1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The Australian sharemarket staged a late session recovery to close higher on Monday, after US President Donald Trump abandoned plans for additional military strikes on Iran, easing fears of a broader conflict in the Middle East. The S&P/ASX 200 gained 0.21% to close at 8996 points.
Utilities led gains, with Origin Energy climbing as its shares continued to recover following last month’s data breach. Energy stocks, however, came under pressure after hopes of a peace agreement fuelled expectations that the Strait of Hormuz could reopen, sending Brent crude lower to around US$79 a barrel. Woodside Energy and Santos fell 1.4% & 1.9% respectively, dragging the energy sector down 1.4%.
Financial stocks also weakened ahead of the earnings season, when investors will assess the impact of recent Reserve Bank interest rate increases on bank loan books.
Elsewhere, Steadfast Group gained about 3% after confirming the KKR-led consortium would proceed with its takeover proposal following the completion of most due diligence.
FleetPartners surged over 17% after revealing it had received a $770 million takeover offer from SG Fleet late on Friday.
IperionX lost 1.3% after announcing plans to redomicile its parent company to Texas and pursue a direct Nasdaq listing.
Retailers Premier Investments declined 1.6% and Temple & Webster closed flat as investors positioned for a challenging earnings season amid ongoing concerns about weakening consumer spending.
