ASX Surges as Risk Appetite Returns; Energy, Tech Lead Broad-Based Rally

Key Highlights:

• ASX 200 gains 1.5%, hitting 7,933.6 by midday
• Energy and Tech sectors surge, up 3.6% and 3.0% respectively
• Gold miners slump despite strong broader market sentiment
• Investors buoyed by overnight Wall Street rally, low volatility

Sydney, April 23, 2025 – The Australian sharemarket rebounded sharply on Tuesday, recapturing investor confidence as a powerful rally on Wall Street set a bullish tone. The S&P/ASX 200 climbed 116.9 points, or 1.5%, to 7,933.6 by midday, marking one of its strongest intraday performances this month.

The broader All Ordinaries index mirrored the gains, up 1.5% to 8,133.8, while the All Technology Index soared 2.79%—the best-performing segment on the day.

Wall Street Ripple Effect

The local rally tracked closely with a tech-led surge on Wall Street overnight. The Nasdaq jumped 2.71%, the S&P 500 added 2.51%, and the Dow Jones surged 1,016 points as U.S. traders responded positively to softer inflation expectations and optimism around the upcoming earnings season.

“Global markets appear to be stabilizing after last week’s volatility, and Australian equities are riding the momentum,” said Sarah McIntyre, equity strategist at Ashburn Capital. “There’s a decisive shift towards risk-on positioning, particularly in growth and energy names.”

Energy and Tech Lead the Charge

Energy was the standout sector, soaring 3.6% on the back of rising oil prices. Brent Crude climbed to US$68.03 per barrel, while WTI advanced to US$64.20. ASX-listed uranium and gas stocks responded strongly, with Paladin Energy (ASX: PDN) surging nearly 23%, leading the benchmark.

The tech sector also had a stellar session. The All Technology Index jumped nearly 3%, bolstered by gains in Block, Inc. (ASX: SQ2), Life360 (ASX: 360), and Brainchip (ASX: BRN). Tech names benefited from upbeat sentiment in U.S. chipmakers and renewed appetite for high-beta growth stocks.

Banks and Healthcare Rebound

Financials added 1.48%, supported by a 0.99% rise in the ASX 200 Banks Index. Investors rotated back into major banks following a period of underperformance. Healthcare also showed strength, up 2.22%, with Telix Pharmaceuticals (ASX: TLX) and Neuren Pharmaceuticals (ASX: NEU) rallying over 9% and 6%, respectively.

Gold Miners Sink Despite Rally

While the broader market flourished, gold miners were notably under pressure. The ASX All Ordinaries Gold Index fell 7.35% as spot gold dipped below US$3,380 an ounce. Evolution Mining (ASX: EVN), Ramelius Resources (ASX: RMS), and St Barbara (ASX: SBM) were among the day’s worst performers, each dropping between 9% to 10%.

“Profit-taking is likely the driver here,” said Tom Wright, metals analyst at Redmont Advisory. “Gold had a spectacular run, and investors are reallocating into more cyclical and growth-oriented sectors.”

Outlook: Stability and Opportunity

Despite Monday’s volatility in U.S. politics and the Fed outlook, today’s session suggests investors are focused more on earnings and macro signals than short-term noise.

The S&P/ASX 200 VIX Index remains low at 13.5, indicating investor confidence is holding. With commodity prices broadly supportive—copper up 0.74% and crude oil firmly higher—the outlook for Australian equities remains constructive.

Market attention now turns to upcoming corporate earnings and U.S. GDP figures due later in the week.