Australian Stocks Extend Gains with Mixed Sector Performance

Australian stocks are seeing a mixed performance today, with energy stocks shining brightly. The S&P/ASX 200 Index gains further as positive cues continue from Wall Street. However, some sectors, including tech and gold miners, are seeing declines that may temper overall investor sentiment.

Date: 18-03-2025

AI Rating: 6

Market Performance Overview: The Australian stock market is experiencing a mixed trading session, gaining slightly but trimming earlier gains. The S&P/ASX 200 Index is up 0.23%, while the All Ordinaries Index is at a 0.22% gain. Positive cues from Wall Street might be influencing this upward trend.

Sectors Impacted: Energy stocks are performing well, with gains from Santos, Beach Energy, and Origin Energy at almost 1%. However, most tech stocks are experiencing losses, particularly Appen, which is down almost 5%. This mixed performance across sectors could lead to varying impacts on investor sentiment.

Specific Stock Movements: Notably, New Hope Corp. shares have jumped more than 8% following reports of a significant increase in interim profit, boosted dividends, and a $100 million share buyback. This strong performance is likely to attract investor interest and may correlate with rising confidence in the mining sector.

Other Sector Insights: While some gold miners are seeing declines—e.g., Evolution Mining and Resolute Mining—Newmont is advancing more than 2%. The warning from Gold Road Resources about lower expected output could negatively affect investor sentiment within the gold mining sector. In contrast, major banks are showing a mixed response, with Commonwealth Bank down slightly while Westpac and ANZ increase.

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