ASX Gains as Tech and Banks Lead, But Gold Miners Drag on Broader Rally

Key Highlights:

• ASX 200 adds 0.44%, closing at 8,227.9, led by tech and financials
• Gold stocks slump 2.5% despite metal’s recent strength
• Market breadth solid, though small caps and resources lag
   

The Australian share market edged higher on Thursday, driven by strong buying in technology, banking, and energy sectors, even as weakness in gold and small-cap miners tempered overall gains.

The S&P/ASX 200 closed up 0.44% at 8,227.9, while the broader All Ordinaries gained 0.43% to 8,458.1. Tech stocks stole the spotlight, with the ASX All Technology Index rising 1.47%, buoyed by names like Brainchip (+4.4%) and Novonix (+5.3%). The sector’s strength came amid improving risk sentiment and speculation around easing U.S. yields, which tend to benefit growth-heavy segments.

Banks also posted solid gains, with the ASX 200 Banks Index climbing 0.79%, led by a rebound in National Australia Bank and GQG Partners. The financials sector rose 1.25%, while energy stocks followed suit, up 1.2%, despite a slight pullback in crude prices.

However, the day wasn’t without blemishes. The ASX Gold sub-index tumbled 2.51%, as investors rotated out of safe-haven assets. Despite gold prices holding near AUD 3,343.50/oz, stocks like Healius (-25.65%) and Gorilla Gold Mines (-6.42%) dragged the sector lower, reflecting sentiment-driven profit-taking.

Meanwhile, small-cap names underperformed, with the ASX Small Ordinaries slipping 0.10%, even as large caps maintained a steady upward trajectory.

Top performers included Chrysos Corporation (+15.25%), Liontown Resources (+6.94%), and Nine Entertainment (+6.54%), while Healius led the losers after going ex-dividend.

Globally, Asian markets traded mixed, with the Nikkei and Hang Seng indices showing gains, while Wall Street finished modestly lower overnight. Despite that, the S&P/ASX 200 Volatility Index remained at a low 13.4, indicating sustained investor confidence and subdued near-term risk.

With breadth improving and tech regaining momentum, the ASX appears poised to test fresh highs—though lingering pressure on commodities may continue to temper the rally’s pace.