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ASX resets record as energy rallies, WiseTech biggest laggard
A rally in oil prices on fears of an escalation in the Ukraine-Russia conflict pushed energy stocks higher, sending the Australian sharemarket to a fresh closing high on Friday.
The S&P/ASX 200 jumped 0.9 per cent, or 70.8 points, to 8393.8 at the closing bell, resetting Tuesday’s record of 8374. The index climbed 1.3 per cent this week. The All Ords rose 0.8 per cent.
Of the 11 sectors, only technology fell. That was largely driven by a 12.4 per cent plunge for software provider WiseTech to $121.74 after the company downgraded revenue and earnings forecasts for FY25 at its AGM. Founder Richard White apologised to shareholders for the scandal engulfing the billionaire, as the company blamed the “media distraction” for delaying the launch of key products.
Energy was the stand-out performer as Russia and Ukraine exchanged missiles.
South32 leapt 2.7 per cent to $3.83, Woodside added 2.2 per cent to $25.05 and Santos jumped 1.8 per cent to $6.92. Whitehaven Coal leapt 3.6 per cent to $6.91.
Bullion also rallied on the back of rising geopolitical tensions, pushing local securities of Newmont 1.4 per cent higher to $66.68. Newmont is the world’s biggest gold producer, which last year acquired Australia’s Newcrest.
Gold drew support from bitcoin’s surge towards $US100,000. The world’s largest cryptocurrency on Friday topped $US99,000 for the first time on news current US Securities and Exchange Commission chairman Gary Gensler plans to step down on January 20, the day Trump is inaugurated.
In other commodities, index-heavy BHP advanced 0.4 per cent to $40.16, Rio Tinto added 0.6 per cent to $117.18 and Fortescue rallied 1.1 per cent to $18.31.
Elsewhere, the big four banks rose, with Commonwealth Bank scaling a fresh peak of $159.16. It ended the day 1.8 per cent higher at $159.03.
The a2 Milk Company was the top gainer, up 13.3 per cent to $5.45 after lifting its revenue forecast and starting a dividend programme thanks to strong product sales and higher global dairy prices. It was the company’s best one-day gain since 2018.
Cloud connectivity provider Megaport was the second-biggest laggard, behind WiseTech, despite reaffirming its FY25 earnings outlook. UBS cautioned that the company’s hiring plans could erode the company’s margins over FY26. Megaport ended 9.5 per cent lower at $7.57.
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