ASX Market Wrap: Gold Miners and Tech Stocks Power Market Rebound as S&P/ASX 200 Climbs 1.1%

Key Highlights

• S&P/ASX 200 rose 1.10% to 8,687.4 points after Thursday’s sharp sell-off
 • Materials sector jumped 2.58%, leading gains across the market
 • Gold stocks surged as bullion rebounded above US$4,500 an ounce
 • Technology shares tracked Wall Street’s AI-fuelled rally higher
 • IDP Education slumped to a record low after a major broker downgrade

Australian shares bounced back strongly on Friday, with miners and technology stocks helping the local market recover much of the ground lost during the previous session’s retreat.

By midday on 29 May, the S&P/ASX 200 had climbed 1.10% to 8,687.4 points, while the broader All Ordinaries gained 1.16% to 8,921.5. The ASX All Technology Index added 1.33%, extending the influence of another strong overnight performance from Wall Street’s technology sector.

The rebound came after global markets found fresh confidence following record highs in the United States.

Overnight, the Nasdaq advanced 0.91% to 26,917.47, while the S&P 500 gained 0.58% to 7,563.63. The Dow Jones finished largely unchanged, rising 0.05%.

Technology remained the centre of attention globally as investors continued to favour companies linked to artificial intelligence, cloud infrastructure and digital transformation.

ASX Sector Snapshot

Drone connectivity company Elsight (ASX: ELS) jumped 12.48% to $7.12 after securing a US$2 million follow-on order from a U.S. public safety customer. Medical imaging company 4DMedical (ASX: 4DX) surged 13.17% after announcing a three-year deployment agreement with U.S. radiology provider SimonMed.

The bigger story, however, unfolded in the resources sector.

Gold miners staged a sharp recovery after bullion prices rebounded from recent weakness. Spot gold traded around US$4,501.78 an ounce, helping lift the ASX All Ordinaries Gold Index by 4.71%.

Several of the sector’s largest names moved higher. West African Resources climbed 8.5%, while recent laggards Perseus Mining and Resolute Mining recovered strongly after being caught in Thursday’s broad sell-off.

The strength in precious metals helped drive the Materials sector up 2.58%, making it the strongest-performing area of the market.

Resource stocks have played a central role in the Australian market’s performance for decades. During periods when commodity prices strengthen or stabilise, mining companies often provide support to the broader index, particularly when global growth concerns weigh on other sectors.

Lithium developers also attracted renewed buying interest.

Galan Lithium (ASX: GLN) rose 13.33% to 51 cents after recently announcing the completion of wet plant commissioning at its Hombre Muerto West project in Argentina. The company is now entering the final stage before first commercial lithium sales, a milestone closely watched across the battery materials sector.

While miners and technology names captured attention, the energy sector moved in the opposite direction.

Brent crude slipped 0.92% to US$91.85 a barrel, while West Texas Intermediate crude fell 1.29% to US$87.76. Traders appeared more comfortable with the outlook for Middle East supply flows following renewed hopes surrounding a regional truce and ongoing shipping stability through the Strait of Hormuz.

Commodities Price Index | Source: MarketIndex 

Energy stocks followed oil prices lower, leaving the sector down 0.29%.

Corporate news also produced some dramatic share price moves.

Tourism Holdings Rentals (ASX: THL) topped the gainers board, soaring 27.79% to $2.23 after receiving a revised non-binding takeover proposal.

At the other end of the spectrum, IDP Education (ASX: IEL) plunged 17.29% to a record low of $2.20 after Macquarie downgraded the stock to Underperform and cut its valuation target by 57%.

The broker cited ongoing weakness in international student visa approvals and changing migration settings, issues that continue to affect Australia’s education export industry.

Away from the market screens, attention also turned to governance issues within corporate Australia.

KPMG Australia announced the immediate resignation of chief executive Andrew Yates and National Managing Partner of Audit and Assurance Julian McPherson following an independent investigation into whistleblower complaints.

KPMG chairman Martin Sheppard said: “KPMG Australia confirms its treatment of a whistleblower and investigation into their allegations fell short of the firm’s expectations. We apologize unreservedly to the whistleblower. We commit to learning from this process to ensure we create an environment where it safe and easy to surface concerns.”

ASIC deputy chair Sarah Court confirmed the regulator had already commenced inquiries into the matter.

Global markets continue to balance optimism around technology growth with uncertainty surrounding geopolitics and inflation.

Kyle Rodda, Senior Market Analyst at Capital.com, said: “The news sparked a rally on Wall Street to fresh record highs, led by tech stocks, as reduced geopolitical risk lowered implied volatility. The move in oil prices was negligible, suggesting a peace premium is all but priced-in into the market, setting up the markets for big disappointment if this purported deal proves to be another false dawn.”

For now, Australian shares appear to be taking their cues from improving sentiment across commodities and technology. With volatility remaining subdued and the ASX VIX sitting at just 12.1, buyers were willing to step back into the market after Thursday’s sharp retreat.

Source:

ASX Market Data (29 May 2026), Capital.com, ASIC, KPMG Australia, commodity and index data provided.