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Highlights
- Energy sector lifts ASX on rising crude oil prices
- Gold stocks see strong momentum amid geopolitical tension
- Accent Group faces sharp decline after sales forecast
The Australian share market opened with muted movement on Thursday, buoyed by strength in energy and gold sectors while consumer retail stocks dragged down broader gains. The benchmark S&P/ASX 200 index rose modestly by 0.06%, or 5.3 points, to 8,570.4 by 10:40am AEST.
Energy Sector Fuels Market Stability
Energy stocks led the gains following a global spike in crude oil prices. The uptick came amid escalating tensions in the Middle East involving the United States, Iran, and Israel, which raised concerns around oil supply disruptions.
Woodside Energy (ASX:WDS) gained 2.4%, while Santos (ASX:STO) was up by 2.7%. Smaller players also rode the momentum, with Karoon Energy (ASX:KAR) surging 3.9% and Beach Energy (ASX:BPT) climbing 2%.
Adding to the sectoral strength, Origin Energy (ASX:ORG), a key player in electricity and gas, advanced 2.7%, helping utilities post a 2.1% gain in early trading.
Gold Stocks Glitter Amid Safe Haven Demand
With geopolitical risks weighing on sentiment, gold stocks attracted significant investor interest. Seven of the top 10 performing companies in the ASX 200 belonged to the gold sector.
Bellevue Gold (ASX:BGL) led the charge with a 5.9% rise, followed by Newmont Corporation (ASX:NEM), which jumped 4.9%. Genesis Minerals (ASX:GMD) also showed solid gains, adding 4.3% by mid-morning.
The rally in gold miners reflects increased safe-haven demand as investors weigh the implications of rising global conflict and its potential economic impact.
Retail Sector Slides as Accent Warns on Sales
In contrast to the resource-driven optimism, consumer discretionary stocks struggled. Accent Group (ASX:AX1), which owns brands like Hype DC, Platypus, and Glue Store, saw its stock plunge 20.5%.
The slump came after the company issued a warning about softer sales trends in the first half of the 2025 financial year, sparking concerns over broader retail weakness.
Mixed Sectoral Landscape
Out of the 11 sector indices, six traded in the red, indicating a cautious tone in the broader market. While commodity-linked and utility companies offered a cushion, weaker performance from consumer and industrial names limited the overall upside.
As global uncertainty persists, market dynamics are expected to remain sensitive to geopolitical developments and commodity price shifts, particularly in the oil and gold markets.
