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Highlights
Energy companies trading on the ASX 200 and All Ordinaries moved higher as global oil prices rose following escalating conflict in the Middle East. The tension between major oil-producing nations contributed to supply concerns, driving prices upward and lifting energy-linked shares on the Australian market. Santos (ASX:STO) was among the most prominent contributors to this rise.
Crude oil trends continue to influence sentiment across energy names, especially those with international exposure or large-scale operations across upstream and midstream activities.
Santos Sees Momentum After Board-Approved Transaction
Santos (ASX:STO), listed on the ASX 200, saw increased market attention following its board's decision to approve a deal involving a group led by an Abu Dhabi-based entity in conjunction with a global private equity firm. The decision influenced trading sentiment, adding weight to the overall energy sector’s upward move.
The company’s portfolio, which includes natural gas and oil projects across several regions, aligns closely with supply chain dynamics, making its shares sensitive to macro disruptions in oil-producing areas.
Paladin Energy Gains on Growing Uranium Demand
Paladin Energy (ASX:PDN), which trades on the All Ordinaries, outperformed many peers as nuclear energy regained attention globally. With market participants focusing on alternative energy sources, the uranium sector witnessed increased interest, contributing to Paladin's gains.
The company's activities, focused on uranium extraction and processing, benefited from momentum in global conversations around cleaner energy mixes and energy independence, especially in response to geopolitical instability affecting fossil fuel supply.
Financial Sector Mixed Amid Broader Uncertainty
The financial sector, which includes large institutions like Westpac (ASX:WBC) and National Australia Bank (ASX:NAB), moved sideways. Bank shares were relatively stable with minor fluctuations, reflecting cautious sentiment amid concerns about inflation and its influence on interest rate policies.
The limited movement in this sector contrasted with energy and uranium names, indicating selective activity based on external global pressures rather than domestic catalysts.
Materials Sector Dips as Gold Retraces
Materials stocks, including major miners such as Northern Star Resources (ASX:NST) and Evolution Mining (ASX:EVN), eased during the session. This sector’s performance was affected by declining gold prices, which had previously neared record levels following geopolitical escalation.
Gold retreated as immediate concerns over further escalation temporarily eased. As a result, mining companies, particularly those heavily weighted in gold production, saw lower trading volumes and price pullbacks. Both NST and EVN are tracked on the ASX 100 index.
Tech Sector Advances Despite Broader Market Caution
Technology shares delivered moderate gains in line with upward movements in global tech futures. The sector, sensitive to international sentiment, tracked overseas peers higher, contributing positively to local indices.
Despite broader caution in the market, companies within the Australian tech space experienced positive momentum, aligned with performance in overseas technology-driven exchanges.
Asian Market Sentiment Adds Regional Support
Across the Asia-Pacific region, key indices showed stability, helping sustain confidence in the Australian market. Hong Kong’s Hang Seng, Japan’s Nikkei, and South Korea’s main index all moved upward during early trade. These shifts aligned with mixed but relatively stable economic data from China.
China’s retail sales showed strength, although property data continued to reflect softness. Australian companies with significant trade exposure to China, particularly in materials and commodities, remained sensitive to developments from the region.
