Market overview

Australian shares edged higher in midday trade, with a rebound in gold helping lift the mining and technology sectors, while a fresh wave of corporate earnings produced some sharp moves across individual stocks.

The ASX 200 Index was up 0.2 per cent at around midday, despite seven of the 11 sectors trading lower — a reminder of how the market-cap-weighted benchmark can be carried by a handful of larger sectors even when most of the market is in the red. Investors found some relief in an overnight rally in US Treasuries, which came after the US Treasury announced plans to increase bond buybacks, a program designed to support liquidity in the world's largest government bond market, helping to push the 30-year US yield down 10 basis points. Long-term US yields act as a benchmark for global borrowing costs, which is why they are closely watched by Australian investors.

Gold miners and tech lead the gains

Gold-linked stocks were among the market's strongest performers. Northern Star Resources, one of Australia's largest gold producers, climbed 7 per cent after reporting a 19 per cent increase in revenue to $7.6 billion, while Evolution Mining gained 9 per cent.

Technology stocks also found support, with Codan jumping 12 per cent, Xero adding 2.1 per cent and WiseTech Global recovering 6.4 per cent following its sharp decline on Wednesday.

Healthcare remained a strong sector overall, apart from Sonic Healthcare, which fell more than 7 per cent despite reporting an 18 per cent increase in net profit — a reminder that in reporting season, share prices can turn on expectations and outlooks as much as on headline numbers.

Earnings drive sharp individual moves

Super Retail Group, whose brands span Supercheap Auto, Rebel and BCF, was one of the day's standout performers, surging 16 per cent after delivering an earnings result that beat expectations and pointing to a positive start to FY27 despite ongoing pressure across the retail sector.

Shares in buy now, pay later company Zip Co rallied after it reported full-year earnings of $269 million, up 58 per cent. The company expects its group cash earnings forecast to reach $340 million in the next financial year.

IDP Education moved sharply in the opposite direction, plunging 27 per cent after revenue fell 11 per cent to $795.4 million and net profit dropped 74 per cent to $13.3 million. Student placement volumes fell 27 per cent, while English language testing volumes declined 8 per cent. IDP sits at the centre of Australia's international education sector — one of the country's largest export industries — which has contended with tighter visa settings and government efforts to reduce net migration in recent years.

Medibank Private, one of Australia's largest private health insurers, tumbled almost 8 per cent after warning that membership growth had slowed and that cost of living pressures were prompting some customers to downgrade their health insurance cover. Set against Super Retail's beat, the day's results showed cost-of-living pressure surfacing unevenly across consumer-facing businesses.

Megaport, a provider of on-demand network connectivity services, rose more than 6 per cent after reporting a 24 per cent increase in profit to $77 million, supported by stronger revenue following its acquisition of Latitude.

Dexus, one of Australia's largest office landlords, edged 0.4 per cent lower after warning that higher borrowing costs, weaker trading profits and lower performance fees would weigh on FY27 earnings. With the local reporting season still unfolding, a steady run of further results and FY27 guidance updates is due in the sessions ahead, keeping single-stock swings in focus.