Closing Bell 9th January: ASX stronger as Tech rebounds

Australian shares surged 1.2% today, fueled by a robust Wall Street session and the most robust monthly retail sales report in three years. The S&P/ASX 200 soared 90.4 points, or 1.2%, reaching 7541.9, led by tech stocks following the Nasdaq’s over 2% gain, driven by Nvidia’s performance. The All Ordinaries also climbed 1.1%. Notable performers include Zip, rising 5.7%, and Block and Megaport, both up 4%. Major banks saw up to a 1.3% increase. In the mining sector, BHP gained 0.8%, Rio Tinto edged up 0.3%, and Fortescue rallied 1.4%. Energy was the sole declining sector, albeit modestly, affected by Monday’s oil price slump. Australian retail trade marked a significant 2% increase in November, beating market expectations, driven by Black Friday sales. Retail sales for November surged 2.2% YoY, the largest monthly change since November 2021. Building approvals also surprised, rising 1.6% in November, defying expectations of a 2% drop. The Australian dollar edged up 0.1% to US67.24¢. Corporate news includes Worley on trading halt amid allegations from an Ecuadorean tribunal, and Alumina’s 1.1% rise after confirming production curtailment at its Kwinana refinery for cost-cutting.