ASX 200 Recoups Losses as Mining and Energy Lead Gains

The S&P/ASX 200 rose 32.30 points, or 0.39%, to reach 8,273.00, recovering from losses sustained in the previous two sessions. The index touched a session high of 8,300.00, supported by a rally in mining and energy sectors following mixed cues from Wall Street. Materials and energy provided the primary lift, with Rio Tinto and Fortescue Metals both gaining approximately 1%, while BHP Group edged up 0.4%. The gold sector showed particular strength, with Resolute Mining surging over 4% and Northern Star Resources and Newmont each gaining more than 2%. Conversely, the technology sector faced headwinds, as Appen tumbled over 9% and Zip declined more than 4%. Individual corporate news drove significant volatility. Eagers Automotive soared over 20% despite a 25% slide in profit, while Ramsay Health Care jumped nearly 13% following the appointment of Goldman Sachs to advise on the potential sale of its European business, Santé. In contrast, IDP Education shares dove nearly 11% after earnings plummeted 40% due to a contraction in the international student market. Other notable corporate movements included Medibank, which rose 11% on higher interim profit and an 8.3% dividend hike, and Qantas, which advanced 4% after reporting a $1.4 billion interim profit. On the macro front, the Australian Bureau of Statistics reported that new capital expenditure fell by a seasonally adjusted 0.2% in the fourth quarter of 2024 to A$43.961 billion, missing the forecasted 0.6% increase.