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Welcome to The ASX Today for Wednesday of Week 24, I’m Seja Al Zaidi. Today, the Australian market pushed higher, with investors rotating into defensive consumer stocks despite renewed tensions in the Middle East.
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By lunchtime, the ASX was up around 0.4%, with eight of eleven sectors trading positive. Markets largely appeared unfazed by fresh U.S. strikes on Iran overnight, which followed the reported downing of an American military helicopter near Oman. Oil prices initially jumped more than 2%, while gold extended recent losses as investors weighed the inflation implications of higher energy costs.
Staples led gains locally as investors sought shelter from uncertainty. Coles rose +2.2%, extending over the past week to more than +8%, while Woolworths added +1.5%. Wesfarmers was another standout, climbing +2.6% after addressing its plans to drive future growth through AI initiatives.
In the resources sector, BHP snapped a three-day losing streak to rise +0.8%, helping offset weakness among gold producers as bullion slipped towards US$4,200 an ounce. Newmont and Genesis Minerals both fell more than -2%.
Technology lagged the broader market, with WiseTech Global down -1.8%, Xero losing -1.2% and data centre operator NextDC falling some -2.9%.
Elsewhere, Sigma Healthcare dropped -5% after confirming it’s in preliminary talks to potentially acquire U.K. pharmacy giant Boots.
And, lithium producer IGO Ltd fell -5.6% after a fire broke out at its Greenbushes operation. Meanwhile, newly listed defence technology company Boresight surged as much as +90% on debut before settling around +75% higher. The Canberra-based company develops aerial target drones used by military customers across fourteen countries, including Australia and the States.
That’s all for The ASX Today. I’ll see you tomorrow morning.
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