The Australian Securities Exchange (ASX) rocketed on Thursday (10 April) thanks to US President Donald Trump’s 90-day reprieve on tariffs for all countries except China.
The S&P/ASX 200 surged as much as 6.34% to an intra-day high of 7,842.9 points, marking its best day since Covid roiled markets in 2020.
The index gave back some of its gains but still closed up 334.6 points, or 4.54%, at 7,709.6 points. Today’s rally wound the losses over the past five days back to 1.91% and over the past year back to 1.77%.
All 11 sectors had a productive session, with materials jumping 6.37%, energy rallying 5.1% and industrials advancing 3.6%.
Information Technology was the best performing sector, gaining 7.83% today and 1.21% over the past five days.
Mineral Resources (ASX:MIN) was a beneficiary of today’s market rally, adding back 18.13% to close at $17.01. The uranium producers also enjoyed significant upward momentum, with Boss Energy (ASX:BOE) jumping 17.49% to $2.62 and Paladin Energy (ASX:PDN) ending the session up 17.41% at $4.72.
The winners among the small caps included gold explorer Golden Horse Minerals (ASX:GHM), which jumped 38.46% to $0.36 after announcing a “wide high-grade” intersection from drilling into the Central Zone at the Hopes Hill Project.
Arika Resources (ASX:ARI), meanwhile, rocketed 37.5% to $0.022 after announcing “multiple high-grade gold intercepts” from maiden diamond drilling at its Pennyweight Point Prospect in Western Australia.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX
