ASX opens flat despite boost from banking and tech stocks
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More news: Australian shares opened flat buoyed by financial and tech stocks following a stronger lead from Wall Street, which experienced a tech rebound after last week’s mass sell-off. Investors remain optimistic surrounding the US-Iran peace talks scheduled for Tuesday.
The benchmark ASX 200 was up by 2.2 points, or 0.03%, to 8,825 at 10:33am AEST. Six of the 11 sectoral indices opened in the green.
Financials (+0.9%) was the strongest performing sector at the open, supported by a lift in CBA (+1.2%), Westpac (+1.3%), NAB (+0.9%) and ANZ (+0.9%).
Neuren Pharmaceuticals (+7.6%) extended its second consecutive rally after receiving a recommendation for an EU approval for its Daybue drug on Monday.
DroneShield (+6.4%), Life360 (+5%), Karoon Energy (+4%) and Nickel Industries (+3.2%) were among the best performing stocks across the ASX 200 at the open.
Elsewhere, mining (-1.5) was the weakest performing sector, weighed down by BHP (-0.4%), Rio Tinto (-0.9%), Northern Star (-2.8%) and Evolution Mining (-3.1%).
Minerals 216 (-6.4%), Lynas Rare Earths (-5.3%), Resolute Mining (-5.3%) and Greatland Resources (-4.9%) were also among the worst performing stocks.
On the data front, the ABS is set to release its latest business conditions and sentiment figures at 11:30am AEST.
Australian shares to open flat as tech rebound lifts Wall Street
The news: The Australian sharemarket is set to open flat after US stocks closed higher overnight, as a rally in several technology giants lifted Wall Street and investors paused after last week’s sell-off in tech stocks.
The numbers: Updated at 7:50am AEST:
- ASX futures: up 1 point to 8,823 points
- Wall Street: Dow Jones up 0.58%, S&P 500 up 1.18%, Nasdaq up 2.07%
- Europe: FTSE 100 down 0.23%, CAC 40 down 0.21%, DAX down 0.18%
- Spot gold: down 1.72% to USD4,016 per ounce
- Oil prices: Brent down 16.61% to USD60.10/barrel, US WTI up 1.65% to USD70.36/bbl
- AUD: down 0.10% at 68.88 US cents
- Bitcoin: up 1.54% to USD60,451.
The context: All three major US indices closed higher on Monday, with the Nasdaq and S&P 500 snapping five-session losing streaks. The Dow closed above 52,000 for the first time after adding Alphabet to its 30-stock index, with the Google parent rising 4.8% to lead gains.
A gauge of the ‘Magnificent Seven’ megacaps gained 2.6%, rebounding after underperforming the broader market this month. Chipmakers also recovered after recording their worst weekly performance since April 2025, according to Bloomberg.
Elsewhere, Brent crude prices fell to USD60 ($87) a barrel as markets welcomed the resumption of US-Iran peace talks after several days of tit-for-tat strikes. Trump said negotiations would resume on Tuesday (ET) after both sides agreed to halt attacks around the Strait of Hormuz.
Locally, the Australian Bureau of Statistics will release its latest business conditions and sentiments figures at 11:30am AEST.
