ASX 200 Jumps Nearly 1% on Defense Tech and Gold Surge

Australian shares saw a nearly 1% gain by midday Wednesday, despite a surge in inflation to 4%, as defense technology, gold and property stocks rallied.

The S&P/ASX 200 index was up 86 points, or 0.99%, at 8,795.3 as of 12:42 p.m. AEST, putting it on course for a second straight gain.

Codan shares rose another 6.1% to 68.35 Australian dollars after the communications and metal detection company raised its fiscal 2027 outlook due to exceptional demand for its unmanned systems communications technology.