Uranium Stocks Surge, Tech Gains Momentum, Broader Market Mixed

Key Highlights:

• ASX 200 dips 0.10% as traders digest global market weakness.
• Tech sector (+1.80%) and Energy stocks (+0.96%) lead, while Industrials (-2.31%) lags.
• Uranium names shine: Energy Resources of Australia (+50%), Deep Yellow (+13.66%), and Paladin Energy (+12.83%).
• Global markets mixed; US dollar strengthens against major currencies.
  
   

The Australian stock market opened the week with cautious trading, as the S&P/ASX 200 edged down 0.10% to 8,352.7 by midday. Broader indices followed suit, with the All Ordinaries down 0.07%, while the Small Ords posted a modest gain of 0.09%.

Tech stocks extended their recent rally, with the ASX All Technology Index advancing 0.63%. Information Technology led sectoral gains, up 1.80%, as investors flocked to AI and data-driven plays amid a softening macro backdrop. Energy stocks also added 0.96%, buoyed by a rebound in oil prices and renewed nuclear optimism following US policy moves.

The uranium sector stood out as a bright spot. Energy Resources of Australia surged 50% to $0.003, albeit from a low base, while Deep Yellow (+13.66% to $1.415), Paladin Energy (+12.83% to $6.51), and Boss Energy (+10.55% to $4.40) surged as investor interest sharpened around uranium supply dynamics and nuclear power’s growing role in the global energy transition.

On the downside, Industrials tumbled 2.31%, weighed by weakness in heavyweights. Strickland Metals fell 6.25%, and Elders slipped 5.61%. Consumer-focused names like Myer Holdings (-4.49%) and Eagers Automotive (-3.47%) also faced selling pressure.

Commodity prices painted a mixed picture: Gold slipped 0.67% to US$3,365.80 per ounce, while silver eked out a 0.15% gain. Brent Crude edged up 0.19% to US$64.78 per barrel, with WTI similarly firm. Copper advanced 0.79% to US$4.84/lb, suggesting steady industrial demand.

On the currency front, the Australian dollar gained ground, climbing 0.60% against the greenback to 0.6491 USD. The yen and Chinese yuan also strengthened modestly, reflecting cautious sentiment across Asia.

Global cues remained mixed. US indices retreated on Friday, with the Dow Jones slipping 0.61% and the Nasdaq down 1%. Asian markets showed divergent trends: the Nikkei rose 0.47%, while Shanghai fell nearly 1%.

Looking ahead, market watchers expect volatility to remain subdued in the short term, with the S&P/ASX 200 VIX Index hovering at 11.5, indicating low near-term uncertainty.

In corporate news, investors remain focused on the uranium sector after last week’s surge, driven by geopolitical tensions, supply chain shifts, and policy support. Traders will also monitor upcoming earnings releases and macro data for further direction.

With uranium stocks in the spotlight and tech names rallying, investors appear cautiously optimistic but wary of broader market headwinds.