Join our daily newsletter At The Bell to receive exclusive market insights
Good afternoon, and welcome to The ASX Today. The Australian market has pushed higher today, with most investors continuing to pile into the bourse’s major banks, miners, and gold as optimism continues to grow around a potential peace agreement between the warring United States and Iran.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The ASX gained around half a per cent by midday, reversing early losses and moving closer to the 9,000-point mark. The big story remains the Strait of Hormuz. Markets are betting formal agreement to reopen the key shipping route could ease pressure on global energy supplies after months of disruption.
That theme helped drive fresh record highs for the market’s biggest names. BHP hit a new high, while Macquarie briefly traded above $250 for the first time before easing. The CBA also higher, extending its remarkable run.
Gold was also a standout. Newmont climbed 2.5 per cent, Pantoro up almost 7 per cent, and Genesis gained close to 5 per cent as bullion remains above US$4,300/ounce.
It was a different story for energy stocks. Brent crude has now fallen sharply from its recent highs, dropping to around US$79 a barrel. Woodside slid more than 3 per cent, Santos lost almost 2 per cent, and Karoon Energy plunged another 11.6 per cent after downgrading production guidance.
Elsewhere, ARN Media surged 21 per cent after settling legal proceedings with its former shock jock, Kyle Sandilands. Flight Centre rose almost 5 per cent despite cutting profit guidance, with investors now focusing on improving travel conditions following a new $200 million share buyback.
Symal Group also caught attention, jumping 10 per cent after announcing a $51 million acquisition of Queensland civil contractor Shamrock Civil.
And finally, the Reserve Bank’s assistant governor, Brad Jones, warned Australia’s financial system must prepare for a more volatile and shock-prone future, even as geopolitical tensions show signs of easing. On the same note, investors will be watching the U.S. Federal Reserve’s latest policy decision and any clues about the future path of interest rates under new chair Kevin Warsh.
That’s all for The ASX Today. I’ll see you tomorrow.
Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
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.
