The ASX finished up, with miners stronger and Guzman y Gomez shares gaining after news of its U.S. exit. Sydney, May 22, 2026, 17:59 (AEST)
ASX finishes up, boosted by miners and Guzman y Gomez jump
Australian stocks wrapped Friday up, with the S&P/ASX 200 closing 0.41% higher at 8,657 points. Gains in miners and a strong move in Guzman y Gomez helped the bourse pull back from a volatile week tied to oil, rates and war news. The Australian market is already closed for the day.
ASX ended higher as a second straight day of gains gave investors some relief following soft jobs numbers, which eased bets on a near-term Reserve Bank of Australia rate hike. Miners added 1.3% and energy rose 1.1%. Seven of the 11 sectors on the local market closed up. Guzman y Gomez jumped 9.6%. Seek dropped 5.6% as REA Group and Telstra also slipped.
RBA rate call keeps driving markets. The central bank’s cash rate is 4.35% after the hike on May 6. The next inflation read, the CPI for April, lands May 27. The cash rate, which sets a baseline for mortgage and business lending, remains the key focus for traders.
Guzman y Gomez was in focus on the single-stock front. The fast-food chain said it’s pulling out of the U.S. market, shutting down trading at its Chicago stores right away. The company kept its Australian segment guidance for underlying EBITDA — earnings before interest, tax, depreciation and amortisation — around A$85 million for fiscal 2026. Founder and co-CEO Steven Marks said the U.S. effort would have needed “significantly more time and capital” than first thought. announcements.asx.com.au
U.S. plans were a big part of the growth story for the company’s 2024 listing, so the reversal hit hard. Reuters said Chipotle has around 4,000 American stores, a scale Guzman y Gomez aimed to challenge starting from a small Chicago footprint. RBC Capital Markets analyst Michael Toner called the U.S. arm’s “very low prospects of being successful” and said leaving now was a positive step. Reuters
Australia’s macro data was mixed, not straight-up bullish. The Australian Bureau of Statistics reported Thursday that unemployment hit 4.5% in April. Jobs fell by 19,000, with the number of unemployed rising by 33,000. “More people remained unemployed this month,” said Sean Crick, head of labour statistics, “than is usual for April.” Australian Bureau of Statistics
Commonwealth Bank’s Belinda Allen, Ashwin Clarke and Harry Ottley said the numbers leave the RBA with a “difficult trade-off”. Inflation is too high, but growth could slow in coming months. Investors leaned in to that trade on Friday — weaker labour demand might help rates, unless price pressure keeps building. CommBank
Asian shares climbed, lifted by the offshore tone, as traders tracked U.S.-Iran talks and oil stayed volatile. Brent crude traded close to $105 a barrel. Chris Weston, head of research at Pepperstone, said news was moving in a direction that markets might “price with greater conviction,” though “confidence levels are still not especially high.” Reuters
Relief trades don’t always last. The RBA said an extended conflict in the Middle East could send inflation higher and slow growth. Barclays left its 2026 Brent forecast at $100 a barrel, saying the risks are on the upside. If April inflation comes in hot next week, it could reverse the market’s dovish rates take from Friday.
