ASX:JDO) saw its shares plunge 16.9% to $1.48 after warning that lending growth would fall short of prior forecasts. The update raised concerns about the outlook for smaller financial institutions amid a shifting interest rate landscape.
Elsewhere, Platinum Asset Management (ASX:PTM) jumped 11.4% to $0.63 after L1 Capital revealed it was in discussions for a potential merger following a significant stake acquisition. The market also saw modest gains from Woolworths Group (ASX:WOW), which rose 1.2% to $31.94 as e-commerce sales lifted quarterly revenue to $2.2 billion.
For those seeking exposure to income-generating stocks, the current market conditions may encourage a closer look at ASX dividend stocks, particularly as defensive plays remain in focus amid economic uncertainty.