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Gold miners fall after promising US-China trade talks
The Australian sharemarket flew higher, led by a rally in energy stocks, as investors shrugged off a mixed session on Wall Street overnight.
The S&P/ASX 200 Index rose 63.1 points, or 0.72 per cent, to 8578.8 by 12.02pm AEST as nine out of 11 sectors climbed. Four of the five biggest large-cap decliners were gold miners as US and Chinese officials held trade talks in London.
Delegates met for more than six hours overnight with further talks due later today. US President Donald Trump said the talks were positive but “not easy”, while US Commerce Secretary Howard Lutnick said the discussions were “fruitful” and Treasury Secretary Scott Bessent cited a “good meeting”.
Stocks on the move
On the ASX, energy stocks tracked the oil price, which climbed 1.3 per cent. Woodside Energy and Santos both rallied more than 1 per cent.
Gold miners Evolution (down 4.05 per cent), Genesis (down 3.95 per cent), Newmont (down 3.6 per cent) and Perseus (down 2.3 per cent) all fell on the back of the US-China talks.
NextDC shares rallied as much as 7 per cent before paring some of the gains to be up 5.7 per cent by midday.
Monash IVF had sunk 23.9 per cent after reporting a new IVF embryo incident. Its shares are now down by more than 55 per cent in the last 12 months.
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