Australian shares rallied, mirroring gains in tech stocks globally, spurred by Nvidia’s strong earnings report. The ASX experienced a jump of 1 per cent near midday AEDT, driven by investor confidence in the technology sector. Meanwhile, DroneShield, a defence technology company that develops counter-drone solutions, defended its handling of a share sale by its CEO. The company said its chief executive and directors were granted approval to sell shares, which subsequently triggered a steep drop in the stock price following a $7.6 million order error announcement.
In other news, Magellan Financial Group is in the spotlight following the departure of its executive chairman and chief investment officer, Hamish Streimann, after an alleged incident. Further changes in the market include Blackstone’s Crown Resorts selling its Capital Golf Course to the billionaire Fox family for over $100 million. Crown guests will still have access to the 18-hole facility.
Australia has formally withdrawn its bid to host the COP31 environmental summit, reaching a compromise with Turkey to share the presidency of next year’s UN climate summit. Prime Minister Anthony Albanese has hailed the deal as a good result. The International Monetary Fund has also urged Treasurer Jim Chalmers to pursue comprehensive taxation reform, increase the GST, and cut wasteful spending to improve the nation’s financial outlook.
