Wednesday 4th February 2026
Daily Market Update: 5 February 2026
Australian market overview
The Australian sharemarket extended gains for a second session as investors rotated back into resources, with the S&P/ASX 200 Index (ASX: XJO) rising 70.70 points to 8927.80. Strength in materials and energy outweighed weakness in technology, supported by a renewed surge in commodity prices following a sharp recent sell-off. Gold and copper prices rebounded strongly, underpinning confidence across the broader mining complex.
Australian sectors and stocks
Rising commodity prices lifted major miners, with Northern Star Resources Limited (ASX: NST), Regis Resources Limited (ASX: RRL) and Newmont Corporation (ASX: NEM) all posting solid gains, while BHP Group Limited (ASX: BHP) reclaimed its position as the largest company on the index by market value alongside strong gains in Rio Tinto Limited (ASX: RIO). Coal stocks also rallied, led by Yancoal Australia Limited (ASX: YAL), while higher oil prices supported Woodside Energy Group Limited (ASX: WDS) and Santos Limited (ASX: STO). Major banks advanced amid a higher interest rate backdrop, though technology stocks sold off heavily, dragging down Xero Limited (ASX: XRO) and WiseTech Global Limited (ASX: WTC). In company news, Amcor plc (ASX: AMC) rose after reaffirming guidance, while Synlait Milk Limited (ASX: SML) and Origin Energy Limited (ASX: ORG) fell on company-specific developments.
Global markets
Global equities were weaker as technology continued to drag on sentiment, with the S&P 500 Index (NYSE: SPX)easing lower and the Nasdaq Composite Index (NASDAQ: IXIC) extending its pullback. Heavy selling in semiconductors followed a sharp decline in Advanced Micro Devices Inc. (NASDAQ: AMD), weighing on peers including Micron Technology Inc. (NASDAQ: MU) and Broadcom Inc. (NASDAQ: AVGO), while software stocks also remained under pressure amid concerns around artificial intelligence-driven competition. Defensive sectors outperformed, with health care supported by strong earnings from Amgen Inc. (NASDAQ: AMGN), as softer US labour data reinforced a broader rotation away from high-growth technology stocks.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | 0.8 | -0.9 | 1.5 | 1.0 | 8.7 |
| Financials | 1.3 | 1.2 | -0.8 | -4.5 | 7.2 |
| Resources | 3.3 | -3.6 | 7.5 | 17.3 | 38.6 |
| Information Technology | -6.8 | -10.0 | -14.5 | -26.4 | -26.9 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -0.5 | -1.1 | -3.8 | -5.1 | 3.5 |
| Europe | -0.4 | 0.3 | -0.7 | 3.3 | 18.7 |
| Japan | -0.8 | 1.7 | 2.9 | 0.5 | 18.1 |
| China top 50 | -0.7 | -5.0 | -6.3 | -8.0 | 11.7 |
| India top 50 | -0.2 | 3.0 | -6.0 | -7.8 | -6.1 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.1 | -0.1 | 0.2 | -1.5 | 1.7 |
| Australian Corporate Bond | 0.0 | -0.1 | 0.4 | -1.2 | 2.6 |
| US Treasury | 0.0 | -0.3 | -0.3 | 0.0 | 4.7 |
| Cash | 0.0 | 0.1 | 0.3 | 0.9 | 3.9 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | 5.1 | -7.5 | 7.8 | 15.3 | 53.2 |
| Silver | 5.1 | -22.6 | 12.4 | 69.6 | 142.0 |
| Crude Oil | 3.6 | 0.0 | 10.8 | 5.6 | -0.1 |
| Bitcoin | -3.2 | -17.2 | -20.9 | -33.4 | -32.5 |
