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It was a story of two tales today as the ASX whipsawed from negative to positive territory at midday, before giving back most of the gains rapidly into the close. Early weakness was shaken off as the market reacted to reports that US President Donald Trump may be prepared to wind down the Iran war even if the Strait of Hormuz remains largely closed. However, belief that Trump’s words will result in a de-escalation clearly faded, as the index dropped –70pts from its highs.
Gold stocks were back in the mix, while the shift in tone also saw oil prices soften but remaining in positive territory, with energy, particularly coal stocks, finishing on the backfoot. Otherwise, it was a mixed session from a sector standpoint, with stock picking evident, as ‘quality’ names were caught a bid across the board.
- ASX 200: 8,481.80 / +20.83pts / +0.25%
- AUD/USD: 0.6845 / flat / −0.12%
- Best sectors: IT +2.98%, Communications +0.85%, REITs +0.75%
- Worst sectors: Utilities −0.53%, Consumer Staples −0.56%, Energy −1.15%
- March was a tough month for the ASX (and global markets) with the main board down 7.8%, while Small Caps were off by 11.6%
- Technology stocks rebounded today after recent heavy selling with Xero (ASX: XRO) +6.55%, WiseTech Global (ASX: WTC) +4.08% and TechnologyOne (ASX: TNE) +1.40% all lifting sharply.
- Support also came from the banks, with Westpac (ASX: WBC) +0.97%, ANZ Group (ASX: ANZ) +0.19% and National Australia Bank (ASX: NAB) +0.46% finishing higher, while Commonwealth Bank (ASX: CBA) −0.60% went the other way.
- Gold names were firm as bullion pushed higher again, with Newmont (ASX: NEM) +2.24% and Northern Star (ASX: NST) +4.36% having solid sessions.
- Gold producer West African Resources (ASX: WAF) +4.92 % also climbed after upgrading 2026 production to a record 430,000–490,000oz for FY26.
- Energy stocks were weaker after US President Trump’s supposed willingness to end military conflict, with Woodside Energy (ASX: WDS) −0.48%, Santos (ASX: STO) −1.12% and Ampol (ASX: ALD) −0.94% slipping.
- Coal stocks were hit hard too, with concerns the energy-switch trade may have gone too far as Whitehaven Coal (ASX:WHC) -6%, Yancoal (ASX:YAL) -4.71% and New Hope Corp (ASX:NHC) -3.93% came under the pump.
- Koala (ASX: KLA) +11.76% debuted strongly today, trading well above its $3.40 IPO price as investors welcomed the furniture brand to the bourse.
- Collins Foods (ASX: CKF) −0.34% edged lower after confirming plans to exit the Taco Bell brand in Australia.
- Defence contractor Electro Optic Systems (ASX: EOS) -0.5% fell despite securing two new US contracts worth roughly $US12 million for its remote weapon systems business.
- ARN Media (ASX: A1N) was flat after Jackie O launched legal proceedings against the broadcaster seeking at least $82 million in compensation.
- Oil: Flat around $US113/barrel.
- Gold: Up about US$70 during our time zone, trading $US4,570/oz around our close.
- Iron ore: Traded 1% lower to $US105.20/mt
- Asian markets: Weaker with China -0.1%, Hong Kong −0.4% and the Nikkei −1.1%.
- Global Futures: S&P 500 E-Mini +0.67%, Dow E-Mini +0.77%, FTSE −0.17%.
