ASX Rebounds from near Six-Month Lows After Nvidia Result
The Australian sharemarket has accelerated from a near six-month low on Thursday, buoyed by a strong bounce in Wall Street futures after AI-darling Nvidia delivered a better-than-expected result, helping to calm market nerves.
The S&P/ASX 200 index rose 0.7%, or by 58.90 points to 8506.80 at 10.10am AEDT, with technology pacing gains as it climbed 4.4%.
Nvidia reported third-quarter revenue of $US57 billion ($88 billion) and that it expects the fourth quarter to hit $US65 billion. The company forecast gross margins to be 74.8% and 75.0% in the fourth quarter. Its share price in after-hours trade was up more than 5%.
WiseTech Global roared 4.8% on upbeat confidence in the sector and as it formalised the retirement of long-serving director Michael Gregg, with his departure effective at the close of business on Thursday. Xero rose 3.3% and TechnologyOne by 5.4%.
“For anyone trying to make sense of whether the AI trend has legs, Nvidia’s numbers point to a simple truth showing this isn’t a bubble popping. In fact, I feel we’re still in an early innings of a technology cycle that’s reshaping entire industries,” eToro market analyst Farhan Badami said.
Materials were also strong as Lynas Rare Earths jumped 3.9% following an upgrade in the stock from UBS on Wednesday. BHP and Rio Tinto added heavyweight support as both rose 0.5%.
The major banks were led up by Commonwealth Bank which rose 0.8%, while Westpac lifted 0.3%, National Australia Bank 0.2% and ANZ flat at $35.12.
Stocks in focus
In company news, The a2 Milk Company fell 1.4% as it upgraded its FY26 revenue guidance after stronger-than-expected trading across its core product categories and favourable currency movements.
Peet Limited rose 6.3% as it expectd 2026 fiscal year net profit after tax of $74 million to $78 million, up 26–34% on FY25, reflecting strong operational performance and favourable market conditions.
Market darling DroneShield fell 3.1% as it responded to a price query letter from the market letter after three directors including chief executive Oleg Vornik sold $70 million worth of shares last week. DroneShield said the three did not agree to time their share sales.
Liontown Resources 4.4% as it reported a strong result from its inaugural online auction of Kathleen Valley spodumene concentrate, securing a winning bid of $US1254 per dry metric tonne for SC6.0-equivalent product.
Magellan Financial fell 1.6% after its head of global equities, Arvid Streimann, has resigned amid an investigation into an alleged relationship with a junior employee.
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