Daily Market Update: 16 April 2026

ASX closes at two-month high as bank weakness caps gains

Australian equities finished at their strongest level since early March, with the S&P/ASX 200 Index (ASX: XJO) rising 7.9 points, or 0.1 per cent, to 8978.70 after earlier reaching an intraday high of 9015.40. Early sentiment was supported by reports that the United States and Iran were preparing for a second round of negotiations ahead of a ceasefire deadline next week, although gains moderated into the close as investors remained selective. Commonwealth Bank of Australia (ASX: CBA) fell 0.2 per cent to $183.19, National Australia Bank Limited (ASX: NAB) slipped 0.4 per cent to $44.52, ANZ Group Holdings Limited (ASX: ANZ) lost 0.6 per cent to $38.22, and Westpac Banking Corporation (ASX: WBC) dropped 1.9 per cent to $40.69 as banks weighed on the market amid concerns around elevated valuations, net interest margins and asset quality.

Miners and technology stocks offset losses as energy sector declines

Despite weaker bank performance, miners and technology stocks helped support the market. Gold eased 0.5 per cent in Asian trading, but Northern Star Resources Ltd (ASX: NST) rose 3 per cent to $24.69, Ramelius Resources Limited (ASX: RMS) gained 6.8 per cent to $4.06, and Evolution Mining Limited (ASX: EVN) surged 9.6 per cent to $14.45 after reporting a net cash position of $42 million compared with $362 million of debt in the prior quarter. Energy stocks fell 1.9 per cent as oil traded unevenly, with Woodside Energy Group Ltd (ASX: WDS) down 2.4 per cent to $33.16, Santos Limited (ASX: STO) off 2.9 per cent to $7.73 and Viva Energy Group Limited (ASX: VEA) down 4.5 per cent to $2.53. Technology remained the standout sector, led by WiseTech Global Limited (ASX: WTC) up 3.6 per cent, Xero Limited (ASX: XRO) up 2.6 per cent and Technology One Limited (ASX: TNE) up 2.9 per cent. Among individual names, Virgin Australia Holdings Limited (ASX: VGN) jumped 7.2 per cent after reaffirming earnings guidance, Nufarm Limited (ASX: NUF) rallied 11.3 per cent on improved earnings expectations and further cost savings, Boss Energy Limited (ASX: BOE) fell 9.3 per cent after cutting production guidance, Mesoblast Limited (ASX: MSB; Nasdaq: MESO) climbed 8 per cent on a new global licensing deal, and Telix Pharmaceuticals Limited (ASX: TLX; Nasdaq: TLX) lost 4.2 per cent after increasing its convertible bond offering.

US markets hit record highs led by technology and strong earnings

Global markets were firmer overnight, with the S&P 500 Index (INDEXSP: .INX) rising 0.8 per cent to move above 7020 and the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) gaining more than 1.4 per cent, marking its best 11-day stretch on record. Technology stocks led the advance, with Broadcom Inc. (NASDAQ: AVGO) up more than 3 per cent and Meta Platforms, Inc. (NASDAQ: META) adding almost 2 per cent after announcing a 1 gigawatt deployment of custom AI chips using Broadcom technology, while Tesla, Inc. (NASDAQ: TSLA) surged more than 7 per cent on fresh software updates and optimism around its upcoming AI5 chip. Investor sentiment was also supported by hopes of de-escalation in the Iran conflict, while attention shifted toward earnings, with Bank of America Corporation (NYSE: BAC) rising as much as 2.5 per cent after stronger first-quarter profit and Morgan Stanley (NYSE: MS) climbing more than 5 per cent after reporting record revenue.