28-05-2025
- Business
- Sydney Morning Herald
ASX wipes out gains after inflation data; Woodside jumps on LNG approval
Welcome to your five-minute recap of the trading day.
The numbers
The Australian sharemarket had a strong morning after a rally on Wall Street overnight, but wiped out its gains after the latest inflation figures came in higher than expected, denting investors' exuberance.
The S&P/ASX 200 finished down 10 points, or 0.1 per cent, at 8396.90, having climbed as much as 0.5 per cent early in the session. While six of its 11 sectors advanced, the market was held back by falls in financials and mining stocks, which together make up more than half of the ASX. However, energy stocks rallied after the Albanese government gave preliminary approval for the extension of Woodside's giant North West Shelf project in Western Australia.
The Australian dollar retreated and was fetching US64.36¢ when ASX trading finished.
The lifters
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Oil and gas giant Woodside surged 3.2 per cent after the government gave its preliminary approval for the company to keep its controversial liquefied natural gas project running out to 2070. Woodside applied for the extension at a state level six years ago, before securing Western Australian state government approval in December. It had been waiting on the federal government's sign-off.
Other fossil fuel stocks also advanced, with rival oil business Santos up 1.9 per cent, while coal miners Yancoal and Whitehaven Coal rose 1.5 per cent and 2.7 per cent, respectively.
