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The S&P/ASX200 was up 19.4 points early Friday afternoon, or 0.22 per cent, at 8,733.7, while the broader All Ordinaries rose 21.6 points, or 0.24 per cent, to 9,040.4.

Nine of the market’s 11 sectors were higher, with materials and technology stocks the only sectors in negative territory.

Uranium producers surge on nuclear news

The energy sector was the day’s strongest performer, rising 0.8 per cent after strong gains among uranium producers.

The move followed news that US-based Duke Energy had filed an initial application to build a new nuclear reactor in North Carolina.

Paladin Energy, Deep Yellow, Boss Energy and Lotus Resources were all up just over five per cent. NexGen Energy gained 2.3 per cent, while Bannerman Energy climbed 3.9 per cent.

Elsewhere in the energy sector, Woodside Energy edged 0.5 per cent higher, while Santos slipped 0.1 per cent.

Biotech stocks extend gains

Health care stocks also moved higher, led by a strong showing among smaller biotechnology companies.

Mesoblast and Telix Pharmaceuticals both rose 2.1 per cent. Racura Oncology jumped 6.6 per cent, Clarity Pharmaceuticals added 7.8 per cent and Orthocell advanced 5.5 per cent.

Goldminers fall after Northern Star update

Goldminers were under pressure after Northern Star released a weaker-than-expected production update, even as gold prices held firm at US$4,375 an ounce.

The company said production had been hit by a series of “isolated negative events”, including a primary crusher failure at its Kalgoorlie processing centre that disrupted output for four weeks.

Northern Star shares dropped 9.5 per cent to a near two-month low of $24.19. Evolution Mining slipped 0.2 per cent and Westgold fell 0.4 per cent.

Big miners and banks post modest gains

In contrast, the major diversified miners were higher. BHP, Fortescue and Rio Tinto all gained 0.5 per cent.

All four major banks also traded higher. 

Australian dollar little changed

The Australian dollar was trading at 66.97 US cents, slightly up from 66.95 US cents at 3.30pm AEDT on Wednesday.

PROVIDENCE, R.I. – January 1, 2026 – Today, Revolution Wind LLC (“Revolution Wind”), a 50/50 joint venture between Global Infrastructure Partners’ Skyborn Renewables and Ørsted, filed a supplemental complaint in the U.S. District Court for the District of Columbia challenging the lease suspension order issued on December 22, 2025 by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM), to be followed by a motion for a preliminary injunction.  

While Revolution Wind continues to seek to work constructively with the Administration and other stakeholders towards an expeditious and durable resolution of this matter, it believes that the lease suspension order violates applicable law. As was the case with the August 2025 stop-work order, the Revolution Wind Project (“Project”) faces substantial harm from a continuation of the lease suspension order. As a result, litigation is a necessary step to protect the rights of the Project.  

Revolution Wind secured all required federal and state permits in 2023, following extensive reviews that began more than nine years ago. As a requirement of the permitting process, the Project engaged in years-long consultation with the U.S Department of Defense [War] Military Aviation and Installation Assurance Siting Clearinghouse to address potential impacts to national security and defense capabilities from construction through to operation of the Project. Those consultations resulted in a fully executed formal agreement between the Department of War, the Department of the Air Force, and Revolution Wind outlining mitigation measures by the Project.  

Revolution Wind has spent and committed billions of dollars in reliance upon, and has met the requests of, a thorough review process. Additional federal reviews and approvals included the U.S. Coast Guard, U.S. Army Corps of Engineers, National Marine Fisheries Service, and many other agencies. 

Revolution Wind is in advanced stages of construction and is expected to be ready to deliver reliable, affordable power to American homes in 2026. The Project, now approximately 87 percent complete, has already installed all offshore foundations and 58 of 65 wind turbines. Export cable installation is complete, and both offshore substations have been installed. At the time of the lease suspension order, the Project was expected to begin generating power as soon as January 2026.    

The Project will strengthen electric grid reliability as a critical part of the Northeast energy supply, which is crucial to meeting growing energy demand. The Project is set to provide affordable power to more than 350,000 homes in 2026 under 20-year power purchase agreements with utilities in Connecticut and Rhode Island. This includes supporting the growing power needs of data centers and AI, with experts including ISO-NE, the independent grid operator, warning that halting the Project may increase electricity costs and lower reliability for the region.   

Revolution Wind has supported thousands of American jobs across construction, operations, shipbuilding, and manufacturing, including more than 1,000 union jobs that have already contributed 2 million union work hours to this Project. The Project is a part of Ørsted’s investment into American energy generation, grid upgrades, and port infrastructure, as well as a supply chain, including U.S. shipbuilding and manufacturing extending to more than 40 states.  

Sunrise Wind LLC, a separate project and wholly owned subsidiary of Ørsted that also received a lease suspension order on December 22 continues to evaluate all options to resolve the matter, including engagement with relevant agencies and stakeholders and considering legal proceedings. 

For further information, please contact:

Ørsted Global Media Relations 
Michael Korsgaard  
+45 99 55 95 52 
globalmedia@orsted.com  

Revolution Wind Media Contact 
Meaghan Wims 
+1 401-261-1641 
mwims@duffyshanley.com 

Ørsted Investor Relations 
Valdemar Hoegh Andersen 
+45 99 55 56 71 
Ir@orsted.com 

About Ørsted
Ørsted is a global leader in developing, constructing, and operating offshore wind farms, with a core focus on Europe. Backed by more than 30 years of experience in offshore wind, Ørsted has 10.2 GW of installed offshore capacity and 8.1 GW under construction. Ørsted’s total installed renewable energy capacity spanning Europe, Asia Pacific, and North America exceeds 18 GW across a portfolio that also includes onshore wind, solar power, energy storage, bioenergy plants, and energy trading. Widely recognised as a global sustainability leader, Ørsted is guided by its vision of a world that runs entirely on green energy. Headquartered in Denmark, Ørsted employs approximately 8,000 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2024, the group’s operating profit excluding new partnerships and cancellation fees was DKK 24.8 billion (EUR 3.3 billion). Visit orsted.com or follow us on LinkedIn and Instagram. 

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