Australia’s stock market showed positive momentum on Tuesday, closing higher as gains in various sectors contributed to the overall upward trend. The benchmark index ended the day with a modest increase of 0.19%.
Among the standout performers were DroneShield Ltd, which surged by 7.30%, adding 0.23 points to settle at 3.38. Zip Co Ltd also experienced a significant boost, rising 6.48% or 0.16 points to close at 2.63. Austal Ltd closed 5.66% higher at 6.53, reflecting robust investor confidence in these companies.
Conversely, several stocks suffered declines, with Steadfast Group Ltd leading the losses. Its shares dropped 9.15%, down 0.46 points to close at 4.51, marking a three-year low. AUB Group Ltd saw a decline of 5.93%, falling 1.64 points to 26.00, while Insurance Australia Group Ltd was down 5.80% at 7.31, both hitting their respective 52-week lows during the session.
The market sentiment was generally bullish, with rising stocks outpacing decliners on the Sydney Stock Exchange. A total of 722 shares advanced, compared to 433 that fell, while 353 remained unchanged, indicating a diverse range of investor activity.
In other market indicators, the implied volatility of S&P/ASX 200 options, as measured by the VIX index, rose by 1.38% to 12.39, suggesting some caution from investors despite the overall market gains.
Commodity markets reflected a mixed bag during the day. April gold futures declined by 0.80%, or 40.76, settling at $5,038.64 per troy ounce. Crude oil prices also slipped, with March delivery falling 0.40% to $64.10 per barrel, while the April Brent oil contract decreased by 0.33% to $68.81 per barrel.
In the forex market, the Australian dollar remained stable against the US dollar, changing minimally by 0.28% to 0.71. However, it fell by 0.80% against the Japanese yen, trading at 109.70. The US Dollar Index Futures rose slightly, increasing by 0.05% to 96.74, signaling slight strength in the dollar compared to a basket of currencies.
Overall, the day reflected a complex interplay of performance across sectors, with certain stocks rallying significantly while others faced considerable declines, influencing investor sentiment across the board.
