ASX closes higher; market optimism on GDP data dissipates
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The news: The Australian stock market finished higher even as a spike in response to the release of softer than expected GDP data had cooled by the afternoon.
The benchmark ASX 200 rose 0.18% to end at 8,595.2 with eight of the 11 sectors finishing in the green.
The utilities sector (+0.9%) was the best performer as Origin Energy (+0.5%), APA Group (+0.7%), Meridian Energy (+2.1%) and AGL Energy (+3.1%) finished higher. Meanwhile, the healthcare sector (-0.8%) fell as CSL (-0.7%), Sigma Healthcare (-1.1%) and Pro Medicus (-1.8%) finished lower.
When GDP data for the September quarter was released at 11:30am, the ASX 200 spiked before peaking just after midday. It had reversed most of its gains just after 1:00pm AEDT.
Biggest movers:
- Uranium miners – Boss Energy (+7%), Paladin Energy (+5.2%) and Deep Yellow (+4.7%) finished higher.
- WiseTech Global (+4.5%) – Held its 2025 Investor Day on Wednesday during which it detailed a new pricing model.
- Perseus Mining (-2.8%) – Set to buy its smaller rival Predictive Discovery, after its all-scrip takeover offer was deemed superior to a proposed merger with Canada's Robex Resources.
Other news:
- Transurban Group (+0.5%) – Reaffirmed its full-year distribution guidance of 69 cents per share. Also announced it would pay an interim distribution of 34 cents per share for the six months to 31 December, up from 32 cents a year ago.
- Vulcan Energy – Secured a EUR2.2 billion ($3.9 million) financing packaging which has allowed the company to proceed with a positive final investment decision on its Phase One Lionheart Project. Entered a trading halt pending completion of an equity raise.
What’s ahead:
- Automatic Data Processing will release US non-farm employment change data for November on Thursday at 12:15am AEDT.
- The Institute for Supply Management will release purchasing managers’ index data for the services sector tomorrow at 2:00am AEDT.
- The Australian Bureau of Statistics will release goods trade balance data for October and monthly household spending indicator data for October on Thursday at 11:30am AEDT.
