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The ASX remained under pressure today, as the index notched its third consecutive day of losses, weighed down by renewed fears around the Iran conflict after reports of Iranian gunboats firing on commercial vessels and seizing ships in the Strait of Hormuz. Despite Trump extending the ceasefire indefinitely, markets took little comfort — oil pushed higher, US futures slid and the local bourse tracked them lower. Energy was the clear standout on the day, bucking the broader weakness as rising crude prices lifted the sector, while financials and materials bore the brunt of the selling.
- ASX 200: 8,793.40 / −50.16pts / −0.57%
- AUD/USD: 0.7154 / -0.08%
- Best sectors: Energy +3.08%, Utilities +0.18%, Communications –0.08%
- Worst sectors: Materials –1.04%, Consumer Staples –0.79%, Financials –0.74%
- Santos (ASX:STO) +3.63% was among the better performers after reporting a 3% lift in quarterly production, helped by first cargoes from the Barossa project. In a market increasingly focused on energy security, the sector continued to attract support.
- Woodside Energy (WDS) +3.18% also traded higher as the market continued to price in a firmer oil backdrop amid ongoing disruption through the Persian Gulf.
- Ampol (ASX:ALD) +2.07% edged up after lodging a final remedy offer with the ACCC in its bid to acquire EG Australia.
- Deep Yellow (ASX:DYL) +5.34% rallied strongly following a fresh exploration report released to the market.
- Temple & Webster (ASX:TPW) −8.18% was the worst performer, falling after announcing a CEO transition — Mark Coulter stepping aside to become Executive Chairman, with Susie Sugden taking the CEO role. The stock hit lows of more than 7% before trimming somewhat.
- Lynas Rare Earths (ASX:LYC) −6.70% extended recent weakness despite having posted a record quarter earlier in the week.
- Macquarie Group (ASX:MQG) −0.62% eased after UBS downgraded the stock to Neutral from Buy, citing recent asset sales including aircraft leasing and OnStream meters businesses.
- Commonwealth Bank (ASX:CBA) −0.95%, ANZ (ASX:ANZ) −0.74%, and Westpac (ASX: WBC) −0.71% all fell, while ASX:NAB −0.15% was only marginally lower, reflecting ongoing pressure on the Financials sector.
- WiseTech Global (ASX:WTC) −3.08% slipped after announcing that lead independent director Andrew Harrison will retire from the board in June.
- Mirvac Group (ASX:MGR) −1.69% weakened after flagging softer residential demand and warning of potential impacts from the Middle East conflict.
- Sandfire Resources (ASX:SFR) −3.64% fell after reporting lower copper production.
- McPherson’s (ASX:MCP) -9.38% dropped sharply after warning it no longer expects year-on-year growth in underlying EBITDA this financial year, citing operating model stabilisation and rising supplier costs.
- Oil: trading around $US94.32/barrel (WTI)
- Gold: trading around $US4,710/oz around our close.
- Iron Ore: down -0.8% to $US106.35
- Asian Markets: China -0.3%, Hong Kong -0.9% and the Nikkei -1.1%.
- Global Futures: S&P 500 E-Mini -0.4%, Dow E-Mini -0.5%, FTSE −0.13%
- US Earnings Tonight: Caterpillar (CAT US), Amex (AXP US), Blackstone (BX US), Freeport McMoRan (FCX US)
