The S&P/ASX 200 Index finished almost unchanged on Monday, slipping 2.3 points to 8729.40 as gains in miners and technology stocks were offset by sharp falls in healthcare names. Eight of the 11 ASX sectors ended lower, but BHP still managed a record close and several tech stocks surged.
Investors were still trying to work out how much weight to give to the latest moves in oil and geopolitics. Brent crude rose 2.4 per cent to US$93.27 a barrel and the Australian dollar sat around US71.85¢, keeping markets alert to the risk that the conflict between Iran and the US could keep energy prices unstable for longer. That is why traders were searching for direction in the ASX on Monday: the market was trading in the shadow of oil, not just company results.
Emanuel Datt, chief investment officer at Datt Capital, said market sentiment was muted because of persistent uncertainty around local discontent over the Budget’s tax changes and the ongoing negotiations between Iran and the US. His view fit a session that looked busy underneath the surface. Pro Medicus jumped 9.2 per cent to $144.46 after two contract wins, while SiteMinder rose 10.9 per cent to $3.88, Xero gained 7.7 per cent to $80.95 and WiseTech climbed 8.7 per cent to $39.15. RBC Capital Markets said the Pro Medicus deals weakened the bearish case that artificial intelligence competitors would erode long-term demand.
The weaker side of the tape was just as stark. ResMed fell 7.6 per cent to $26.57 and CSL lost 2.5 per cent to $94.20, dragging healthcare lower even as the major banks mostly held their ground, with Commonwealth Bank down 1 per cent to $163.30, ANZ off 0.4 per cent to $35.05, Westpac up 0.4 per cent to $36.15 and National Australia Bank edging 0.1 per cent higher to $37.37. BHP rose 0.3 per cent to a record $62.48, Rio Tinto added 1.6 per cent to $188.51 and Pilbara Minerals gained 4.3 per cent to $6.74, while Whitehaven Coal rose 3 per cent to $9.01. Woodside Energy was flat at $30.67 and Santos slipped 0.1 per cent to $7.80, showing how little consensus there was even among the energy names.
Elsewhere, stock-specific moves were driven by company news rather than the broader market. DroneShield tanked 8.6 per cent to $3.10 after 50.5 per cent of shareholders voted against its remuneration report, Lendlease fell 5.5 per cent to $2.57 after agreeing to sell development rights in its Milano Santa Giulia project in Milan for around $250 million, and Cettire surged 25.5 per cent to 29.50¢ after launching a flagship store on Tmall Global. JPMorgan also downgraded WiseTech to neutral, a reminder that even a strong session for software shares still left room for scepticism. For now, Monday’s flat close looks less like a pause before a breakout than a market waiting for the next move in oil and the next headline from the Middle East to decide which way the ASX goes next.
