ASX ends lower as energy stocks rally; Temple & Webster drops 8% on CEO transition

The news: The Australian sharemarket ended lower as a 3% surge in energy stocks failed to offset broad losses across the market.

The benchmark ASX 200 index fell 0.57% to 8,793.4, with nine of the 11 sectoral indices in negative territory.

Biggest movers:

• Karoon Energy (+7.8%) — Led a rally in energy stocks as traffic through the Strait of Hormuz ground to a halt, pushing oil prices higher. Beach Energy (+5.7%), Santos (+3.6%) and Woodside Energy (+3.2%) were all higher.
• Temple & Webster (-8.2%) — Appointed Genesis Capital managing director Susie Sugden as its next CEO to succeed co-founder and incumbent CEO Mark Coulter, who will move into an executive chair position on 1 July.

Other news:

• Santos (+3.6%) — Increased first-quarter production 3% year on year to 22.5 million barrels of oil equivalent, as its Barossa floating storage and offloading facility prepares to ramp up output next week.
• Ampol (+2.1%) — Lodged a final remedy offer with the competition regulator in relation to its proposed acquisition of EG Australia.
• Light & Wonder (-2.2%) — Said it will “vigorously defend” a shareholder class action lawsuit filed by firm Phi Finney McDonald in the Supreme Court of Victoria.
• Genesis Energy (+0.8%) — Upgraded its guidance for FY26 earnings before interest and tax to be between $515 million and $545 million, up from a previous range of $490 million to $520 million.