Australian stock market rises due to broad index gains; Firmus shelving IPO boosts tech stocks
路透社2026/10/09 05:56Updated to market close Firmus, backed by Nvidia, cancels $5 billion IPO plan; tech stocks see their biggest weekly gain in a week; Benchmark index posts gains for the second consecutive week Jasmeen Ara Islam Shaikh, Reuters, October 9 – Australian stocks rose on Friday as bargain hunters bought shares after a recent benchmark pullback; at the same time, Firmus’s decision to shelve its $5 billion IPO plan triggered an inflow of funds into local software stocks. The benchmark S&P/ASX 200 .AXJO rose 0.6% on Friday to close at 8,716.6 points after two consecutive days of declines. For the week, the index rose 0.4%, posting gains for a second straight week. Globally, comments from US President Trump that the US would pause strikes against Iran ahead of the November midterm elections provided a slight lift to market sentiment. Domestically in Australia, markets are closely watching September quarter inflation data to be released later this month, as well as awaiting the Reserve Bank of Australia’s last two policy meetings of the year in November and December. On the day, tech stocks .AXIJ jumped as much as 3.1% after data center operator Firmus, backed by Nvidia NVDA.O, called off its IPO due to lukewarm market response. Maas Group MGH.AX, a 3.2% shareholder in Firmus, resumed trading after a morning halt and saw its shares plunge as much as 10.7%. David Tuckwell, Chief Investment Officer at ETF Shares, said Firmus’s withdrawal was positive for local tech stocks as it kept fund managers’ money in existing listed shares and avoided forced rebalancing for index funds. He added that after extended selling, valuations in the sector were oversold and now operating on their own momentum. However, weak demand for Firmus indicated that investors preferred enterprises with solid performance, rather than shunning tech stocks entirely. WiseTech Global WTC.AX, Xero XRO.AX, and Life360 360.AX rose 4.2%, 3.5%, and 4.1% respectively. As gold prices edged up, gold miners .AXGD gained 1.9%, the sector's biggest gain in more than two weeks. GOL/ Weighed down by softer iron ore and copper prices, the overall mining index dipped 0.2%. IRONORE/ MET/L Financial stocks .AXFJ rebounded 0.5% after declines over the previous two sessions. Energy stocks .AXEJ edged higher by 0.2%, marking four straight gains despite weaker early oil prices. O/R Across the Tasman Sea, New Zealand’s S&P/NZX 50 index .NZ50 closed up 0.4% at 13,749.35 points. (For the convenience of non-English speakers, Reuters automatically translates its reports into several languages. Due to possible errors or omitted context in automated translations, Reuters does not guarantee the accuracy of such texts and provides them solely for reader convenience. Reuters accepts no liability for any damages or losses resulting from the use of automated translation features.) For more on "Schedules & Data": US earnings calendar RESF/US, Wall Street outlook for the week .N/O, Global economic outlook DATA/ ... See all the latest market headlines and breaking news at NEWS1.
Updated to close
Jasmeen Ara Islam Shaikh
Reuters, October 9 - On Friday, the Australian stock market rose as bargain-hunting investors bought shares after a recent pullback in the benchmark index; meanwhile, Firmus decided to shelve its $5 billion (link) IPO plan, prompting funds to flow into local software stocks.
The benchmark S&P/ASX 200 index .AXJO rose 0.6% on Friday to close at 8,716.6 points after falling for two consecutive sessions. The index gained 0.4% for the week, closing higher for a second straight week.
Globally, U.S. President Trump said the U.S. would hold off on striking Iran before the midterm elections in November (link), lifting market sentiment slightly.
Domestically, markets are closely watching the September quarter inflation data to be released later this month, and are also awaiting the Reserve Bank of Australia's last two policy meetings of the year to be held in November and December.
On the day, tech stocks .AXIJ rose as much as 3.1% after Nvidia-backed data center operator Firmus cancelled its IPO due to lackluster market response. Maas Group MGH.AX, which holds a 3.2% stake in Firmus, resumed trading after an early session halt (link), with its share price plunging as much as 10.7%.
David Tuckwell, Chief Investment Officer at ETF Shares, said Firmus’ withdrawn listing had a positive effect on local tech stocks, as it kept fund managers' capital in already listed stocks and avoided forced rebalancing by index funds.
He added that after a prolonged sell-off, the sector's valuation was already in oversold territory and is now running on its own momentum; however, tepid demand for Firmus suggests investors prefer companies with strong earnings rather than shunning tech stocks altogether.
WiseTech Global WTC.AX, Xero XRO.AX, and Life360 360.AX rose 4.2%, 3.5% and 4.1% respectively.
Gold mining stocks .AXGD rose 1.9%, marking the largest gain in more than two weeks as gold prices edged higher. GOL/
The mining sector index edged down 0.2% IRONORE/ MET/L amid weaker iron ore and copper prices.
Financial stocks .AXFJ rebounded 0.5% after two days of declines.
Energy stocks .AXEJ gained 0.2%, rising for a fourth straight session despite softer oil prices earlier in the day. O/R
Across the Tasman, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.4% to close at 13,749.35 points.
(For the convenience of non-native English speakers, Reuters offers automated translations of its reports in several other languages. As automated translations may contain errors or lack necessary context, Reuters does not guarantee the accuracy of these automated translation texts and provides them solely for readers' convenience. Reuters accepts no responsibility for any damage or loss caused as a result of using automation-based translation services.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Pimco warns: 10-year US Treasury yield may hit 6%, for the first time since 2000
PIMCO's Chief Investment Officer stated that due to high oil prices intensifying inflation concerns and market unease over the growing U.S. public debt, the benchmark 10-year U.S. Treasury yield could rise to 6% for the first time since 2000.
Altcoin Rises 138% in One Month and Enters Top 20, What’s Behind the Rally? Here Are the Details
OpenAI's annualized revenue aims for $70 billions, with enterprise business as a driving force
According to sources familiar with the matter, OpenAI is expected to reach or exceed an annualized revenue of 7 billion dollars by the end of this year, mainly driven by the growth of its enterprise business.
October 9 Crypto News and Market Trends | BTC/ETH/SOL Resistance & Support
Crypto prices
More
