The ASX Today: Aussie market caught between Wall Street records, unstoppable oil – and all on Budget Day

Hello and welcome to HotCopper’s The ASX Today, I’m Seja Al Zaidi. It’s Tuesday of Week 20, and markets are caught between record highs on Wall Street and another sharp spike in oil prices as tensions with Iran flare again.

Hear from all the ASX-listed companies that were at the RIU Resources Round-Up in Sydney, right here on HotCopper.com. Over a dozen interviews.

The ASX has slid -0.4% ahead of tonight’s highly anticipated Federal Budget, with the majority of sectors weaker. Tech and healthcare – today’s worst performers.

Globally, once again, the entire mood of larger markets is revolving around one thing: Oil. Brent has surged higher again as the White House rejected Iran’s latest response to a US peace proposal. It reignited fears of further disruptions through the Strait of Hormuz and increased global inflation.

Stock-wise, the big story of the day has been DroneShield (ASX:DRO). It’s plunged more than 15% after ASIC launched an investigation into the company following last year’s massive executive stock sell-off. Its ex-CEO and two key directors sold $67 million worth of stock last November, and the corporate watchdog now has questions. At the time, the sell-off drove shares down -31%. Six months later, ASIC’s now making inquiries about some of the announcements it made to the ASX.

Elsewhere today, tech has certainly been smashed, with WiseTech (ASX:WTC) and Xero (ASX:XRO) both plunging nearly -5%, while family tracking app Life360 has tanked more than -10% after downgrading its user growth guidance.

Healthcare is also under pressure again after yesterday’s CSL (ASX:CSL) shock. It’s dropped another 3% today, extending Monday’s losses after slashing its profit outlook. Elsewhere in healthcare, ResMed (ASX:RMD) has been down around -4%, while Cochlear (ASX:COL) has slipped more than -1%.

Miners have made some wins today ⁠— Materials helping to cushion broader market losses after copper hit another record high overnight. BHP (ASX:BHP) has surged 3% to a fresh record, overtaking Commonwealth Bank (ASX:CBA) as the largest company on the ASX by cap. Rio Tinto (ASX:RIO) and South32 (ASX:S32) are also up more than 3% as investors pour back into resources.

That’s The ASX Today, I’ll see you tomorrow.

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