Aussie Stocks Log Best Week in Over 9 Months

The S&P/ASX 200 closed little changed on Tuesday at 8,949, remaining muted for a third straight session as strength in consumer durables, commercial services, and producer manufacturing offset declines in energy minerals, healthcare, and utilities. Traders tracked developments in the Middle East conflict amid reports that Iran may join peace talks with the U.S. in Pakistan. In Washington, attention turned to a Senate confirmation hearing later today for Kevin Warsh, President Trump’s nominee to lead the Federal Reserve. Locally, investors awaited March leading index data and April PMI readings due mid-week. Solid Minerals surged 74% after agreeing to acquire a 93,000-hectare lithium exploration package in Minas Gerais, Brazil, from a Rio Tinto subsidiary, lifting Rio Tinto shares 0.8%. Other gainers included Yancoal Australia (3.6%) and Sigma Healthcare (2.0%), while Woodside Energy (-2.1%) and Northern Star Resources (-1.5%) dipped.

Australian equities were little changed on Tuesday, with the S&P/ASX 200 hovering around 8,948 in early trade, being subdued for a second session as investors awaited April PMI data due Thursday and tracked persistent U.S.–Iran tensions. Meanwhile, Canberra moved to cushion geopolitical risks by underwriting purchases via Export Finance Australia, launching a conservation campaign, and sending the prime minister recently on diplomatic visits to Singapore, Brunei, and Malaysia. Gains in commercial services, consumer durables, and producer manufacturing offset declines in healthcare, utilities, and energy minerals. Viva Energy rose 2.6% as it worked to restore output at its fire-damaged Geelong refinery, targeting more than 90% capacity within weeks. Other gainers included Codan (2.6%), Xero (2.0%), and Nextdc (1.6%), while Lynas Rare Earths (-2.7%), Evolution Mining (-1.2%), and Qantas (-0.7%) slipped.

The S&P/ASX 200 was little changed on Monday, closing around 8,953 following weakness in the prior two sessions, with gains in consumer durables, retail trade, and logistics offsetting declines in energy minerals and healthcare. Traders continued to follow rapid geopolitical developments in the Middle East, following the U.S. move to seize an Iranian-flagged cargo ship in the Gulf of Oman after it reportedly attempted to breach a naval blockade. In top trading partner China, the central bank kept its benchmark loan prime rates unchanged for an 11th straight month in April, in line with estimates. On the corporate front, Viva Energy said it aims to lift production of diesel, jet fuel, and gasoline to over 90% of capacity within weeks after a fire damaged part of its Geelong refinery in southeastern Australia last week. Genesis Minerals (2.3%), Regis Resources (1.9%), and Bluescope Steel (1.3%) advanced while South32 Ltd. (-3.5%), Woodside Energy (-2.8%), and pro Medicus (-2.4%) lagged.