ASX Edges Higher as Miners and Tech Lift Sentiment, Gold stocks rebound

Key Highlights:

• S&P/ASX 200 gains 0.55% to close at 7,964
• Materials lead sectoral gains, up 1.51%, tech and financials follow
• Gold prices rebound, boosting mining stocks
• Energy and utilities fall despite firm crude prices
• Volatility index suggests continued investor confidence
   

Sydney, April 24, 2025 – The Australian share market posted modest gains on Wednesday, bolstered by strength in the mining and technology sectors, even as energy and utility stocks dragged. The S&P/ASX 200 climbed 43.5 points, or 0.55%, to finish at 7,964.0, while the broader All Ordinaries Index advanced 45.7 points to 8,170.9.

Investors welcomed a continuation of optimism from global markets overnight, with Wall Street’s rally driven by upbeat earnings and renewed hopes of progress in U.S.-China trade talks. Meanwhile, local sentiment remained steady as volatility indicators signaled a relatively calm risk environment.

Materials Shine Amid Gold Rebound

The materials sector led the charge, rising 1.51% on the back of stronger gold and base metals prices. The ASX All Ordinaries Gold Index surged 2.09%, as spot gold climbed to US$3,356 per ounce, up nearly 1.9% on the day. This provided a tailwind for producers such as Iluka Resources (+5.36%), Paladin Energy (+5.44%), and Mineral Resources (+5.69%).

The ASX 200 Resources Index followed suit with a 1.13% gain, highlighting continued appetite for miners amidst robust commodity prices and growing demand forecasts.

Tech Sector Adds Spark

The All Technology Index climbed 0.65%, reflecting global tech momentum and optimism around earnings in the U.S. Standouts included Novonix Ltd (+5.81%) and PYC Therapeutics (+5.58%), as investors bet on innovation-driven growth.

Financials Firm as Banks Rebound

The financials sector rose 0.64%, buoyed by a 0.70% lift in the ASX 200 Banks Index. This comes despite muted signals from the bond market, indicating that investors may be eyeing stability and yield as a safe haven amid recent geopolitical and macroeconomic uncertainties.

Small Caps Join the Rally

Small-cap stocks joined the upswing, with the Small Ordinaries Index rising 0.91%. Speculative interest remained robust, with Northern Minerals (+12.5%), Wildcat Resources (+8.97%), and Metro Mining (+6.98%) among the top gainers.

Energy, Utilities Under Pressure

On the flip side, energy stocks retreated 0.83% despite a modest rise in oil prices, with Brent Crude hovering near US$66.26 per barrel. Utilities also slid 0.22%, with investors rotating out of defensives in favor of higher-beta sectors.

Macro Picture: Calm Prevails

The ASX Volatility Index (VIX) continued to signal low investor anxiety, sitting at 12.8. Currency markets showed limited movement, with the Australian dollar steady at US$0.6361.

Overseas, the Dow Jones Industrial Average jumped 1.07% while the Nasdaq rallied 2.50%, reinforcing a global appetite for risk. Asian markets were mixed, with Hong Kong’s Hang Seng up 2.37% and Japan’s Nikkei adding 1.89%.