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Good afternoon and welcome to The ASX Today. The Australian share market is trading higher today, with investors returning to risk assets after signs that tension between the US and Iran may be cooling. The ASX 200 is up 1 per cent, with nine of the 11 sectors trading higher.
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Markets have been buoyed after the U.S. paused strikes against Iran, while Tehran has so far refrained from retaliating. The shift has eased concerns over disruptions to Middle East supplies and improved sentiment.
Brent crude has fallen more than 4 per cent to around US$93 a barrel, while gold has climbed 1.3 per cent to about US$4,105 an ounce.
The Australian dollar has also edged higher to around 70 US cents.
Stock-wise, technology is leading today’s gains. WiseTech Global has rallied 5.6 per cent, Xero is up 5.2 per cent and NextDC has added 3 per cent as investors rotate back into growth stocks. Mining shares are also stronger. BHP has climbed 2 per cent, Rio Tinto is up 1.8 per cent, while higher gold prices have lifted Northern Star 3.1 per cent and Bellevue Gold more than 8 per cent.
Energy is the weakest; traders are taking profits following the sharp fall in oil. Woodside has dropped 4.1 per cent and Santos is down 4.3 per cent, despite announcing the first cargo has been exported from its Barossa project.
Elsewhere, Myer slumped more than 7 per cent after warning weaker consumer spending late in the financial year forced heavier discounting, putting pressure on margins. Perpetual is higher after takeover suitor EQT increased its offer to $22.50 a share, valuing the company at ~$2.65 billion.
Evolution has gained 3 per cent after agreeing to acquire Carnaby in a $213M scrip deal, giving the gold producer access to the Greater Duchess copper-gold project in Queensland. Carnaby surged more than 60 per cent on the news.
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