Stock Market in Australia Continues Rising in Mid-day Trading Session
The Australian stock market saw a positive trend on Friday, with several sectors performing well. The benchmark S&P/ASX 200 Index was up 31.90 points or 0.36 percent, closing at 8,905.70.
Energy Sector Shows Strength
Oil stocks showed a robust performance, with most companies seeing gains. Santos added almost 1 percent, Beach energy gained more than 1 percent, Origin Energy advanced almost 2 percent, and Woodside Energy edged up 0.4 percent.
In the energy sector, Ampol's shares jumped almost 7 percent following a $1.1 billion deal to acquire EG Australia. The acquisition will add about 500 company-owned and operated (COCO) service stations to Ampol's network.
Meanwhile, gold miners Resolute Mining and Newmont were up more than 1 percent each, while Fortescue and Mineral Resources gained 1.5 percent and more than 1 percent respectively. However, Northern Star Resources saw a loss of almost 1 percent.
Tech Sector Remains Resilient
The tech sector also showed resilience, despite some volatility. Among the notable performers, BlinkLab and Echo IQ reported revenue and earnings growth above 50 percent, while Pro Medicus, Pureprofile, and Immutep showed solid gains between 13 percent and over 70 percent in revenue growth.
NextDC, a leading data centre operator, was a standout beneficiary of the surge in AI-related infrastructure demand, with significant contract wins and expansion plans positioning it well for strong future growth.
Key tech companies like Hipages, Pro Medicus, and WiseTech Global have shown significant growth, reflecting investor enthusiasm for growth-oriented tech shares. Hipages, for instance, became profitable in FY25 for the first time in 20 years, while executing major technology platform upgrades and expanding subscription models in Australia and New Zealand.
Other Notable Performances
Shares in Baby Bunting skyrocketed more than 28 percent due to annual profit guidance that is 12 percent ahead of analyst expectations.
BHP Group and Rio Tinto edged up 0.4 to 0.5 percent each. Among the big four banks, Westpac added more than 1 percent, National Australia Bank and ANZ Banking gained almost 1 percent each. Commonwealth Bank edged down 0.2 percent.
The broader All Ordinaries Index was up 31.00 points or 0.34 percent to 9,180.10. Despite some short-term market volatility, the broader Australian tech sector has displayed resilience, with the ASX200 index up 1.5 percent over the past month.
In summary, the Australian stock market on Friday was characterized by robust earnings growth, favorable market interest driven by AI and emerging technologies, and strategic company restructuring that supports sustainable growth. The gains were led by energy and technology stocks.
Finance and technology industries contributed to the positive trend on Friday, as the tech sector showed resilience with companies like NextDC, Pro Medicus, and WiseTech Global experiencing significant growth. Notably, NextDC benefited from surge in AI-related infrastructure demand, while Hipages became profitable in FY25 for the first time in 20 years. On the other hand, the finance sector remained stable, with the big four banks adding modest gains, and the Australian stock market surpassing analyst expectations as shown in the performance of Baby Bunting.
