ASX 200 Rises 0.3% to 8757.80 on Tech Rally
Australian shares climbed as AI stocks surged, while oil prices reversed a four-day decline.
Key points
- The S&P/ASX 200 index closed 25.90 points higher at 8757.80 on Tuesday.
- Nvidia rose 2.3 per cent and AMD gained 9.9 per cent following a Nasdaq record.
- Brent crude oil moved toward US$102 a barrel after a four-day losing streak.
The S&P/ASX 200 index finished 25.90 points higher at 8757.80 on Tuesday. This 0.3 per cent gain followed a flat close on Monday and saw seven of eleven sectors rise.
Technology stocks drove the market higher after the Nasdaq hit a record overnight. Nvidia increased 2.3 per cent while Advanced Micro Devices rallied 9.9 per cent on strong AI demand.
Local tech names lead gains
WiseTech Global and Xero rose 2.9 and 1.6 per cent respectively. NextDC jumped 3.8 per cent and Megaport gained 4.3 per cent as investors targeted AI infrastructure.
Goodman Group climbed 1.4 per cent as a major AI data centre landlord. BHP and Rio Tinto also posted modest gains of 0.7 and 0.1 per cent.
Oil prices reverse four-day drop
Brent crude rose toward US$102 a barrel after falling nearly 8 per cent over four sessions. Traders weighed Middle East supply risks against diplomatic efforts to end the US-Iran conflict.
Woodside Energy fell 2.4 per cent while Santos dropped 1.4 per cent despite the oil rebound. Refiners Ampol and Viva Energy closed higher at 2.4 and 0.9 per cent gains.
Diplomatic talks influence market sentiment
President Trump is set to meet Iranian and Chinese leaders at the UN. Analysts note that tangible progress is uncertain given the distance between US and Iranian demands.
A tanker was reportedly struck in the Strait of Hormuz on Monday. Saudi Arabia shifted exports back to the waterway after a key pipeline shutdown, per SMH.com.au.
