SYDNEY, April 9, 2026, 19:31 AEST
Australian stocks managed a modest climb on Thursday, with the S&P/ASX 200 ending 0.2% higher at 8,973.20—a level not seen since March 3. Banks did most of the heavy lifting for the benchmark, though steep losses among tech names limited further gains.
The market stayed close to the 9,000 mark after Wednesday’s 2.6% surge—the sharpest one-day rise in a year—when that unexpected U.S.-Iran ceasefire sent oil briefly under $100 a barrel and sparked renewed interest in battered shares. Australian stocks had dropped roughly 8% in March, making this bounce particularly swift.
The focus has shifted: local trading is now moving more on fuel supply worries than on homegrown economic signals, with inflation and rate forecasts hanging in the balance. Australia depends on imports for roughly 80% of its liquid fuel. On Thursday, the government stepped in, backing extra spot buys for Ampol and Viva Energy. All this as the Strait of Hormuz—currently the flashpoint—handles about a fifth of global oil shipments.
Financials tacked on 1.2%, pushing toward a level not seen in nearly seven weeks. Shares in all of the “Big Four” banks advanced, gaining anywhere from 1% up to 2.2%. Bendigo and Adelaide Bank surged 9.5%—the biggest move on the ASX 200. The regional lender posted a 12.8% lift in third-quarter cash earnings and said it would cut jobs as it rolls out new partnerships with Infosys and Genpact. Business Recorder Reuters
Elsewhere, confidence wavered. The resources index—which represents over a third of the main gauge—slipped 0.2% as BHP finished unchanged, while Rio Tinto shed just over 1%. Tech stocks took a hammering: the sub-index dropped 6.5%, marking its steepest loss since early February. WiseTech Global was hit hardest, down 10.9%. Xero followed with an 8.6% slide.
Energy shares climbed 2.6% as oil prices picked up again—Woodside Energy jumped 4%, Santos added 2.5%. Still, trading volumes didn’t crack the 30-day average, pointing to a lack of strong conviction.
Luke Winchester, portfolio manager at Merewether Capital, remarked, “The enthusiasm after yesterday’s ceasefire and Strait of Hormuz re-opening plan has certainly been tempered,” following strikes in Lebanon and infrastructure damage near the waterway. Most investors, he noted, are keeping their distance until the conflict’s outcome is less murky. Business Recorder
Caution wasn’t limited to Sydney. Brent crude jumped 2.5% to $97.28 a barrel, with U.S. crude up 3.3% to $97.55 on Thursday. Markets found little evidence of any substantial reopening at Hormuz, and shares across Asia and Europe lost ground. “It is very difficult for investors as they are dealing with a conflict where the protagonists don’t even know what they want,” said UBP’s Peter Kinsella. Reuters Reuters
Inflation hasn’t let up—still the central concern for traders. Oil is hovering about 40% above where it stood before the conflict, and Andrew Lilley, chief rates strategist at Barrenjoey in Sydney, points out the shock just forced investors to confront what’s been clear: inflation’s grip has lasted three years.
But that lead could vanish just as quickly. Justin Lin, investment strategist at Global X ETFs, sees a push toward the 9,000 mark as possible—if talks stay on track. If not, Canberra’s move to support more fuel shipments signals that investors might have to brace for a tougher, drawn-out stretch: higher fuel prices, ongoing supply bottlenecks, and margin squeezes bleeding past just energy stocks.
