The Australian sharemarket extended its winning streak for a third session on Wednesday, buoyed by strong performances in the technology and real estate sectors, even as miners struggled following United States President Donald Trump’s renewed tariff threats on China.
The benchmark S&P/ASX 200 index added 27.4 points or 0.3% to finish at 8,429.8, just 1% away from record highs.
Seven of the ASX’s 11 sectors advanced, led by rate-sensitive technology and real estate stocks.
Among tech companies, BrainChip surged 14.9%, WiseTech Global climbed 2.9%, Xero gained 2.4%, and NextDC added 2.2%.
In the real estate sector, Goodman Group rose 2.1%, and Charter Hall added 0.8%.
Conversely, the materials sector declined 1% overall, impacted by Trump’s proposal of a 10% tariff on China and his plan for 25% tariffs on Mexico and Canada to take effect next month.
Heavyweights Rio Tinto fell 0.8%, Fortescue Metals dropped 1.8%, and BHP retreated 2% following the release of its first-half FY25 production results.
In contrast, uranium producers Paladin Energy and Boss Energy soared 10.1% and 14.2%, respectively, after Trump signalled a potential move to impose tariffs on Canadian uranium imports, the largest foreign supplier to the U.S.
Among other reporting companies, Woodside Energy fell 1.9% after posting a 6% fall in revenue of $3.47 billion and a 3% dip in quarterly production over the previous period.
Iluka Resources also plummeted 7% amid profit-taking, despite reporting a 23.7% rise in December-quarter output and exceeding full-year production guidance.
Bond yields rose across the curve, with the 10-year yield climbing 0.7% to 4.468%, while the 2-year yield increased by 0.2% to 3.932%.
