Market Wrap / Israel v Iran

Israel’s bombing of Iranian nuclear facilities sent shockwaves across the world, and across global markets. 

The S&P/ASX 200 receded 0.2% to 8547.40 points,  in a session marked by a flight to safe havens like gold. 

Energy stocks rose in tandem with increasing oil prices, driven by Iran’s role as a major oil producer. Brent crude futures climbed above US$75 per barrel. Woodside shares gained 7.4%.

Defence stocks were also in focus. Austal jumped 3.8% while the space and defence systems tech company Electro Optic advanced 7.5%. However, with a focus on the European market, Droneshield bucked this trend, down 1.4%.

More generally, the banks and miners weighed the index down amidst negative sentiment. BHP shed 2.6% while Rio also slid 1.1% as it also announced an $8.5 million investment in ore sorting technology at a Quebec mine.

Elsewhere, Accent Group dived 24.7% as it followed Cettire in reporting challenging trading conditions.

And Qantas slumped 4.9% as travel stocks were sold out of following the Air India disaster.

Tonight, all eyes are likely to stay focused on the situation in the Middle-East. 

And next week will bring a raft of central bank decisions in Japan, the United States, and the United Kingdom.