ASX ends flat as oil, gold stocks soar on US-Israel attacks on Iran
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The news: The Australian sharemarket ended flat after US-Israeli strikes on Iran over the weekend sparked a surge in oil stocks and offset broader losses across the market.
The benchmark ASX index added 0.03% to end at 9,200.9, with seven of 11 sectoral indices in negative territory.
Biggest movers:
- Karoon Energy (+15.2%) — Led gains in oil stocks as crude prices jumped in response to the Iran attacks. Woodside Energy (+6.8%), Santos (+6.7%) and Beach Energy (+4.6%) were also higher.
- Zip Co (-8.4%) — Ended as the worst performer on the ASX 200 as tech stocks sold off, with Siteminder (-7.8%), Megaport (-5.5%) and Block (-5.3%) also retreating.
Deals:
- Magellan Financial (halted) — Entered into an agreement to merge with Barrenjoey Capital Partners, which is expected to complete in the second quarter of 2026.
- Ampol (+3.2%) — Said it “remains confident” in its proposed acquisition of EG Australia after the ACCC identified competition concerns with 54 EG sites.
- Electro Optic Systems (+2.6%) — Sealed a $17 million order for remote weapon systems with an unnamed Middle Eastern government, and finalised a $100 million loan facility led by long-time investor Soul Patts.
- MA Financial (-2.6%) — Expects to realise a $20 million gain from the sale of Infinite Care to Anglicare Sydney.
- IGO (-3.7%) — Completed the asset sale of Forrestania Nickel Operations to Medallion Metals, first announced last August.
Other news:
- Web Travel Group (-6.5%) — Announced that chief financial officer Tony Ristevski has withdrawn his resignation and will no longer join electronic conveyancer PEXA (+4%).
- Lynas Rare Earths (+5.4%) — Renewed its Malaysian operating licence for 10 years, having seen its Pahang-based site become the first commercial producer of heavy rare earth products outside China last May.
What’s ahead:
- Life360 is set to release its first-half results on Tuesday morning.
- The US Institute for Supply Management will publish monthly manufacturing purchasing managers’ index figures at 2am AEDT.
- RBA Governor Michele Bullock is due to speak at the Financial Review’s business summit in Sydney at 8.10am AEDT.
- The Australian Bureau of Statistics will release monthly building approvals and quarterly current account data at 11:30am AEDT.
