The Australian sharemarket finished higher on Thursday, rounding out a shortened trading week with gains of 1.9%, as investor sentiment was buoyed by speculation that United States President Donald Trump may soften his stance on tariffs imposed on China.
The benchmark S&P/ASX 200 index closed up on Thursday, gaining 47.7 points or 0.6% to 7,968.2. Nine of the 11 sectors finished in positive territory, with healthcare and materials sectors leading the rally.
Healthcare companies moved higher, with CSL adding 0.4%, and Pro Medicus up 1.3%.
ResMed surged 8.5% after it disclosed it had secured an exemption from Trump’s trade tariffs, relieving investor concerns about potential cost pressures.
Major miners contributed to gains, as Rio Tinto and Fortescue Metals added 1% apiece while BHP gained 0.9%.
Gold miners gained ground, mirroring the rebound in gold prices as investors sought refuge in safe-haven assets.
Newmont rose 3.5% after the company reported a record first quarter free cash flow of $1.2 billion.
Real estate stocks firmed, with Goodman Group up 0.8%, Charter Hall gaining 1.2%, and Stockland advancing 1.4%.
Banks extended their recent gains, with Commonwealth Bank, Westpac, and ANZ adding 0.6%, 1.1%, and 1.6% respectively.
Meanwhile, energy companies lagged as oil prices remained under pressure. Brent crude hovered near a two-week low amid reports that OPEC+ may consider boosting output further.
Woodside Energy slipped 2%, Santos dipped 1.2%, and Beach Energy lost 1.3%.
On the bond markets, yields fell across the curve, with Australian 10-year rates at 4.192%, while the 2-year yield was at 3.283%.
