ASX rebounds 2.3% in biggest jump since 2022
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The news: The Australian sharemarket recorded its biggest advance since November 2022, as it rebounded from sweeping losses on Monday amid an escalating trade war and the prospect of an impending global recession.
The benchmark S&P/ASX 200 index closed 2.27% higher at 7,510, recouping over half of Monday's 4.2% loss, with all 11 sectors ending in the green.
Technology, up 4.6%, ended as the best performing sector, with Life360 (8%), Technology One (7%) and WiseTech Global (5%) leading gains.
Energy gained 4.1% after plunging 7% on Monday. Oil giant Santos rose 5.4% after tumbling nearly 10% in the previous session, as crude prices rebounded. Uranium explorer Boss Energy (11%) and coal miner Whitehaven Coal (8.7%) were the two best performing ASX 200 companies.
Meanwhile, the Australian dollar edged up against the greenback. It was last buying 60.5 US cents, having dropped below 60 US cents for the first time in five years on Monday.
Other news:
- Evolution Mining (5%) — Government-owned CleanCo Queensland agreed to invest an initial $30 million in its Mount Rawdon pumped hydro project.
- Guzman y Gomez (3.7%) — Reported double-digit growth in third-quarter sales and said it expects to exceed its full-year profit forecast.
- West African Resources (5.8%) — Posted steady production and sales for the March quarter, keeping it on track for its full-year guidance.
- Zip Co (6.7%) — Announced a share buyback of up to $50 million, opening for 12 months from 23 April.
- Cochlear (1.2%) — Confirmed that it will continue to enjoy duty-free importation of its products into the US, having flagged uncertainty about the new tariffs announced by US President Donald Trump last week.
