ASX closes lower despite energy rally after Israel bombs Iran

The news: The Australian sharemarket closed lower as huge gains in the energy and utilities sectors - buoyed by advancing oil prices as Israel launched air strikes targeting Iran's nuclear program - were unable to offset losses across the rest of the bourse.

The benchmark ASX 200 fell 0.21% to end at 8547.4, with three of the 11 sectors finishing in the green.

Biggest movers:

• Energy (+4.7%) and Utilities (+4.2%) sectors – The biggest gainers on the ASX were Karoon Energy (+10.9%) and Woodside (+7.4%) with big gains also posted by Origin Energy (+6.2%) and Santos (+3.7%). The sectors’ gains tracked surging oil prices after Israel killed leading Iranian military figures and top nuclear scientists. The Australian federal government is also giving Woodside more time to consider the conditions attached to preliminary approval to extend the life of its Karratha gas plant.
• Gold miners – As haven-asset demand also surged following Israel’s attacks on Iran, big gains were posted by Capricorn Metals (+7%), Westgold Resources (+6.4%), Emerald Resources (+5.9%), Newmont Corporation (+5.8%), and Evolution Mining (+5.5%), among other gold miners.
• Clarity Pharmaceuticals (-7.7%) – The biggest loser on the ASX 200 despite announcing positive topline results from a clinical trial involving its cancer radiopharmaceutical Cu-SAR-Bombesin.
• Cettire (-20.3%) – Shares in the luxury retail platform continued falling as Bell Potter analysts downgraded their position on the stock to ‘sell’ after Cettire missed earnings estimates on Thursday.
• Accent (-24.7%) – The sports shoes and apparel retailer’s full-year guidance indicated no earnings growth and soft sales figures.
• Qantas (-4.9%) – The airline was among the biggest losers, two days after it announced Jetstar Asia would cease operations on 31 July.

Other news:

• Mayne Pharma (+3%) – Rejected a second attempt from Cosette Pharmaceutical to terminate a proposed $672 million acquisition as invalid.
• ASX (+1.1%) – Sold out of blockchain developer Digital Asset Holdings for about $57 million, three years after the botched CHESS replacement scheme.
• Adriatic Metals – Entered a trading halt ahead of a “potential corporate transaction”.
• Ventia (-0.4%) – The infrastructure provider was awarded a new $100 million contract to deliver another five years of services to New Zealand-based fibre optic infrastructure business Tuatahi First Fibre.
• Vulcan Energy (-3.3%) – Secured approval and building permits for the 30 megawatt geothermal renewable energy plant and electrical substation in Landau, Germany as part of the wider Lionheart lithium production project.