SYDNEY, May 8, 2026, 03:12 AEST
- The ASX cash market had already closed at the dateline time. Standard hours: 09:59:45 to 16:00 Sydney, according to the .
- The S&P/ASX 200 jumped 84.5 points, or 0.96%, finishing at 8,878.1 on Thursday. Materials stocks took the lead.
- Miners caught a lift from oil’s drop on renewed U.S.-Iran peace hopes, but energy stocks like Woodside and Santos took a hit.
Australian shares finished Thursday up almost 1%, pushing their rebound to a third session. Miners drove the advance, while energy stocks slipped after crude oil prices eased on hopes for a U.S.-Iran agreement.
Right now, the market’s recalibrating as it digests the oil shock that reignited inflation concerns and put rates back in the spotlight. Brent crude slipped under the $100 mark on Thursday, with traders eyeing the potential for a deal that might slowly restore access through the Strait of Hormuz—the Gulf chokepoint critical to world oil shipments.
For investors watching Australia stocks today, the picture is clearer: this wasn’t a straightforward rally. Materials took off. Banks managed to stay afloat. But energy and defensive utilities ended up on the wrong side, getting sold off.
The S&P/ASX 200 closed at 8,878.1. Over on the broader All Ordinaries, the index added 1.01% to finish at 9,107.0. Across the S&P/ASX 300, winners outnumbered losers, 177 to 64.
Materials stocks—covering big miners and metals—surged 3.68%. Energy slid 2.94%, utilities declined 1.60%, and healthcare ended down 1.12%. Despite gains for the index, sector moves painted a mixed picture.
Gold and base-metal names grabbed most of the action. The ASX Gold Sub-Index jumped 4.7%. Evolution Mining added 6.3%, Northern Star Resources climbed 4.4%. Market Index flagged strength from BHP, South32, Sandfire Resources and Rio Tinto, as appetite for commodity plays broadened out.
BHP and Rio Tinto moved higher, catching a bid from the resources trade, but it was a different story for the oil names. Woodside Energy slid 4.2%, with Santos not far behind, down 3.3%, as falling crude prices undercut recent war-driven gains in the energy sector.
Banks edged higher, though they didn’t steal the spotlight. Financials tacked on 0.37%—a mild uptick, especially next to the move in materials. Investors weighed the benefit of cheaper oil against the Reserve Bank of Australia’s rate hike earlier this week.
On May 5, the RBA lifted its cash rate by 25 basis points to 4.35%. Officials cited rising fuel costs as a factor pushing inflation up, warning of “materially heightened uncertainties” in the outlook. Reserve Bank of Australia
Belinda Allen, CBA’s Head of Australian Economics, said the central bank has space to watch how the Middle East conflict unfolds, though the warning on rates hasn’t gone away. “A further rate hike cannot be ruled out, depending on the data,” Allen said. CommBank
Tabcorp tumbled out of step with the session’s gains. Shares in the wagering company plunged up to 28% after AUSTRAC, Australia’s financial crime watchdog, began an enforcement probe into its anti-money-laundering and counter-terrorism financing measures, Reuters reported. By the close, the stock had shed 23.5%, Market Index data showed.
Tabcorp flagged that AUSTRAC had “serious concerns” over the company’s effectiveness in handling money-laundering and terrorism-financing risks. Chief Executive Gillon McLachlan said Tabcorp will “work constructively with AUSTRAC through this process.”
Still, there’s a chance Thursday’s action unwinds in a hurry. RBC’s Helima Croft said it’s “far from clear” whether any real headway has been made on reopening the Strait of Hormuz. SEB Research’s Ole Hvalbye sees Brent moving to $80-$90 on a confirmed agreement, but if negotiations collapse or strikes return, prices might surge past $120. Reuters
Friday’s ASX session looks tight. Miners hinge on commodities not slipping, energy stocks want oil to quit sliding, and banks are still circling the rates debate. Not exactly tranquil—just less fraught than it was a few days back.
