ASX 200 closes the week +0.86% as crude's 11% slide powers a Friday rebound
ASX 200 week close: 8,731.7 (+0.86%) S&P 500 Friday close: 7,580.1 (+0.22%) Sentiment: mixed
The S&P/ASX 200 finished the week ending 29 May 2026 at 8,731.7, up 0.86% over the five sessions, after a 1.62% Friday surge erased a midweek slide to a one-week low. The week's defining move came from crude: Brent fell 11.44% to US$91.70 and WTI dropped 9.15% to US$87.76 as the United States and Iran agreed a 60-day ceasefire extension and a path to reopen the Strait of Hormuz to shipping, reversing oil's May spike. Cheaper energy hammered local oil names but eased the forward inflation picture, and Wall Street's record highs helped pull the local index up into Friday's close.
The week on the ASX
The S&P/ASX 200 spent most of the week below water before Friday rescued it. The index dropped 1.4% on Thursday to 8,593, a one-week low, on soft household-spending data and a heavy session for energy and banks, then rallied 139 points on Friday to 8,731.7. Large-cap miners did the heavy lifting on the rebound: BHP.AU rose 4.28% across the week to $62.31, S32.AU climbed 10.57% to $4.81, and FMG.AU added 3.77% as iron ore and base metals held firm. The All Ordinaries closed the week at 8,965.0, up 0.99%. Volatility fell hard: the S&P/ASX 200 VIX dropped 5.12% to 11.9.
Under the modest index gain, the spread between winners and losers was extreme. Small-cap defence and software names ran double digits, while three index members shed a fifth or more of their value across the week.
Sector scorecard (5-day)
- Worst: Energy, a median near -5.3% across STO.AU (-5.22%), WDS.AU (-4.49%), ALD.AU (-5.30%), VEA.AU (-8.23%) and KAR.AU (-7.35%), all tracking Brent's 11.44% weekly fall.
- Best: large-cap Materials, a median around +4.0% with S32.AU (+10.57%), BHP.AU (+4.28%) and FMG.AU (+3.77%) leading on firm iron ore and base metals.
- Banks lagged the rally: CBA.AU (-0.39%), NAB.AU (-1.37%), WBC.AU (-1.50%) and ANZ.AU (-0.85%) all closed the week lower despite Friday gains.
- Healthcare split: CSL.AU fell 3.16% and RMD.AU 2.11%, while FPH.AU jumped 12.73% and SHL.AU rose 4.50%.
- Dispersion (best sector median minus worst): roughly 9 points between large-cap miners and energy.
Top movers: week ending 29 May 2026
| Ticker | Week | Reason |
|---|---|---|
| ELS.AU | +31.66% | US defence "Blue UAS" approval for its drone connectivity hardware |
| SDR.AU | +25.90% | Launched SiteMinder Powered, embedding its distribution engine in partner platforms |
| EOS.AU | +25.34% | Counter-drone order momentum; MARSS earnout cap lifted to 140m euros |
| NUF.AU | +23.97% | H1 FY26 beat: underlying NPAT +35% to $52m, expanded cost-cut program, 52-week high |
| MP1.AU | +18.93% | Investor-day pipeline update after $254m of contract wins earlier in May |
| ASX.AU | -22.30% | FY27 cost shock: total expense growth guided +18% to +21%, capex up on CHESS Release 1 |
| IEL.AU | -16.48% | Macquarie cut to underperform; guided a 28% to 30% fall in student placement volumes |
| ARU.AU | -14.52% | $250m equity raise plus a final investment decision on the $1.6b Nolans rare-earths project |
| MLX.AU | -10.48% | No price-sensitive announcement; tin and gold names drifted lower |
| TUA.AU | -10.39% | Continued fallout from the scrapped S$1.4b M1 deal and a SIMBA spectrum probe |
Friday US session
- S&P 500: 7,580.1 (+0.22%)
- Nasdaq: 26,972.6 (+0.20%)
- Dow: 51,032.5 (+0.72%)
- VIX: 15.3 (-2.67%)
Wall Street closed Friday at record highs for a ninth straight weekly gain, even as the April PCE print ran hot: headline inflation at 3.8% year on year, the firmest in nearly three years, and core at 3.3%. The relief came from crude. With Brent down roughly 17% for May, its worst month since 2020, the oil collapse offset the inflation surprise and reinforced expectations the Federal Reserve holds rates steady near term. The US VIX ended the week at 15.3, down 8.26%. The Australian dollar firmed 0.53% to US$0.7190, a modest drag on offshore-earning names such as CSL.AU.
Macro themes that played out
Gold held firm through the oil rout, up 1.08% to US$4,570 an ounce, and copper added 0.82%, which kept the large-cap miners insulated from the energy selling.
At home, the inflation data was the swing factor. The April monthly CPI indicator eased to 4.2% year on year from 4.6% in March, softening fears the RBA would extend its tightening run after it lifted the cash rate to 4.35% on 5 May, its third hike of 2026. April household spending fell for the first time in four months, an early sign the hikes are biting. Trimmed-mean inflation, the RBA's preferred core gauge, ticked up to 3.4%, leaving the disinflation story incomplete.
The week's worst single-stock falls were company-specific. ASX Ltd (ASX.AU) lost 22.30% after guiding to FY27 total expense growth of 18% to 21% and higher capex tied to its CHESS Release 1 build, and IDP Education (IEL.AU) fell 16.48% after Macquarie cut it to underperform on a guided 28% to 30% drop in student-placement volumes.
Week ahead: Mon to Fri (AEST)
- Mon 1 Jun: Australian markets reopen with a quiet domestic calendar to start the week.
- Tue 2 Jun: US ISM Manufacturing PMI for May, reported overnight AEST.
- Wed 3 Jun: Australian Q1 2026 GDP at 11:30am AEST, the marquee domestic release; US JOLTS job openings land overnight.
- Thu 4 Jun: US ISM Services PMI overnight; no RBA decision this week, with the next set for 16 June.
- Fri 5 Jun: US May non-farm payrolls late AEST, the week's biggest global print.
Context only, not financial advice. Track your own trades with Swingfolio.