Australian shares started Friday with flat momentum, holding ground after Wall Street’s overnight losses. The S&P/ASX 200 index opened steady, resisting the technology-driven dip in global equities. On Thursday, the index closed 0.3% higher at 8,828.3 points, tracking sustained investor confidence. Across the five-day window, the ASX index fell 0.64%, now 3.15% below its 52-week high.
ASX 200 as of 14:04 AEDT
Leading Sectors
Miners led the morning trade. Mineral Resources soared 4.25% to $38.79, while Fortescue rose 2.9% to $19.42. Rio Tinto gained 2.05% to $121.81, and BHP climbed 1.3%, finishing at $43.15. These gains reflected expectations of fresh stimulus from China, compensating for US trade uncertainties.
Mineral Resources Ltd (ASX:MIN)
Energy stocks showed resilience. Beach Energy jumped 2.61% to $1.27, and Woodside Energy grew 2.21% to $24.01. Santos posted a 1.88% gain, closing at $6.76, while Ampol increased 1.11% to $28.18. Investors responded to concerns over US Gulf Coast oil supply from Hurricane Rafael and possible shifts in US sanctions impacting global oil trade.
In contrast, property stocks remained under pressure. Charter Hall slipped 4.41% to $14.64. GPT Group dropped 4.2% to $4.44, while Stockland and Goodman Group experienced falls of 2.66% and 2.5% respectively. High global yields following the US election results weighed on the sector.
Woodside Energy Group Ltd (ASX:WDS)
Top Performers and Decliners
Light & Wonder Inc. emerged as the ASX leader, climbing 8.21% to $124.85. Emerald Resources NL surged 6.67% to $5.12, joined by Ramelius Resources and Westgold Resources with respective gains of 5.625% and 5.313%. Amcor PLC added 5.012%, closing at $12.78.
Emerald Resources NL (ASX:EMR)
James Hardie Industries PLC topped the losers’ list, falling 12.653% to $25.75. DroneShield Limited dropped 11.689% to $3.40, with Neuren Pharmaceuticals Limited declining 10.431% to $18.12.
Major Corporate Announcements
Light & Wonder confirmed an expanded buy-back scheme, increasing its program from US$1 billion to US$1.5 billion. As of 5 November, the company retained US$705 million in repurchase capacity. The scheme now includes ASX-listed CHESS Depositary Interests, commencing from 7 November with Goldman Sachs Australia acting as broker.
The buy-back will continue in both Nasdaq-listed shares and ASX CDIs, targeting a substantial portion before year-end, pending board approvals. Executive Vice President Oliver Chow stated: “Subject to capacity remaining under the Share Repurchase Program, L&W intends to continue the buy-back of ASX-listed CDIs after it delists from the Nasdaq and converts to an ASX standard listing.”
GDI Property Group presented its annual results, highlighting 20% earnings growth year-on-year. The company achieved strong leasing outcomes with over 21,000sqm of office space leased and expects supply shortages to boost net effective rents in Perth. Western Australia remains pivotal, experiencing a defence sector boom, critical minerals investment, and sustained resource growth.
GDI Property Group Ltd (ASX:GDI)
Gold exports forecast to hit $60 billion in 2025-26 signal 25% annual growth. GDI will pay a distribution of 5.0 cents per security for FY26, subject to prevailing conditions. The company confirmed its strategy targeting long-term rental growth and asset recycling, particularly in key markets like Perth.
Trading Momentum and Economic Outlook
Australian market sentiment reflects continued robust performance in resource-based sectors and strong underlying fundamentals. Perth’s office market is forecast to see vacancy rates fall to 13.3% by 2027, and net effective rents are projected to rise by 17.1% over three years. Gold remains a bright spot, as Western Australia retains dominance in production and export momentum. The sector outlook aligns with high-quality office asset demand in both resources and defence industries.
Consumer spending continues strong, especially in Western Australia, with retail trade 11.5% above decade-average levels. WA’s population grew 2.4% in the December 2024 quarter, topping the national league table. Unemployment stands at 3.5%, the lowest among all Australian states.
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Outlook for Investors
Investors can anticipate ongoing sector leadership from miners and energy stocks, with volatility in property names driven by global yield movements. Buy-back activity and corporate restructuring remain in focus, especially among top performers like Light & Wonder.
Market observers expect continued resilience in resource stocks and cautious optimism in broader ASX performance pending further signals from global markets and domestic policy developments.
Distribution and Guidance
GDI Property Group confirmed its intention to maintain distributions of 5.0 cents per security, aiming for steady returns across market cycles. The group continues asset recycling, targeting ongoing liquidity while supporting long-term growth.
Closing Note
The ASX remains steady, balancing sector rotation and global uncertainties. Corporate action and economic shifts shape the outlook, as firms position for growth through strategic acquisitions and disciplined capital management. Investors focus on resilience, momentum, and opportunities tied to Australia’s evolving economy
