A broad ASX sell-off on Thursday has not stopped Transurban Group Ltd (ASX: TCL) from pushing higher.
While renewed Middle East tensions and fresh Strait of Hormuz disruption fears have weighed on market sentiment, Transurban shares are edging 0.29% higher to $13.94 in morning trade.
The move follows the toll road operator's March quarter update, which showed continued traffic growth across its key regions, led by Brisbane, Melbourne, and North America.
Even so, the stock is up only about 3% over the past 12 months, making today's performance stand out a little more.
With oil market risks again lifting inflation concerns, defensive businesses with visible cash flow and CPI-linked pricing are finding support.
Here's what was announced.
Image source: Getty Images
Traffic growth remains broad across the network
Transurban's latest quarterly result showed steady momentum across most of its major toll road markets.
Group average daily traffic (ADT) rose 3% over the prior corresponding period, with Brisbane leading the growth profile at 5.2%. The result was helped by a softer comparison base after Tropical Cyclone Alfred disrupted traffic volumes in March last year.
Melbourne also delivered a strong contribution, with ADT up 3.8% as the West Gate Tunnel continued to add traffic following its December 2025 opening.
North America remained another key driver, where traffic increased 7.9% as the 495 Northern Extension and Express Lanes kept ramping up.
The only softer patch was Sydney. Traffic growth there was limited to 0.6% due to ongoing disruption tied to construction works around the Warringah Freeway upgrade. Management noted this should improve through the June quarter as more lanes progressively open.
Looking across the full financial year-to-date, group traffic is now running 3.6% ahead of the prior period. This continued growth highlights the resilience of Transurban's urban transport network despite the weaker macro backdrop and recent market volatility.
Defensive earnings are back in focus
The modest gain suggests the market is seeing the quarterly update as steady and broadly in line with expectations.
Transurban is still valued for its reliable cash flow, long-life concession assets, and toll pricing that is mostly linked to CPI or fixed annual increases.
That business model is helping the stock hold up today as the wider ASX weakens on the risk of higher oil prices adding to inflation pressure.
That helps explain why Transurban is staying in positive territory while the broader ASX comes under pressure.
With a market capitalisation of roughly $43.4 billion, it remains one of the ASX's largest listed infrastructure stocks.
