The Australian sharemarket is on track to record its most substantial monthly gain since August, driven by a surge in energy stocks. This positive momentum follows a rise in oil prices, which have surpassed US$70 per barrel amid growing geopolitical tensions. Early trading on Friday saw the S&P/ASX 200 Index climb 23.20 points, a 0.3 per cent increase, reaching 8950.70 by 10.11am AEDT. Nine of the eleven sectors demonstrated strength, contributing to the overall upward trend.
Among the top performers were healthcare and energy companies. CSL experienced a 2.4 per cent increase, attributed to end-of-month portfolio rebalancing. ResMed, a manufacturer of sleep apnea devices, saw a 4.7 per cent jump after exceeding second-quarter earnings expectations. ResMed is known for developing, manufacturing, distributing, and marketing medical devices and cloud-based software solutions that diagnose, treat, and manage respiratory disorders including sleep apnea. The company reported an 11 per cent increase in revenue, reaching $US1.4 billion ($2 billion), fuelled by heightened demand for its sleep devices, masks, and accessories.
In the energy sector, Woodside rose by 1.5 per cent and Santos by 2.2 per cent, mirroring the rise in Brent crude oil futures. The materials sector presented a mixed picture, with gold prices experiencing their most significant decline since October, retreating from record highs. Conversely, Nine Entertainment, owner of The Australian Financial Review, saw a 3.4 per cent increase following its acquisition of digital outdoor advertising group QMS Media for $850 million. Nine Entertainment is a media company that operates across television, publishing, and digital platforms.
Star Entertainment also experienced a notable surge, climbing 6.3 per cent after reporting December quarter revenue of $301 million, up 6 per cent from the previous quarter. Origin Energy edged up 0.5 per cent and PLS rose 1.3 per cent. These movements reflect a dynamic market responding to a mix of sector-specific news and broader economic factors.
