Stock Markets February 3, 2026

Australian Shares Finish Higher as Gold, IT and Mining Stocks Lead Gains

S&P/ASX 200 climbs 0.89% as commodity and tech-related names push broader market up at the close in Sydney

By Avery Klein NEM LSF NEU
Australian Shares Finish Higher as Gold, IT and Mining Stocks Lead Gains
NEM LSF NEU

Australian equities closed higher on Tuesday, with the S&P/ASX 200 advancing 0.89% as gains in the Gold, IT and Metals & Mining sectors underpinned the session. A small group of large movers drove much of the action: DroneShield, Newmont Corporation DRC and L1 Long Short Fund were among the top performers, while Neuren Pharmaceuticals, Contact Energy and Ventia Services Group registered the steepest declines. Market breadth was positive and implied volatility on ASX options eased.

Key Points

  • S&P/ASX 200 rose 0.89% at the close in Sydney, led by gains in Gold, IT and Metals & Mining sectors.
  • Top individual gains: DroneShield Ltd (ASX:DRO) +7.54%, Newmont Corporation DRC (ASX:NEM) +5.95%, L1 Long Short Fund Ltd (ASX:LSF) +5.56%; largest declines: Neuren Pharmaceuticals Ltd (ASX:NEU) -9.85%, Contact Energy Ltd (ASX:CEN) -5.88%, Ventia Services Group Ltd (ASX:VNT) -4.14%.
  • Market breadth was positive with 727 advancers, 435 decliners and 349 unchanged; S&P/ASX 200 VIX fell 7.93% to 11.58. Commodities and FX moves included a large rise in gold futures and a firmer AUD versus USD and JPY.

Australian equities finished the trading day in positive territory on Tuesday, led by strength in the Gold, IT and Metals & Mining sectors. At the close in Sydney the benchmark S&P/ASX 200 index rose 0.89%.

Among individual stocks, DroneShield Ltd (ASX:DRO) was the session leader on the index, gaining 7.54% or 0.26 points to finish at 3.71. Newmont Corporation DRC (ASX:NEM) added 5.95% or 9.28 points to close at 165.24, while L1 Long Short Fund Ltd (ASX:LSF) rose 5.56% or 0.22 points to end the session at 4.18.

On the downside, Neuren Pharmaceuticals Ltd (ASX:NEU) recorded the largest percentage fall among S&P/ASX 200 constituents, dropping 9.85% or 1.60 points to 14.65 at the close. Contact Energy Ltd (ASX:CEN) declined 5.88% or 0.50 points to finish at 8.00, and Ventia Services Group Ltd (ASX:VNT) fell 4.14% or 0.24 points to 5.56.

Market breadth was positive: rising stocks outnumbered decliners on the Sydney exchange by 727 to 435, with 349 issues unchanged.

Implied volatility for the S&P/ASX 200, as measured by the S&P/ASX 200 VIX, moved lower during the session, down 7.93% to 11.58.

Commodities markets saw meaningful moves. Gold futures for April delivery rose 4.48% or 208.40 to trade at $4,861.00 a troy ounce. In energy markets, crude oil for March delivery slipped 0.39% or 0.24 to $61.90 a barrel, while the April Brent contract fell 0.47% or 0.31 to trade at $65.99 a barrel.

Foreign exchange rates reflected a firmer Australian dollar. AUD/USD gained 0.88% to 0.70, and AUD/JPY increased 0.80% to 108.96. The US Dollar Index Futures declined 0.19% to 97.31.

Separately, an AI-driven stock selection service highlighted its portfolios and historical performance, stating that its suite includes dozens of winning stock portfolios. The service reported that year to date two out of three global portfolios are outperforming their benchmark indexes, with 88% of portfolios in positive territory. It also cited that its flagship Tech Titans strategy doubled the S&P 500 within 18 months, and pointed to specific winners such as Super Micro Computer (+185%) and AppLovin (+157%).

Overall, the close in Sydney left the benchmark higher and market indicators showing reduced option-implied volatility, while commodity and currency moves punctuated the session.

Risks

  • Concentration risk from large single-stock moves - pronounced gains and losses in individual names such as DroneShield and Neuren Pharmaceuticals can increase idiosyncratic volatility for portfolios exposed to those stocks (impacts IT and healthcare sectors).
  • Commodity price volatility - sizable move in gold futures and smaller declines in crude and Brent highlight potential swings that can affect Metals & Mining and energy-related equities.
  • Currency and macro linkage - shifts in AUD exchange rates and a small decline in the US Dollar Index Futures underline exposure for exporters and importers, which can feed back into sector performance especially in resource and trade-sensitive industries.

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