The Australian sharemarket achieved a new intraday record high on Wednesday, buoyed by a resurgence in technology stocks after weeks of selling pressure. The S&P/ASX 200 Index rose by 95.90 points, or 1.1 per cent, to 9118.20 at 2pm AEDT, surpassing its previous intraday peak of 9118.30 recorded earlier this month. The market seemed to disregard a persistent inflation reading for January, extending its gains. A close above 9094.7 – set on October 21, 2025 – would constitute a record closing high.
Investor sentiment was positively influenced by the overnight rebound in US tech stocks. Artificial intelligence startup Anthropic’s statements, highlighting that its technology enhances rather than replaces existing systems, alleviated market concerns about AI. This development significantly boosted the ASX’s tech sector, with Xero climbing 5.4 per cent and NextDC surging 6.9 per cent. WiseTech Global, a software company for the logistics industry, saw a substantial increase of 10.4 per cent following its announcement to reduce its workforce by up to 2000 positions over the next two years as part of its AI integration strategy.
Consumer staples emerged as the strongest performing sector, driven by Woolworths’ impressive performance. Woolworths, Australia’s largest supermarket operator, surged 11.9 per cent to a 52-week high after reporting underlying earnings of $1.66 billion for the half-year, exceeding consensus estimates by 6 per cent. Citi analyst Adrian Lemme anticipates consensus upgrades for FY26, fuelled by the first-half outperformance, strong trading update, and enhanced earnings guidance for Australian Food. In the materials sector, Fortescue Metals gained 1.9 per cent after its interim dividend of 62¢ surpassed expectations, following a 23 per cent increase in half-year profit to $US1.9 billion ($2.7 billion). BHP also rose 2.6 per cent to a new record high.
In other corporate movements, DroneShield, a drone security technology company, increased by 11.3 per cent after reporting a full-year net profit of $3.5 million, a substantial 367 per cent increase. Tabcorp surged 17.3 per cent following group earnings before interest, taxes, depreciation and amortisation of $217 million for the December half. Conversely, Domino’s Pizza Enterprises fell 12.5 per cent after reducing its first-half dividend to 25¢ per share.
