Australian shares lift as oil and gold stocks rally; IDP sheds 40%
Make us a preferred source
Make us a preferred source on Google
More news: Australian shares advanced at market open, tracking gains on Wall Street overnight, with oil and gold producers among the best performers, while troubled education services provider IDP tanked nearly 40%.
The benchmark S&P/ASX 200 index was up 0.69%, or 58 points, to 8,472.3 at 10:40am AEST, with 10 of the 11 sectoral indices in the green.
IDP shares fell 39% after the company slashed its full-year earnings forecast, including a 52% drop in expected adjusted earnings before interest and taxes, amid an increasingly restrictive policy environment for international students.
Energy (1.6%) and mining (1.3%) stocks were the best performing as oil giants Woodside Energy (2.8%) and Santos (1.2%) climbed on rising crude prices. Gold miners made up eight of the 10 best performing ASX 200 companies, led by Genesis Minerals (6.9%), as spot gold prices rallied.
Australian shares to open higher as US stocks recover
The news: Australian shares are poised to open higher, tracking gains on Wall Street after US stocks were boosted by fresh optimism over trade talks between the US and its trading partners.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 69 points or 0.81% at 8,503 points
- Wall Street: Dow Jones up 0.08%, S&P 500 up 0.41%, and Nasdaq up 0.67%
- Europe: CAC 40 down 0.19%, DAX down 0.28%, and FTSE 100 up 0.02%
- Spot gold: flat at USD3,382 per ounce
- Oil prices: Brent up 0.77% at USD65.13/bbl, and US WTI up 3.67% to USD63.02/bbl
- AUD: up 0.96% to 64.96 US cents
- Bitcoin: up 0.09% to USD105,023.
The context: Each of the three major US indices ended higher, after a shaky start, supported by optimism over imminent discussions between the US and its trading partners.
The Trump administration has sought to escalate trade talks with multiple partners, requesting countries provide their best offer on trade negotiations by Wednesday, Reuters first reported.
Stocks had started the session lower as US manufacturing data disappointed, before rebounding on tech gains and tariff-driven steel rallies.
US steelmakers surged and local car manufacturers fell —with Ford and General Motors each shedding nearly 4% — after US President Donald Trump revealed plans to increase tariffs on foreign imports of steel from 25% to 50% on Saturday.
What's ahead: The Australian Bureau of Statistics will publish business indicators, mineral and petroleum exploration figures, balance of payments and international investment position, and government finance statistics for March at 11:30am AEST.
The Reserve Bank is due to publish minutes of its May 2025 meeting at 11:30am.
The source: Reuters
