Market Wrap / retreat relief

Wall Street optimism reverberated locally, with the S&P/ASX 200 advancing 1.3% to 7920.50 points.

The relief rally was sparked by the US Secretary of Treasury flagging a de-escalation in the trade war with China, while US President Trump toned-down his attack on Fed Chair Jerome Powell. 

The local tech sector echoed US gains, up 3.9% while iron-ore miners also advanced amidst positive market sentiment. 

The uranium players also came back up from recent lows, with Paladin Energy leading the ASX 200 up 24.6%. The company increased its March quarter production by 17% at its main mine, and despite severe weather disruptions.

Elsewhere, Iran-US tensions pushed oil prices and the local energy sector leaped 4.5%, the best performing sector by percentage points. Woodside was 3.6% higher, noting its quarterly revenue fell 5% from the previous quarter - off the back of lower production and lower oil-linked prices. However, these results came in better than expected and, quarterly revenue was up 13% on last year.

Profit-taking hit the goldies with the sub-index ending well into the red. CBA lost 2.5%, after hitting a record-high the previous session. 

Looking ahead to tomorrow, we’ll get quarterlies from Newmont and ResMed, before concluding a shortened trading week.