ASX Runners of the Week: Icetana, Resolution Minerals and Highfield
Is it the end of the world as we know it? Not for the ASX, it seems.
After hitting record all-time highs on Wednesday, the market took a breather on Thursday and Friday, pulling back just 0.75 per cent as Israel - and by extension the United States - seemingly declared war on Iran.
The market said 'no problemo' to the news, instead piling into oil as the Brent price surged as much as 18 per cent on Friday morning to US$78.50 (A$121) a barrel.
Try not to worry about World War III. Instead, make sure to fill up at the bowser today, as it won't be pretty come tomorrow morning.
Aside from a surging oil price, military attacks on an OPEC member and nuclear powerhouse result in safe haven spending, of course, with the gold price up more than US$100 to US$3430 an ounce to end the week.
Bulls N' Bears' ASX Runners of the Week list was a mixed bag, with juniors only just holding out major Woodside Energy – which saw its share price go up a staggering 7 per cent on Friday – to surprisingly feature no oil and gas stocks at all. This week's podium went to a junior AI solutions provider that partnered with a global revolutionary robotics developer while simultaneously raising capital for its partner at a premium.
ICETANA LIMITED (ASX: ICE)
Up 169% (1.6c – 4.3c)
This week's Bulls N' Bears ASX Runner of the Week is AI analytics solution provider Icetana Limited, which sent the market into a state on Tuesday after sealing four blockbuster agreements with SoftBank Robotics Group.
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The Age
12 hours ago
- The Age
ASX dips as gold, energy stocks soar after Iran attack
The Australian sharemarket drifted lower while gold and energy stocks soared after Israel launched airstrikes targeting Iran's nuclear sites and military leadership, raising fears over a significant escalation of hostilities in the Middle East. The ASX 200 opened higher but fell into negative territory after the strikes were reported, with Israel claiming responsibility for the incident. The index closed 17.7, or 0.2 per cent, lower at 8,547.40, with eight of 11 industry sectors in the red. Israel's attack on Iran came ahead of a sixth round of nuclear talks between US officials and Tehran over the gulf state's uranium enrichment activities, and a day after the US authorised a partial evacuation of its embassies in the Middle East. Israeli officials said its defence force had launched attacks on 'dozens of military targets', and declared a state of emergency ahead of expected retaliation from Iran. The escalation was a blow to risk sentiment and came at a crucial time after macro and systematic funds had rebuilt long positions and investor sentiment had rebounded, IG Markets analyst Tony Sycamore said. 'While we await further news and a potential response from Iran, we are likely to see a further deterioration in risk sentiment as traders cut risk seeking positions ahead of the weekend,' he said. Israel's strike on Iran has also injected a fresh bout of geopolitical risk into an oil market that has been in the doldrums due to concerns about the global economy and supply increases from OPEC+. Brent crude jumped more than 13 per cent following the attacks, and energy stocks on the ASX surged, with Woodside jumping by 7.4 per cent while Santos climbed 3.7 per cent. Fears of an oil glut later this year are now being replaced by calls for higher prices, at least in the short term. Much will depend on Iran's response and whether key energy assets in the Middle East or tanker traffic through the region are affected.
Perth Now
16 hours ago
- Perth Now
Why Aussie shouldn't worry about oil prices
Australian motorists are being urged not to panic after the price of crude oil rose in recent days on the back of the geopolitical tensions in the Middle East. Motorists in Australia could be spared from the worst of the fallout from the Middle-East, even as the price of the commodity surges. Futures markets for Brent oil have spiked in recent days and are now buying $US75 a barrel, when it was just over $US65 this time last week. It comes as tensions out of the Middle East flare up, after Israel undertook pre‑emptive attacks on Iran. It said the strikes were aimed at eliminating Iran's nuclear program and ballistic missile capabilities, but the fears in the market are based on what Iran will do in response. The price of crude oil has spiked in recent days. Christian Gilles / NewsWire Credit: News Corp Australia If it hits neighbouring oilfields or blocks the Strait of Hormuz, through which 20 per cent of the world's oil supplies are shipped, the price of the commodity could skyrocket. But NRMA spokesman Peter Khoury said every time there were geopolitical tensions in the Middle East, there was an initial knee jerk reaction from the market before it stabilised. He said Australian motorists should remain calm. 'What we are seeing here is an initial reaction to what has happened in the last few hours in Iran, but this is not uncommon,' he told NewsWire. 'Until you see those increases rise and they start occurring in the Asian markets then Australian motorists shouldn't be panicking.' Mr Khoury said currently there were no issues that there will be supply issues. 'It is important that it is put into context – we get our oil from Asia, we get our refined fuel from Asia, so there's no need to panic,' he said. AMP chief economist Shane Oliver wrote in his latest note fuel prices could be on the rise, but it would need the price of oil to remain elevated. 