ASX 200 rebounds 1.62% as oil slides on a tentative Iran ceasefire
ASX 200 close: 8,731.7 (+1.62%) Breadth: nine of eleven sectors higher; energy and utilities the only decliners Sentiment: bullish
The S&P/ASX 200 closed at 8,731.7 on 29 May 2026, up 138.8 points or 1.62%, as a slide in oil on a tentative US-Iran ceasefire extension turned the market risk-on and lifted nine of eleven sectors. 4DMedical (4DX.AU) was the standout, up 18.86% after a commercial deal put its CT:VQ lung scan into more than 170 US outpatient imaging centres. Brent crude is now down about 18% this month, its steepest monthly fall since 2020, as the prospect of reopened Strait of Hormuz flows unwinds the wartime spike that had inflated energy and gold.
What drove the move
The index recovered almost all of Thursday's 1.43% drop, and two sectors did most of the work.
- Materials (+2.9%) was the biggest engine, worth roughly 70 bps of the 162 bps index gain. Gold miners rebounded hard (Perseus +6.38%, Evolution +4.21%, Newmont +3.77%) as bullion steadied near US$4,545/oz after its rout, while the iron-ore majors firmed (BHP +2.91%, Fortescue +2.43%, Rio Tinto +1.18%) with the 62% Fe spot price holding about US$109 a tonne.
- Financials (+0.9%) added roughly 30 bps, led by CBA +2.24% and Macquarie +1.05% as money moved back into the heavyweights after Thursday's profit-taking.
- Energy was the only real offset alongside utilities, trimming a few bps as Karoon -2.25%, Viva Energy -1.85% and Santos -0.51% tracked crude lower; Woodside held flat at +0.03%.
Together, materials and the banks account for about 100 of the 162 bps move. The remaining 60-odd bps came from a broad bid, with industrials, tech, consumer and real estate all green.
Session highlights
4DMedical (4DX.AU) +18.86% topped the index on its SimonMed Imaging agreement, which puts CT:VQ and lung-density analysis into more than 170 US outpatient centres on commercial terms from day one.
Electro Optic Systems (EOS.AU) +16.18% led defence after closing its MARSS acquisition, which lifts the combined order book about 40% to roughly A$726m; DroneShield (DRO.AU) +6.27% rose with it.
Vulcan Energy (VUL.AU) +9.62% drove a lithium bounce on successful production testing at Lionheart, joined by Core Lithium +7.27%, Patriot Battery Metals +6.62% and IGO +3.57%.
Flight Centre (FLT.AU) +8.22% headed travel as the ceasefire eased a Middle East demand hit that cut about $10m from its April profit; Adairs +7.45%, Qantas +3.17% and Lovisa +2.70% rose too.
Sector scorecard
- Best: Materials (+2.9%), its rise in six of the past seven sessions
- Worst: Energy, the only sector lower alongside utilities (Karoon -2.25%, Viva Energy -1.85%, Santos -0.51%; Woodside flat at +0.03%)
- Dispersion (best to worst): about 4 points
- Materials had the widest internal split: every large gold miner rose (Perseus +6.38%, Resolute +7.98%, St Barbara +10.58%), while Champion Iron -6.90% was the sector's lone heavyweight decliner on its results.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| 4DX.AU | +18.86% | SimonMed deal puts its CT:VQ lung scan into 170+ US outpatient centres |
| EOS.AU | +16.18% | MARSS acquisition closed; order book up ~40% to about A$726m |
| VUL.AU | +9.62% | Successful production testing at the Lionheart lithium project |
| FLT.AU | +8.22% | Iran ceasefire eases the Middle East travel hit that cut April profit |
| PRU.AU | +6.38% | Gold miners rebounded across the board as bullion steadied |
| CIA.AU | -6.90% | FY26 Q4 net income more than halved; dividend cut to 2c |
| DXS.AU | -5.40% | Slid against a higher REIT sector; no disclosed catalyst |
| KAR.AU | -2.25% | Oil producer tracked crude lower on the ceasefire deal |
| VEA.AU | -1.85% | Fuel refiner-retailer pressured by the same crude slide |
| CSL.AU | -1.00% | The healthcare heavyweight capped the index gain |
Notable announcements
- Champion Iron (CIA.AU) reported FY26 Q4 results: revenue about $415m and net income $23.2m, less than half the prior year; the board cut the dividend to 2c (record 12 June, payable 8 July) under a new 30% to 40% free-cash-flow payout policy.
- 4DMedical (4DX.AU) signed a US commercial agreement with SimonMed Imaging, which runs more than 170 outpatient imaging centres, for immediate clinical deployment of CT:VQ.
- Electro Optic Systems (EOS.AU) completed its MARSS acquisition, taking the combined order book to roughly A$726m from about A$509m.
At the AU close (16:15 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 futures (ES) | 7,587.25 | +0.07% | Live; points to a steady Friday US open |
| Nasdaq 100 futures (NQ) | 30,312.75 | +0.02% | Live; AI trade still in front |
| S&P 500 (Thu close) | 7,563.63 | +0.58% | Record close, Snowflake-led tech rally |
| US VIX | 15.83 | +0.57% | Subdued at 15.8 |
| Brent crude | US$91.93 | -0.83% | Down about 18% on the month |
| Gold | US$4,545/oz | +0.27% | Steadied after the rout |
| AUD/USD | 0.7162 | -0.02% | Held flat |
Next 24h catalysts (AEST)
- Fri night - US Friday session and month-end positioning; futures point flat to firmer
- Sat to Sun (30 to 31 May) - China NBS May PMIs; the key demand read for iron ore into Monday
- Mon 1 Jun - ASX reopens; China Caixin manufacturing PMI; SPI tracks Friday's Wall Street
- Wed 3 Jun - Australia Q1 GDP (March-quarter National Accounts)
- Fri 5 Jun (US) - US May jobs report (nonfarm payrolls)
- Swing factor: the durability of the US-Iran ceasefire, which sets oil's direction
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