Super Retail's 900-store plan; ASX dips on Iran strikes

The S&P/ASX 200 fell 0.4% by lunchtime Thursday, with tech and financial stocks dragging the index lower. Renewed U.S. strikes on Iran for a second day rattled global markets, pushing Brent crude up 1.4% to around US$94 a barrel. The Australian dollar slid to a two-month low of 70 US cents as investors rotated out of risk assets.

Super Retail Group bucked the trend, rising 1.4% after unveiling a five-year growth strategy. The company plans to expand its store network from 790 locations to more than 900 by calendar 2031. Megaport also climbed over 4% on positive news tied to its capital raising.

Tech was the weakest sector. Data centre operator NextDC fell 2.9%, and Xero dropped 2.4%. Newmont lost 3.6%, while Fortescue shed 2.1% intraday. Alcoa tumbled 8.3% after warning that energy disruptions linked to tensions around the Strait of Hormuz could weigh on its alumina operations.

Southern Cross Media fell 4.2% after downgrading its earnings outlook and announcing plans to cut up to 300 jobs within the Seven Network. Northern Star slipped 0.8% after activist investor Elliott Investment Management called for board changes at the gold miner.

Newmont's Alpha Score sits at 64/100, a Moderate rating in the Materials sector. Southern Company, by contrast, scores 43/100, a Mixed label in Utilities. The divergence reflects different exposure to commodity cycles and geopolitical risk.

The market recovered from steeper early losses but stayed in the red through the session. Traders are watching for further escalation in the Middle East and its impact on energy supply routes.