Tech Stocks Lead Australian Market's Modest Advance; US Cues Remain Subdued

Market Overview

Australia’s equity markets extended their winning streak on Friday, posting another day of modest gains despite early weakness. The S&P/ASX 200 Index climbed 7.70 points to reach 8,625.00, representing a 0.09 percent increase after dipping to 8,588.80 in morning trade before recovering to an intraday high of 8,633.40. The broader All Ordinaries Index added 17.00 points, or 0.19 percent, closing at 8,929.00. This marked the fifth consecutive session of gains, driven primarily by positive European sentiment and the absence of significant overnight moves from the US.

Technology Stocks Power the Session

The real standout performers were technology equities, which demonstrated considerable strength throughout the day. WiseTech Global surged over 5 percent, while Appen advanced more than 2 percent. Xero added over 1 percent and Zip climbed nearly 1 percent, with fintech payments company Block (Afterpay’s parent) also edging higher by 0.4 percent. These gains reflected renewed investor appetite for the sector, offsetting pressure in other areas of the market.

Mining Sector Shows Mixed Picture

The mining complex delivered a bifurcated performance, with precious metals outpacing base metal producers. Gold miners maintained mostly positive momentum, with Newmont and Northern Star Resources each gaining more than 1 percent, while Resolute Mining added almost 1 percent and Evolution Mining edged up 0.3 percent. Genesis Minerals was an exception, declining 0.4 percent. However, iron ore miners proved a drag on the market, with BHP Group sliding 0.2 percent while Mineral Resources bucked the trend with a gain exceeding 2 percent. Fortescue and Rio Tinto traded flatly.

Energy and Banking Headwinds

Financial stocks weighed on market momentum, with the big four banks all posting declines. ANZ Banking lost nearly 1 percent, while Westpac, Commonwealth Bank, and National Australia Bank each slipped 0.3 to 0.5 percent. Energy stocks presented a mixed picture, as Origin Energy and Santos each edged up 0.2 percent, but Woodside Energy declined 0.1 percent and Beach Energy dropped almost 1 percent.

Notable Corporate Developments

Star Entertainment Group attracted significant attention, jumping almost 5 percent following the release of a cleansing prospectus enabling recently issued shares to Bally’s to trade freely. In contrast, Corporate Travel Management remained under suspension as its accounting irregularities deepened, with UK revenue reversals of 80 million pounds on the horizon. The company’s UK and Europe chief executive, Michael Healy, stepped down immediately with full pay protection.

Currency Markets

The Australian dollar held at $0.654 against the US dollar, reflecting steady demand for the domestic currency despite the mixed session.