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Good afternoon and welcome to The ASX Today. The Australian share market edged lower as easing tensions in the Middle East weighed on oil prices, dragging the energy sector lower while investors looked ahead to upcoming earnings. The ASX 200 was down 19 points, or 0.2 per cent, with four sectors lower.

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Market sentiment improved after U.S. President Donald Trump called off planned strikes on Iran, raising hopes for fresh negotiations and the reopening of the Strait of Hormuz. That saw Brent crude fall to around US$79 a barrel.

Utilities was the strongest sector, led by a 2.2 per cent gain in Origin Energy as the stock continued to recover following last month’s data breach. Energy stocks were under pressure as oil prices eased. Woodside fell 1.8 per cent, Santos lost 2 per cent, and the sector dropped 1.4 per cent overall.

Financials were also weaker ahead of reporting season, with CBA down 1.2 per cent, Westpac off 0.7 per cent, ANZ down 0.6 per cent and NAB easing 0.4 per cent. Steadfast climbed 4.5 per cent after the KKR-led consortium confirmed it was proceeding with its takeover proposal following due diligence.

FleetPartners surged almost 16 per cent after receiving a $770 million takeover bid from SG Fleet. IperionX fell 2.7 per cent after announcing plans to redomicile its parent company to Texas and seek a direct Nasdaq listing.

Finally, Premier Investments and Temple & Webster dropped as investors positioned ahead of earnings expected to highlight ongoing pressure on consumer spending.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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