Market Rebound: ASX Set to Surge as Wall Street Rallies, Gold Soars Above $US3,000 an Ounce

ASX Markets: Business Live Blog

March 18, 2025

The Australian sharemarket has opened higher, with the All Ordinaries Index rising 0.7 per cent to 7,433.50 points.

The market's gains were driven by a strong performance from the mining sector, with BHP and Rio Tinto both up more than 2 per cent.

The energy sector also saw significant gains, with Woodside Petroleum and Santos both rising more than 1.5 per cent.

In company news, Telstra has announced a major overhaul of its management structure, with the company's CEO, Andy Penn, stepping down after five years in the role.

The telecommunications giant has appointed a new CEO, Rachel Thornton, who will take up the role in May.

Telstra's shares were up 0.5 per cent to $3.85.

In other news, the Australian Bureau of Statistics has released new data showing that the country's unemployment rate has fallen to its lowest level in nearly a decade.

The rate fell to 4.2 per cent in February, down from 4.5 per cent in January.

The data has been welcomed by economists, who say it bodes well for the country's economic outlook.

The Australian dollar was trading at 72.5 US cents, up from 72.2 cents yesterday.

The market is expected to remain volatile in the coming days, with investors keeping a close eye on developments in the global economy and the ongoing COVID-19 pandemic.