ASX rebounds from near six-month low after Nvidia result

The Australian sharemarket has bounced back from Thursday's near six-month low, buoyed by strong Wall Street futures after artificial intelligence darling Nvidia delivered a better-than-expected result, helping to calm market nerves.
The S&P/ASX 200 index rose 0.7 per cent, or by 58.90 points, to 8506.80 at 10.10am AEDT , with technology pacing gains as it climbed 4.4 per cent.
Nvidia reported third-quarter revenue of $US57 billion ($88 billion) and that it expects the fourth quarter to hit $US65 billion. The company forecast gross margin to land at 74.8 per cent and 75.0 per cent in the fourth quarter. Its share price in after-hours trade was up more than 5 per cent.
"For anyone trying to make sense of whether the AI trend has legs, Nvidia's numbers point to a simple truth showing this isn't a bubble popping. In fact, I feel we're still in an early innings of a technology cycle that's reshaping entire industries," eToro market analyst Farhan Badami said.
WiseTech Global roared 4.8 per cent on upbeat confidence in the technology sector and as it formalised the retirement of long-serving director Michael Gregg, effective at the close of business on Thursday. Xero rose 3.3 per cent and TechnologyOne by 5.4 per cent.
Materials were also strong as Lynas Rare Earths jumped 3.9 per cent following an upgrade from UBS on Wednesday. BHP and Rio Tinto added heavyweight support as both rose 0.5 per cent.
The major banks were led by Commonwealth Bank, which rose 0.8 per cent, while Westpac lifted 0.3 per cent, National Australia Bank 0.2 per cent and ANZ remained flat at $35.12.
Stocks in focus
In company news, The a2 Milk Company fell 1.4 per cent, although it upgraded its FY26 revenue guidance from stronger-than-expected trading across its core product categories and favourable currency movements.
Peet Limited rose 6.3 per cent as the company expected a 2026 fiscal year net profit of $74 million to $78 million, up 26 to 34 per cent on 2025, reflecting strong operational performance and favourable market conditions.
Former darling DroneShield fell 3.1 per cent as it responded to a price query letter from the market operator after three directors, including chief executive Oleg Vornik, sold $70 million worth of shares last week. The company said the trio did not agree to time their selling.
Liontown Resources headed up 4.4 per cent as the miner reported a strong result from its inaugural online auction of Kathleen Valley spodumene concentrate, securing a winning bid of $US1254 per dry metric tonne for SC6.0-equivalent product.
Magellan Financial fell 1.6 per cent after its head of global equities, Arvid Streimann, resigned amid an investigation into an alleged relationship with a junior employee.

Sumber : AFR