AU Evening Wrap: Australia Shares Gain 0.5%, Driven by Tech Stock Strength
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.5% higher at 7683.5 driven by strength in technology stocks, with healthcare remaining a standout sector.
The information technology sector rose 1.7%. Iress was the biggest mover, adding 3.2%, followed by $WiseTech Global Ltd (WTC.AU)$, which rose 2.7%.
Energy was the day's biggest sectoral loss, falling 0.8%. $Brambles Ltd (BXB.AU)$ 3Q trading update, issued Tuesday morning disappointed investors, with the stock closing 6.3% lower. $Northern Star Resources Ltd (NST.AU)$ was another laggard, losing 3.5% after its 3Q update.
Ahead of key domestic inflation data due Wednesday, the major banks were up between 0.9% and 1.5%, while $Macquarie Group Ltd (MQG.AU)$ added 1.2%.
Top News
Strong Manufacturing in April Indicates Economic Recovery
According to Judo Bank Flash PMI survey, the three-month average reading of the output PMI in April reached 53.6, the highest since June 2022. While services have shown a strong recovery in activity since November 2023, manufacturing levels are only now beginning to stabilize. Despite tracking below the neutral level in 2023 and 2024, the Manufacturing PMI has surged to an eight-month high in April, indicating a resurgence in activity and a potential benefit for the sector.
Northern Star Resources Sells 401,000 Gold Ounces in Fiscal Q3
$Northern Star Resources Ltd (NST.AU)$ has announced the sale of 401,000 gold ounces in the fiscal third quarter, which ended in March. The mining firm achieved an all-in sustaining cost of AU$1,844 per ounce, according to a filing with the Australian Securities Exchange on Tuesday. Furthermore, the company maintained its production guidance for the current fiscal year, estimating the sale of 1.6 million to 1.75 million gold ounces at an all-in sustaining cost of AU$1,810 to AU$1,860.
Source: Dow Jones Newswires, AFR, ASX
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