Market Overview
The Australian sharemarket posted a modest gain on Thursday, with the S&P/ASX 200 climbing 21.40 points or 0.24% to close at 8,973.20, marking a fresh 20-day high. The session was characterised by a sharp divergence between sectors, as energy and financials provided a strong tailwind while technology stocks suffered heavy selling. Over the past five trading sessions, the benchmark index has rallied 4.59% and now sits just 2.50% below its 52-week high.
Index & Breadth
The S&P/ASX 200 settled at 8,973.20, up 21.40 points or 0.24% on the day. The headline gain masked significant dispersion beneath the surface, with the top two index contributors — Bendigo and Adelaide Bank and ASX Limited — rising 8.41% and 6.63% respectively, while pockets of the market endured sharp declines. Breadth was mixed as the technology sector weighed heavily, though the overall index still managed to close near session highs.
Sectors
Top 3 Sectors
- Energy (+2.58%) — Oil and gas producers rallied strongly, led by Woodside Energy and Karoon Energy, as crude prices firmed and investors rotated into traditional commodity plays.
- Utilities (+1.92%) — Defensive positioning supported the utilities sector, with investors seeking yield amid heightened volatility in growth names.
- Financials (+1.21%) — Banks and exchange operators drove gains, with Bendigo and Adelaide Bank surging on strong earnings momentum and ASX Limited posting its best session in weeks.
Bottom 3 Sectors
- Information Technology (-6.46%) — The worst-performing sector by a wide margin, dragged lower by steep falls in WiseTech Global, Xero, and Megaport amid a broader global tech sell-off.
- Health Care (-1.21%) — Health care names drifted lower as risk appetite shifted away from growth-oriented stocks during the session.
- Consumer Discretionary (-0.89%) — Discretionary retailers and consumer-facing stocks softened as investors weighed the impact of persistent cost-of-living pressures on household spending.
Stock Highlights
Standout Gainers
- BEN (Bendigo and Adelaide Bank) surged 8.41% to $11.34, adding $0.88, as the regional lender benefited from positive sentiment around net interest margin expansion and strong loan book growth.
- ASX (ASX Limited) jumped 6.63% to $57.45, gaining $3.57, with the exchange operator rallying on elevated trading volumes across the market and renewed investor interest in market infrastructure plays.
- WDS (Woodside Energy Group) advanced 3.96% to $33.33, up $1.27, supported by firmer energy commodity prices and continued demand for high-yielding energy majors.
- ALD (Ampol Limited) rose 3.46% to $33.23, climbing $1.11, as refining margins improved and fuel demand indicators remained resilient.
Underperformers
- ORA (Orora Limited) plunged 17.98% to $1.62, shedding $0.355, in the heaviest fall on the ASX 200 after the packaging company issued a disappointing trading update that flagged margin compression in its North American operations.
- WTC (WiseTech Global) tumbled 10.91% to $38.62, losing $4.73, as the logistics software firm was caught up in a sharp global technology sell-off and faced renewed questions around its valuation premium.
- ZIP (Zip Co) fell 10.28% to $1.79, down $0.205, as the buy-now-pay-later operator retreated sharply amid broader risk-off sentiment in high-growth fintech names.
- XRO (Xero Limited) dropped 8.56% to $73.41, declining $6.87, weighed down by the global tech rout and profit-taking after a strong run in prior weeks.
Commodities & FX
Gold was trading at AUD 6,710.18 per ounce, reflecting continued demand for safe-haven assets amid global uncertainty. Silver stood at AUD 108.05 per ounce, platinum at AUD 2,932.89 per ounce, and palladium at AUD 2,374.35 per ounce. The Australian dollar was buying USD 0.7031, with the currency holding relatively steady as commodity tailwinds offset broader risk sentiment. The elevated AUD-denominated gold price continues to support local gold producers and reflects both firm USD gold prices and the prevailing exchange rate.
Takeaways
- The S&P/ASX 200 rose 0.24% to 8,973.20, notching a 20-day high and extending its five-session rally to 4.59%.
- Information Technology was the clear laggard, plunging 6.46%, with WiseTech Global down 10.91% and Xero off 8.56%.
- Energy led the gainers with a 2.58% advance, while Financials added 1.21%, driven by Bendigo and Adelaide Bank’s 8.41% surge.
- Orora was the session’s biggest casualty, crashing 17.98% following a weak trading update.
- Gold held firm at AUD 6,710.18 per ounce, while the Australian dollar traded at USD 0.7031.
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