ASX soars 4.5% in best day since March 2020
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The news: The Australian sharemarket rocketed 4.5% higher, tracking relief rallies on Wall Street and across Asia after US President Donald Trump announced a 90-day pause on tariffs for most countries.
The S&P/ASX 200 index added 334.6 points to end at 7,709.6, with all 11 sectors and each ASX 200 company in the green.
It was the latest swing in a succession of volatile trading days, which saw the benchmark index shed 4.2% on Monday, recover 2.3% on Tuesday, then fall 1.8% on Wednesday.
Technology stocks led the rally, surging 7.6%, with Life360 (10.9%), NextDC (9.4%) and WiseTech Global (8%) among the best performers.
Mining (6.3%) and energy (5.2%) stocks also advanced after being some of the hardest hit in the wake of the US tariffs. Iron ore giants Rio Tinto (6.4%), Fortescue (6.2%) and BHP (5.4%) all rebounded.
Oil producers Woodside Energy (4.7%) and Santos (4.1%) helped lift the energy sector, as did uranium miners Boss Energy (17.5%), Paladin Energy (17.4%) and Deep Yellow (15.9%).
The Australian dollar also surged against the greenback. It was last buying 62 US cents, after plunged to a five-year low of 59.29 US cents earlier in the week.
Biggest ASX 200 movers:
- Zip Co (20.7%) — Extended gains from earlier in the week, having announced a share buyback of up to $50 million on Tuesday.
- Mineral Resources (18.1%) — Reversed all of Wednesday's losses, having seen more than 12% wiped off its share price in the previous session.
Deals:
- Qube (3.5%) — The ACCC paved the way for its $333 million acquisition of Melbourne International RoRo & Auto Terminal after accepting a court-enforceable undertaking offered by the logistics group.
- Spartan Resources (12.6%) — Agreed to buy the remaining 20% interest that it does not already own in a portfolio of exploration tenements at its flagship Dalgaranga gold project in Western Australia.
Other news:
- Netwealth (16.6%) — Added $2.5 billion in funds under administration during the March quarter, as record inflows outweighed negative market movements.
- Stockland (2.4%) — Finalised negotiations to develop the Waterloo Renewal Project in Sydney, working with Homes NSW and consortium partners Link Wentworth, City West Housing and Birribee Housing.
- JB Hi-Fi (6.6%) — Bell Potter upgraded its recommendation to 'buy', saying the recent market selloff has left the stock well valued.
- Data#3 (5.4%) — Upgraded to 'buy' by UBS, which noted the stock has fallen around 13% since its first-half results in February, despite the company having no direct exposure to US tariffs.