'Oil prices were already rising this month on signs of increasing risks and have spiked further – with the rise so far this month threatening a flow of around 12 cents a litre for Australian petrol prices if sustained at these levels,' he said. Australian motorists could be spared the worst of the fallout. NewsWire / Flavio Brancaleone Credit: News Corp Australia Swissoquote Bank senior analyst Ipek Ozkardeskaya said the price of oil would either rise or fall depending on Iran's response. 'One scenario is de-escalation, which could bring oil back below $US70 per barrel, around the 200-day moving average, shifting the market's attention back to supply-demand dynamics, trade disruptions, and renewed pressure on Russian oil,' she wrote in an economic note. 'The other scenario is broader escalation, potentially pushing oil prices toward $US90 –$100 per barrel – hopefully only temporarily.' Dr Oliver said the flow on impacts from this could see inflation spike over the short term. 'While petrol prices could spike on the latest Israel/Iran conflict, the RBA is likely to look through any boost to inflation as temporary and focus more on any drag to growth.' Despite the rise in costs, Dr Oliver reminded motorists the price of crude oil had just gone back to levels it was this time last year. He also believes subdued consumer confidence, weak business conditions and easing inflation would all add to a case for a rate cut. 'Following the weak March quarter GDP data our base case is for 0.25 per cent rate cuts in July, August, November and February taking the cash rate to 2.85 per cent. The money market sees about an 88 per cent chance of a 0.25 per cent cut in July and just over three cuts by year end.
Perth Now
17 hours ago
- Perth Now
ASX slips on geopolitical tensions
The Australian sharemarket fell slightly during Friday's trading as fears of the fallout between Israel and Iran resulted in a broad sell-off on the market and investors rush to safe havens including gold. The benchmark ASX200 index closed down 17.70 points or 0.21 per cent to finish the week at 8,547.40. The broader All Ordinaries also traded lower falling 25.40 points or 0.29 per cent to 8,770.60. The Australian dollar slipped 0.85 per cent and is now buying 64.72 US cents. On a day dominated by geopolitical tensions, the market had a spike in volatility with strong gains in the energy, utilities and gold miners offset by falls in information technology, healthcare and consumer discretionary stocks. The ASX fell on Iran-Israel tensions. NewsWire / Jeremy Piper Credit: News Corp Australia Overall, just three of the 11 sectors gained during Friday's trading. One of the bright spots was the energy sector as the price of crude oil jumped to nearly $US75 a barrel on the back of political tensions between Israel and Iran which helped drive Australia's energy stocks higher. Israel has said the pre‑emptive attacks were aimed at eliminating Iran's nuclear program and ballistic missile capabilities, but the fears in the market are based on what Iran will do as a retaliation to these strikes. If it hits neighbouring oilfields or blocks the Strait of Hormuz, which controls 20 per cent of the world's oil consumption, the price of the commodity could skyrocket. Woodside Energy shares soared 7.4 per cent to $25.21, Santos traded higher gaining 3.73 per cent to $6.96 and Beach Energy gained 2.77 per cent to $1.30. There was also a flight to safety, with the price of gold jumping back to $US3,400 an ounce. This helped drive Northern Star up 5.1 per cent to $22.53 as well as Evolution Mining, which rose 5.5 per cent to $9.20. It was also a mixed day for the major banks. Commonwealth Bank slipped 0.65 per cent to $179.35, NAB fell 0.31 per cent to $38.87 and ANZ dropped 0.54 per cent to $29.63. Westpac was the outlier eking out a tiny gain of 0.03 per cent to $33.36. Just three of the 11 sectors gained during Friday's trading. NewsWire / Max Mason-Hubers Credit: News Corp Australia Despite the strong moves on the market, AMP chief economist Shane Oliver urged a sense of caution. 'Just bear in mind that tensions regularly flare up in the Middle East, escalate for a while and then settle back down again so there is a danger in getting too negative on it and the key for investors is to look for the opportunities that the latest conflict may throw up,' he wrote in an economic note. Even with the falls, Dr Oliver said the Australia market still finished in the green. 'Despite falling on Friday after Israel's attack, Australian shares bucked the global trend and are on track for a gain of around 0.3 per cent for the week after having hit a record high midweek with the gains led by energy, utility property and consumer stocks,' he said. In corporate news, shares in Cettire continued its falls, dropping another 20.3 per cent to $0.26 a share, after slumping 31 per cent during Thursday's trading. The fall in the online luxury retailer comes after it issued a second profit downgrade in the last few months. Accent group also had a day to forget, with shares dropping 21 per cent to a year low of $1.43 after annoying a disappointing post Christmas trading period. The Platypus and HypeDC owner said sales for the 23 weeks until June 8 are down 1 per cent and is now expecting an EBIT of between $108m to $11m for the financial year.
