The S&P/ASX 200 jumped 190 points, or 2.2%, to close at 8,672 on the first trading day of April, extending earlier gains and marking a two-week high. Market sentiment improved on the back of stronger U.S. futures ahead of President Trump’s address on Iran, where he is expected to indicate that hostilities could wind down within weeks even without a formal agreement.
Domestically, Prime Minister Anthony Albanese is preparing to deliver a rare national address on the Middle East conflict, with reports suggesting he will call on Australians to conserve fuel. On the data front, Australian building approvals rebounded sharply in February, driven primarily by a surge in approvals for private-sector dwellings excluding standalone houses.
Sector-wise, logistics, manufacturing, and energy minerals posted solid gains, more than offsetting weakness in consumer durables and commercial services. Qantas climbed 3.6% after regulators granted interim approval to extend its partnership with American Airlines. Other notable performers included Northern Star, up 8.6%, BHP, up 4.3%, and Macquarie, up 3.3%. The four major banks also advanced, rising between 1.1% and 2.5%.
