In a striking divergence from regional trends, Australia’s sharemarket demonstrated remarkable resilience on Thursday, posting solid gains while broader Asian indices faced significant sell-offs. The benchmark S&P/ASX 200 advanced 25.20 points (0.29%) to close at 8,720.80, with the All Ordinaries index climbing 28.50 points (0.32%) to reach 9,046.50.
The technology sector emerged as the standout performer, surging 1.72% amid strong investor confidence. Healthcare stocks followed closely with a robust 1.64% gain, while consumer discretionary shares added 1.35% to the market’s upward momentum.
Leading the charge in technology, WiseTech Global jumped 2.22% to $68.28, while Codan soared an impressive 4.71% to $31.56. Life360 continued the positive trend with a 3.93% gain to $32.79. Healthcare giant CSL, a market heavyweight, climbed 2.62% to $174.45, signaling a potential recovery after recent challenges.
According to eToro market analyst Zavier Wong, the Australian market’s performance contrasted sharply with broader Asian trends where the Hang Seng and Nikkei both retreated more than 1%. ‘Today’s sell-off in Asian markets is primarily driven by concerns over escalating tensions between Japan and China,’ Wong noted. ‘For investors, this appears to represent a breather after a strong start to the year rather than a fundamental shift in market dynamics.’
The positive sentiment extended across most sectors, with ten of eleven industry groups finishing in positive territory. Wesfarmers shares added 1.23% to $80.96, while The Lottery Corporation jumped 1.59% to $5.10. Breville Group closed up 2.65% at $30.26.
However, not all segments shared in the market’s success. Gold and silver shares weighed on the materials sector following strong gains in the previous session. Northern Star Resources fell 3% to $24.60, while Evolution Mining dropped 1.92% to $12.74.
Company-specific developments also created notable movers. Personal protective equipment manufacturer Ansell saw its shares slump 6.24% to $33.36 following the announcement that Managing Director and CEO Neil Salmon would retire after 13 years with the company. Bluescope Steel declined 1.57% to $29.40 after rejecting a takeover offer from a consortium comprising SGH Limited and Steel Dynamics, which the company described as ‘very significantly undervalued.’
The Australian dollar experienced mild pressure, slipping 0.30% against the US dollar to trade at 67.01 US cents.