The key takeaways from the last 24 hours

Australian market lifts for second straight month

The Australian equities market extended its positive run into a second consecutive month in May, buoyed by a favourable shift in global sentiment. Investor optimism grew after a United States court blocked key tariff measures previously pushed by former President Donald Trump, alleviating fears of escalating trade tensions. The S&P/ASX 200 Index (ASX: XJO) advanced by 0.3 per cent or 24.9 points to finish at 8434.7 on Friday, capping a 4.2 per cent gain for May – its strongest monthly performance since January.

Sector rotation and stock movement

Defensive sectors helped underpin Friday’s gains, with utilities leading the way and financials also contributing positively. Commonwealth Bank of Australia (ASX: CBA) rose 0.9 per cent to close at $175.95, while National Australia Bank Limited (ASX: NAB) climbed 1.3 per cent to $38. Technology names, however, remained under pressure – WiseTech Global Limited (ASX: WTC) fell 1.5 per cent to $107.15 and Megaport Limited (ASX: MP1) declined 3.1 per cent to $13.52. Energy stocks mirrored weaker oil prices, with Woodside Energy Group Limited (ASX: WDS) retreating 2.1 per cent and Santos Limited (ASX: STO) slipping 0.9 per cent.

Retail data added a twist, with April sales unexpectedly falling 0.1 per cent. This drove down bond yields and raised expectations that the Reserve Bank of Australia may accelerate rate cuts. Meanwhile, lithium miners including Pilbara Minerals Limited (ASX: PLS) and IGO Limited (ASX: IGO) dropped sharply after a downgrade from UBS Group AG (SWX: UBSG). Conversely, HealthCo Healthcare & Wellness REIT (ASX: HCW) surged 7.8 per cent, lifting Ramsay Health Care Limited (ASX: RHC) alongside it. Findi Limited (ASX: FND) slumped despite reporting a notable rise in underlying profits.

Global markets mixed amid trade tensions and inflation data

On Friday, 30 May 2025, global equity markets exhibited mixed performances as investors navigated renewed trade tensions and inflation data. In the United States, the S&P 500 Index (NYSEARCA: SPY) concluded the session nearly flat at 5,911.69, while the Dow Jones Industrial Average (NYSE: DJI) edged up 0.1 per cent to 42,270.07. Conversely, the NASDAQ Composite Index (NASDAQ: IXIC) declined by 0.3 per cent to 19,113.77. These movements occurred against a backdrop of reinstated tariffs by the Trump administration and a slight cooling in inflation, with April’s core Personal Consumption Expenditures (PCE) price index rising 2.5 per cent year-over-year.

Market movements