The Australian sharemarket edged up to a three-month high on Thursday as energy stocks rallied, but largely shrugged off strong gains in US futures spurred by Nvidia.

The S&P/ASX 200 Index added 0.2 per cent, or 12.9 points, to 8409.8 to close at its highest level since February 20. Seven of 11 sectors were in the green, with oil companies leading gains. The All Ordinaries rose 0.2 per cent.

Local investors overlooked the offshore rally that was spurred by Nvidia’s 4.9 per cent jump in extended US trading. Nasdaq futures jumped 2 per cent after the chip-making giant reported a 69 per cent increase in first-quarter sales that was in line with market expectations.

Oil prices and the US dollar are also rallying after a US federal trade court ruled President Donald Trump had illegally invoked a law to justify his reciprocal tariffs that upended financial markets last month.

The Trump administration has also retaliated against Beijing’s decision to curb its US exports of critical minerals by restricting its own exports of semiconductors to China.

Markets ‘holding back’

VanEck senior portfolio manager Cameron McCormack cautioned that despite the court ruling, trade tensions and tariffs were “not completely off the table”.

“Markets are holding back and waiting to see what Trump says, what his positioning is on the court outcome. But what’s certain is that the tariff threat is not going to disappear in the short term,” he said.

On the ASX, energy stocks tracked the bounce in oil prices. Santos jumped 1.6 per cent to $6.65 and Woodside 2.8 per cent to $22.73, extending the prior session’s rally after the Albanese government extended the life of its North West Shelf gas development.

The mining sector limited gains as iron ore miners retreated with BHP off 0.8 per cent to $38.15 and Rio Tinto down 0.7 per cent to $113.39. Gold miners fell as traders took profits in the precious metal.

Stocks in focus

Elsewhere, data centre stocks were boosted by Nvidia’s positive earnings result. Megaport was up 3 per cent to $13.95 and DigiCo Infrastructure REIT up 2.1 per cent to $3.35.

Capstone Copper advanced 4.7 per cent to $8.69 following a decision by Chile, the world’s largest copper producer, to raise its price projections for the metal this year. Capstone has several active mining projects in the region.

Elders gained 1.1 per cent as investors shrugged off concerns flagged by the Australian Competition and Consumer Commission that its proposed $475 million buyout of rival Delta Agribusiness risked competition in the supply of rural merchandise to farmers.

And Resolute Mining fell 2.4 per cent to 61¢ after the gold miner said it was “seeking further information and clarification” from the Guinean government following media reports that a number of its permits may be revoked in Guinea.