ASX climbs amid steady inflation at 2.4 per cent
The ASX 200 increased by 0.69 per cent to 8,126.20 basis points amid a steady consumer price index of 2.4 per cent.
Tech stocks and discretionary retailers such as EML Payments and GPT Group were top performers at 3.17 per cent and 1.31 per cent, respectively.
Energy stocks such as Beach Energy and Origin Energy dropped by 3.69 per cent and 1.39 per cent, respectively.
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Perth Now
2 hours ago
- Perth Now
Australian shares edge higher as energy stocks rally
The Australian share market has shrugged off a weak Wall Street session to push higher, as escalating tensions in the Middle East light a match under energy stocks. By midday, the S&P/ASX200 gained 24.4 points, or 0.28 per cent, to 8,617.3 as the broader All Ordinaries rose 24.4 points, or 0.28 per cent, to 8,844.1. The tentative start came after the top-200 hit a fresh intraday peak of 8,639 on Wednesday. However, Iranian threats against US bases in the Middle East and disappointment over a US-China trade agreement "framework" weighed on sentiment. "US stock markets finished lower overnight following a sharp escalation in Middle Eastern geopolitical tensions and the realisation that yesterday's much-hyped US-China trade deal merely maintains the status quo of elevated tariffs agreed in Geneva and offered little new," IG Markets analyst Tony Sycamore said. Under the agreement, the US will impose a 55 per cent tariff on imports from China, while China will grant US export licenses for rare earths and magnets and gain eased restrictions on international students. While investors' reactions to the development have been subdued, US President Donald Trump has hailed them a success. "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!" Trump wrote on Truth Social. Eight of 11 local sectors were in the green by lunchtime, with energy stocks surging 1.8 per cent higher after the tensions with Iran sent oil prices to two-month highs. Brent crude futures are up more than four per cent since Wednesday, trading at $US68.90 a barrel. Australia's financial sector was up 0.4 per cent with all big four banks in the green but none by more than 0.4 per cent by lunchtime. Materials weighed on the bourse, down 0.3 per cent and the worst performing sector, with large caps BHP (-0.8), Rio Tinto (-1.2 per cent) and Fortescue (-.19 per cent) all trading lower. Geopolitical concerns helped push investors to the safe have of gold, with futures up 1.4 per cent to $US3,395 ($A5,235) an ounce, and sending miners in the precious metal higher. Genesis Minerals was the top-200's best performer, up 5.4 per cent and followed by Qantas, up more than four per cent a day after announcing plans to scrap its Jetstar Asia arm. Monash IVF rallied more than seven per cent after chief executive Michael Knaap resigned following its latest mistaken embryo scandal. Hearing device manufacturer Cochlear is up 0.4 per cent after it trimmed forward guidance but launched its latest generation implant. The Australian dollar is buying 64.87 US cents, down from 65.13 US cents on Wednesday at 5pm.
Sky News AU
3 hours ago
- Sky News AU
ASX 200 see-saws on Thursday as Monash IVF rises following second embryo mix-up, CEO departing
The ASX 200 has see-sawed on Thursday with an embattled health company jumping and a luxury fashion brand nosediving. The index is up flat after the first hour of trading after jumping 0.2 per cent in the first 20 minutes. Qantas has soared 4.8 per cent, Beach Energy jumped four per cent and gold miner West African Resources added 3.8 per cent. Luxury fashion brand Cettire is down 21.5 per cent after its CEO warned of weaker US demand, despite revealing sales revenue was up 1.7 per cent year-on-year. Embattled healthcare company Monash IVF has jumped again on Thursday after the company dropped 26 per cent when it informed the public of a second embryo mix-up at a clinic. The company informed shareholders on Thursday its chief executive Michael Knaap was resigning, leading to a four per cent bump in the share price, and its CFO Malik Jainudeen was appointed acting CEO. 'Since his appointment in 2019, Michael has led the organisation through a period of significant growth and transformation, and we thank him for his years of dedicated service,' Monash IVF's statement read. The bourse hit a new high on Wednesday as it shot up more than half a per cent before sinking throughout the day. The Dow Jones fell flat on Wednesday while the S&P 500 sank 0.3 per cent and the Nasdaq dropped 0.5 per cent. London's FTSE 250 Index added 0.2 per cent, Germany's DAX fell 0.2 per cent and the STOXX Europe 600 dropped 0.3 per cent on Wednesday. New Zealand's NZX 50 Index is down 0.2 per cent on Thursday and Japan's Nikkei 225 has dropped 0.6 per cent.
Sky News AU
10 hours ago
- Sky News AU
Simmering United States-China trade tensions send nuclear stocks soaring, Global X ETFs' Scott Helfstein reveals
Australian uranium miners have been on a tear since the calamity of United States President Donald Trump's 'Liberation Day' spooked investors and sent stocks around the globe plummeting. Uranium mining is a cyclical industry, one which fluctuates along with the business cycle, and was devastated by the turmoil from President Trump's trade war before strongly rebounding. Global X ETFs' head of thematic solutions Scott Helfstein told Sky News' Business Now the uranium sector's rebound was a sign of strength in the the wider economy. 'What we're actually seeing in the last few weeks, since we have moved past peak US-China tensions, we're seeing cyclical areas like copper miners, uranium miners, industrials start to rally and come back,' he said. 'That is a sign of good secular growth or expectations for good secular growth.' He noted while there was a 'sense of negative sentiment' among investors, underlying economic factors were stable. 'The hard economic and fundamentals from a corporate and a GDP (gross domestic product) perspective have remained really strong,' Mr Helfstein said. Uranium miner Paladin Energy has surged more than 50 per cent since the early April wipeout from "Liberation Day". Boss Energy has added more than 80 per cent, Deep Yellow has jumped more than 60 per cent and Bannerman Energy has soared about 45 per cent. Similarly, the world's largest publicly traded uranium miner and Swedish powerhouse Cameco Corp is up more than 70 per cent since early April. The climb comes as the ASX 200 has experienced wild turbulence since the beginning of the year. China and the US placed massive tariffs on one another, but agreed last month to reduce these to undergo trade negotiations. US and Chinese officials said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, but offered little sign of a durable resolution to longstanding trade tensions. The ASX 200 hit a peak in mid-February before slowly dropping after President Trump began revealing his trade policies - including tariffs on aluminium, steel and automotive parts. The index plummeted in early April after the sweeping 'Liberation Day' tariffs were slapped on most nations around the world. President Trump temporarily pausing these levies and a boost of investor confidence has led to a gradual rise of the ASX 200.
