Australian market gains on trade optimism

The Australian share market rose on Monday, with the S&P/ASX 200 Index (ASX: XJO) adding 28.1 points to close at 8542.3, marking a 0.3 per cent increase. Investor sentiment was buoyed by positive developments in US trade negotiations, which also fuelled a rally in Wall Street markets. Locally, seven of the 11 sectors gained, with health and technology stocks leading the advance. CSL Limited (ASX: CSL) climbed 2.2 per cent, Pro Medicus Limited (ASX: PME) gained 1.6 per cent, and Sigma Healthcare Limited (ASX: SIG) rose 1.4 per cent. The technology sector also saw strong performances, including a 2.2 per cent increase in NextDC Limited (ASX: NXT). Financials were mixed, with Macquarie Group Limited (ASX: MQG) up 3.9 per cent, while Commonwealth Bank of Australia (ASX: CBA) slipped 0.3 per cent.

Company updates and market movers

In corporate developments, James Hardie Industries plc (ASX: JHX) surged 7.1 per cent following the approval of a US$14 billion acquisition by Azek Company Inc (NYSE: AZEK), prompting a shift in its primary listing to New York. Star Entertainment Group Limited (ASX: SGR)dropped 6.9 per cent after its Hong Kong investors raised doubts over the Queen’s Wharf project in Brisbane. Meanwhile, DroneShield Limited (ASX: DRO) fell 4.2 per cent despite recent contract wins. NIB Holdings Limited (ASX: NHF) jumped 9.4 per cent after UBS Group AG (SWX: UBSG) upgraded its rating to “buy”. Newly listed biotech Tetratherix Limited (ASX: TTX) closed its debut session 4.9 per cent higher at $3.02. Superloop Limited (ASX: SLC) rose 1 per cent after lifting its full-year earnings forecast above previous guidance.

Global markets buoyed by tech rally and trade progress

Global markets extended gains as investors welcomed easing trade tensions and robust tech performance. The S&P 500 Index (NYSE: SPX)and Nasdaq 100 Index (NASDAQ: NDX) both advanced 0.5 per cent, supported by record highs in Microsoft Corporation (NASDAQ: MSFT)and Meta Platforms Inc (NASDAQ: META). Canada’s move to withdraw its digital services tax contributed to improved sentiment around ongoing US trade negotiations. The focus remains on the July 9 deadline tied to US tariff policies, with hopes for more deals to avoid renewed trade friction. Meanwhile, falling Treasury yields and rising expectations of interest rate cuts from the Federal Reserve created a favourable backdrop for equities, with the S&P 500 notching its strongest quarterly performance since late 2023.