The Australian sharemarket is trading near a two-month high by midday Friday, lifted by a renewed rally in technology stocks after Taiwan Semiconductor Manufacturing delivered a stronger-than-expected growth outlook that has revived enthusiasm for artificial intelligence. The S&P/ASX 200 is up 0.2 per cent, at 8882.50, its highest level since early November, putting the market on track for a weekly gain of about 1.9 per cent. Local technology names are outperforming, while materials are mixed as investors take profits in BHP even as select copper and uranium stocks advance. Energy stocks are lagging after oil prices fell sharply overnight, while the major banks are edging higher, adding support to the index.
Earlier in the week, gains were driven largely by resources as higher metals prices, geopolitical tensions in Iran and a weaker US dollar prompted a rotation into miners and gold stocks. The market has advanced steadily from Monday through Thursday, with strong performances in materials and healthcare offset at times by weakness in banks and parts of the technology sector under valuation pressure. Overall, the week has been characterised by a shift towards commodities and, more recently, a renewed bid for growth stocks, pushing the market toward its strongest weekly performance since November.
In Friday’s company news:
Austral to acquire Lady Loretta mine in Glencore deal
Austral Resources Australia
(ASX:AR1) has agreed to acquire the Lady Loretta mining leases and infrastructure from Glencore, consolidating tenure around its Lady Annie copper operation in north-west Queensland. Under the deal, Austral will receive about A$45.5m in net cash at completion, lifting unrestricted cash to roughly A$65m, while gaining access to near-mine copper extensions that could feed its Mt Kelly processing plant. The transaction completes Austral’s consolidation strategy in the region and supports its ambition to build a multi-asset copper business capable of producing around 50,000 tonnes of copper per year.
IperionX receives final US defence funding and titanium feedstock
IperionX (ASX:IPX; NASDAQ:IPX) has received the final US$4.6m tranche of a US$47.1m funding award from the US Department of War, alongside the transfer of about 290 metric tonnes of titanium scrap at no cost. The funding will support the scale-up of production at its Virginia titanium manufacturing campus to 1,400 tonnes per year, while the scrap provides around 18 months of feedstock at current operating rates. The support underscores US government efforts to build a secure domestic titanium supply chain for defence and advanced manufacturing.
James Hardie to close two US plants, targets $25m annual savings
James Hardie Industries
(ASX:JHX) will close manufacturing facilities in California and South Carolina within 60 days as part of a network optimisation program, with production to be absorbed by other plants. The closures are expected to deliver about US$25m in annualised cost savings from the first quarter of fiscal 2027, offset by one-off pre-tax charges of US$40m–US$44m, largely recognised in the June 2026 quarter. The company reaffirmed its fiscal 2026 guidance alongside the announcement.
