ASX 200 Edges Higher as Tech Gains Offset Banking Headwinds

Australia’s main equity benchmark found support on Friday, extending its winning streak to five consecutive sessions. The S&P/ASX 200 climbed 7.70 points to 8,625.00, representing a 0.09 percent gain after oscillating between 8,588.80 and 8,633.40 during the session. The broader All Ordinaries Index recorded a 0.19 percent uptick, advancing 17.00 points to 8,929.00. The modest upside reflected positive momentum from European trading overnight, with Wall Street providing limited direction.

Sector Performance: Mixed Signals Across the Board

Technology stocks delivered the strongest performance, driving much of the day’s gains. WiseTech Global surged more than 5 percent, while Appen jumped over 2 percent. Xero and Zip both posted gains exceeding 1 percent, and Block, the Afterpay owner, added 0.4 percent. These advances were sufficient to offset weakness elsewhere in the market.

Gold mining equities demonstrated resilience, with most names trading higher. Newmont and Northern Star Resources each gained over 1 percent, while Resolute Mining and Evolution Mining posted more modest advances of nearly 1 percent and 0.3 percent respectively. Genesis Minerals proved the exception, declining 0.4 percent.

Mining giants presented a mixed picture. BHP Group edged down 0.2 percent, though Mineral Resources climbed more than 2 percent. Fortescue and Rio Tinto remained flat. Financial stocks—the big four banks—weighed on sentiment. ANZ Banking slipped almost 1 percent, while Westpac, Commonwealth Bank, and National Australia Bank each declined 0.3 to 0.5 percent.

Energy stocks showed divergent movements. Origin Energy and Santos each added 0.2 percent, while Woodside Energy fell 0.1 percent and Beach Energy declined nearly 1 percent.

Corporate Developments

Star Entertainment Group attracted investor attention, with shares jumping almost 5 percent following the issuance of a cleansing prospectus enabling recently placed shares to Bally’s to trade freely on the market.

Corporate Travel Management remained suspended as its accounting crisis deepened. The company announced that 80 million pounds of UK revenue will be reversed. Michael Healy, UK and Europe chief executive, was stood down immediately, though remaining on full pay during this period.

Currency and Market Close

The Australian dollar traded at $0.654 on the day, holding steady as local equities consolidated their modest gains. The market’s ability to hold above the 8,600 level suggested underlying support despite conflicting sectoral dynamics.