Which three ASX shares marked significant gains on Tuesday?

2 min read | January 09, 2024 04:57 PM AEDT | By Team Kalkine Media

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The ASX market witnessed a robust session on Tuesday, with the S&P/ASX 200 Index making a remarkable rebound and surging higher. The benchmark index exhibited a significant rise of 0.93%, reaching 7,520.50 points.

Several ASX shares notably stood out, showing substantial gains on the day. Here are insights into three shares that experienced noteworthy surges:

Adairs Ltd (ASX: ADH)

Adairs Ltd observed a 4.35% surge in its share price, climbing to AU$1.80. This increase was fueled by an uptick in investor interest not only in Adairs but also in other retail shares. The surge followed the release of stronger-than-expected economic data by the Australian Bureau of Statistics (ABS). The data revealed a robust 2.2% rise in Australian retail sales during November, surpassing market expectations. However, there remains speculation regarding whether this surge in sales is primarily due to consumers advancing their holiday spending.

Alumina Limited (ASX: AWC)

Alumina Limited observed a 7.69% rise in its share price, reaching 98 cents. This surge came in response to the news regarding Alcoa's intention (NYSE:AA) to completely curtail production at the Kwinana Alumina Refinery situated in Western Australia, commencing from the second quarter of 2024. Alumina expressed its full support for Alcoa's decision, citing losses incurred at the Kwinana refinery, compounded by factors such as its age, scale, operating expenses, and the quality of current bauxite grades. Alumina owns a 40% stake in Alcoa World Alumina and Chemicals (AWAC).

WiseTech Global Ltd (ASX: WTC)

WiseTech Global Ltd witnessed a 2.06% increase in its share price, rising to AU$71.75. Investors exhibited heightened interest in the logistics solutions company's shares following a robust performance by tech stocks on the NASDAQ index of Wall Street. The positive momentum wasn't confined to WiseTech alone, as the S&P/ASX All Technology Index also surged on Tuesday.

The market's positive movement on Tuesday was driven by varied factors influencing different sectors, including retail and technology, contributing to the notable rise in these ASX-listed shares.

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