AU Morning Wrap: ASX Gains, AI Boom Fires Tech Sector

Stocks darted higher shortly after the opening bell and gains accelerated later in the trading day, sending the $S&P 500 Index(.SPX.US)$ up 2.1 per cent, its 12th record of 2024. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ leapt around 3 per cent, outperforming its peers and notching its biggest one-day jump in a year. The $Dow Jones Industrial Average(.DJI.US)$ topped 39000 for the first time, boosted by shares of Microsoft and Salesforce.

The $S&P/ASX 200(.XJO.AU)$ jumped 0.6 per cent on Friday led by a 2.2 per cent gain in the technology sector as global sharemarkets rose on enthusiasm for anything linked to a boom in demand for artificial intelligence products.

$Block Inc(SQ2.AU)$: Block added 15 per cent as it also revealed plans to integrate Afterpay into its Cash App in the US.

$Brambles Ltd(BXB.AU)$: Brambles lifted its profit forecasts for financial 2024 and hiked its interim dividend payout by 22 per cent.

$29Metals Ltd(29M.AU)$: 29Metals the Queensland-based owner of the giant Capricorn Copper mine posted a ballooning loss of $440 million in 2023 due to flooding.

$Aussie Broadband Ltd(ABB.AU)$: Aussie Broadband posted rising sales, home internet subscribers and profits for the six months to December 31, the stock has nearly quadrupled since its October 2020 initial public offer at $1 per share. Shares jumped 12 per cent to $4.28.

$Jumbo Interactive Ltd(JIN.AU)$: Jumbo Interactive shares advanced 6.1 per cent after it posted rising sales and profits in financial 2024.

$Newmont Corp(NEM.AU)$: Newmont the world's top gold producer is seeking to sell six mines and two projects as part of an effort to generate $3.1 billion in cash. Among the assets to be sold are the Telfer and Havieron mines in WA.

$PEXA Group Ltd(PXA.AU)$: Pexa swung to a statutory net loss of $4.6 million on operating income (EBITDA) of $58.8 million and failed to declare a dividend. Shares added 1.2 per cent.

Trading Ex-div: $BlueScope Steel Ltd(BSL.AU)$, $Fiducian Group Ltd(FID.AU)$, $GWA Group Ltd(GWA.AU)$, $Lendlease Group(LLC.AU)$, $GUD Holdings Ltd(GUD.AU)$