The ASX 200 rose 1% on Tuesday as oil's 4% decline on easing Middle East tensions lifted tech stocks and weighed on energy. Gold hit $4,105. WiseTech and Xero led tech; Woodside and Santos fell.
The ASX 200 rose 1% on Tuesday, with investors rotating back into risk assets after signs that US-Iran tensions were easing. Brent crude fell more than 4% to around $93 a barrel, its sharpest drop in weeks, after the US paused strikes against Iran and Tehran held off on retaliation.
The energy sector took the worst of it. Woodside dropped 4.1% and Santos fell 4.3%, even as Santos announced its first cargo from the Barossa project. Traders took profits from the recent oil rally, the moves suggested.
Technology stocks led the gainers. WiseTech Global rallied 5.6% and Xero rose 5.2%. NextDC added 3% as growth names found buyers. The rotation out of energy and into tech was broad, with nine of the 11 ASX sectors finishing higher.
Gold rose 1.3% to about $4,105 an ounce, a fresh record. The gain lifted gold miners: Northern Star climbed 3.1% and Bellevue Gold jumped more than 8%. Mining shares were also stronger. BHP, with an Alpha Score of 71, rose 2%, and Rio Tinto added 1.8%.
Elsewhere, Myer slumped more than 7% after warning weaker consumer spending late in the financial year forced heavy discounting, pressuring margins. Perpetual gained after takeover suitor EQT lifted its offer to $22.50 a share, valuing the firm at roughly $2.65 billion. Evolution rose 3% after agreeing to buy Carnaby in a $213 million scrip deal, giving the gold producer access to the Greater Duchess copper-gold project in Queensland. Carnaby surged more than 60% on the news.
The Australian dollar edged higher to around 70 US cents.
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