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Highlights
- ASX200 falls 0.67%, led by declines in mining and IT sectors.
- Energy sector rises, driven by oil price surge amid Middle East tensions.
- Notable movements include gains in Strike Energy and declines in Neurotech International.
The ASX200 closed down 0.67%, finishing at 8,150 points as investor sentiment remained cautious due to rising concerns over the Middle Eastern conflict. Despite a strong performance from energy stocks, other sectors dragged the index lower, with materials and technology taking the biggest hits.
Energy was the standout performer of the day, gaining 1.84% thanks to a surge in oil prices driven by the ongoing geopolitical tensions. Health Care also managed to edge higher, closing up 0.11%. However, the materials sector was the worst performer, dropping 1.18%, followed closely by IT, down 1.16%, and financials, which declined by 1%.
Stocks in the Green
Strike Energy (ASX:STX) led the gains, closing up 9.52% as rising oil prices provided a boost. The company, known for its multiple oil and gas projects across Australia, is particularly focused on advancing its flagship Perth Basin development. Strike Energy wrapped up the day at 23 cents.
Insignia Financial (ASX:IFL) rose by 2.28%, closing at $2.69. This gain came after the company announced it had settled a class action with certain members of the OnePath Master Fund and Retirement Portfolio Service, which helped ease investor concerns.
In the gaming sector, Light & Wonder (ASX:LNW) saw a 7.8% jump, closing at $141.70. The company provided an update on its Dragon Train litigation, where Aristocrat Leisure (ASX:ALL) had successfully secured an injunction against the sale and operation of the game. Light & Wonder has since converted these games and reported no removal requests.
Stocks in the Red
On the downside, Neurotech International (ASX:NTI) dropped 15.5% after the U.S. Food and Drug Administration (FDA) declined to grant orphan drug status to its NTI164 product. Neurotech is now reevaluating its strategy. The stock ended the day at 4.9 cents.
Rimfire Pacific Mining (ASX:RIM) faced an 18.42% decline, closing at 3.1 cents. Despite a step-out diamond drill program expanding the known mineralisation at its Bald Hill cobalt-copper prospect in New South Wales, investors reacted negatively to the update.
Capstone Copper (ASX:CSC) was also down, falling 3.27% to close at $11.55. The drop followed news that CEO John MacKenzie will step down from his role and be nominated as Non-Executive Chair, prompting concerns about the company's leadership transition.
Energy stocks benefited from a surge in oil prices, the overall market struggled due to declines in the mining, IT, and financial sectors, leaving the ASX200 in the red.
