AAP Finance

Local shares edge higher as miners rally

By AAP Newswire

Mar 14, 2025

ASX stock — The Australian share market has traded higher on Friday despite a fall on Wall Street overnight. -AAP Image

The local bourse is recovering after a three-day sell off even as sentiment remains shaky from back-to-back Donald Trump tariff headlines.

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The benchmark S&P/ASX200 was up 31.3 points, or 0.4 per cent, to 7780.4 at midday on Friday, while the broader All Ordinaries was up 33.4 points, or 0.42 per cent, to 8000.0.

Miners helped tug the top 200 out of correction territory as iron ore prices climbed and gold touched a new record high.

The ASX was down more than 10 per cent on Thursday from its peak a month ago, a marker commonly known as a market correction.

The recovering local market diverges from US markets closing sharply lower overnight following threats of 200 per cent tariffs on European alcohol imports, further unsettling investors already struggling to digest the Trump administration's trade policies.

"The falls overnight were driven by concerns that the escalating US trade war would reignite inflation and push the US economy into a recession," IG market analyst Tony Sycamore said.

Australian mining stocks had gained 1.9 per cent at lunchtime, with Fortescue up 1.8 per cent and BHP and Rio Tinto both 1.5 per cent higher.

The Australian dollar was buying 62.84 US cents, down from 63.06 US cents at the close on Thursday.Â

By AAP Newswire

Australian Associated Press