ASX Rallies on Mining Strength as Gold Stocks Glitter Again

Key Highlights:

• ASX 200 gains 0.81% led by Materials and Real Estate
• Gold miners dominate the top gainers; Energy stocks under pressure
• Appen soars 20% while Paladin Energy leads the fallers
   

Australia’s equity market delivered a solid performance today as the S&P/ASX 200 rose 67 points or 0.81% to 8,364.5 by mid-session Friday, buoyed by robust gains in mining and industrials, even as tech and energy names saw profit-taking.

Miners Lift the Mood

The Materials sector surged 1.76%, emerging as the day’s best performer. The ASX All Ordinaries Gold Index leapt 3.9%, riding on a fresh rally in spot gold prices, which climbed over 1.7% to US$3,243.90/oz. This tailwind lifted a swathe of mining stocks including Brightstar Resources (+13%), Chalice Mining (+8.3%), and Meeka Metals (+8%).

Catalyst Metals (+6.9%) and Resolute Mining (+5.5%) also shone bright as investors rotated into safe-haven assets amid persistent global macro uncertainty. Genesis Minerals rounded out the gold rally with a 5.3% rise, closing at $3.875.

Real Estate and Industrials Find Favour

Real estate stocks jumped 1.3% while industrials gained 1.23%, reflecting investor optimism in rate-sensitive sectors amid hopes of stable interest rate guidance. The broader All Ordinaries Index advanced 0.79% to 8,597.1.

Tech Lags, Energy Slides

The All Technology Index edged 0.01% lower, with notable underperformance from SILEX Systems (-2.7%) and Audinate Group (-2.3%). Meanwhile, energy stocks were weighed down by falling oil prices—Brent crude slid 2.36% to US$64.53 per barrel—dragging down Paladin Energy (-6.2%), Deep Yellow (-4.5%) and Boss Energy (-3.2%).

Market Movers

Appen (ASX: APX) made headlines as shares soared 20.3% to $1.48 on no specific news, sparking speculation around short covering or potential corporate interest. Energy Resources of Australia doubled in value, albeit on low liquidity, trading at $0.002.

On the downside, Paladin Energy took a steep 6.2% hit, topping the day’s losers, followed by Deep Yellow and Bannerman Energy, both down over 4%.

Currency & Commodities

The Australian dollar weakened slightly, buying US$0.6404. Among metals, copper rose 0.66% while silver added 1.07%. The VIX index at 11.7 signals low expected volatility ahead.

Outlook

With eight out of 11 sectors in the green and gold names leading the charge, investor sentiment appears cautiously constructive. However, the tech lag and energy weakness suggest selective risk appetite amid lingering global uncertainty.