Daily Market Update: 24 April 2026

ASX (ASX:XJO) falls for third straight session as Iran fires on ships; Santos (ASX:STO) surges on Barossa milestone

The Australian sharemarket dropped for a third consecutive session on Thursday as Trump’s indefinite ceasefire extension did little to calm nerves, with reports that Iran had fired at commercial vessels and seized two ships rattling equity and commodity markets. The S&P/ASX 200 fell 50.2 points, or 0.6 per cent, to 8,793.4 – its lowest close since April 8, leaving the index up just 0.7 per cent for the year. Brent crude climbed to US$102.68 as the energy crunch deepened. Materials led losses, down 1 per cent, with Lynas Rare Earths (ASX:LYC) sliding 6.7 per cent despite posting a record quarter earlier in the week, and Sandfire Resources (ASX:SFR) falling 3.6 per cent on lower copper production. All four major banks closed lower – CBA (ASX:CBA) dropped 1 per cent, ANZ (ASX:ANZ) 0.7 per cent and Westpac (ASX:WBC) 0.7 per cent, while Macquarie Group (ASX:MQG) fell 0.6 per cent after UBS cut it to neutral. CSL (ASX:CSL) slipped to its lowest level since 2017 after the US scrapped mandatory vaccines for military forces. Energy bucked the trend – Santos (ASX:STO) surged 3.6 per cent after announcing a 3 per cent rise in production following the first cargoes from its Barossa project, while Woodside (ASX:WDS) gained 3.2 per cent despite a turbulent AGM where more than a third of shareholders voted against new CEO Liz Westcott’s remuneration. Ampol (ASX:ALD) rose 2.1 per cent after lodging a final remedy offer in its bid to acquire EG Australia.

Temple & Webster (ASX:TPW) drops 8% on CEO shake-up; Nuix (ASX:NXL) wins ASIC court case

In company news, Temple & Webster (ASX:TPW) fell 8.2 per cent after announcing Mark Coulter would become executive chairman, making way for former C-suite executive Susie Sugden as CEO – investors remain sceptical of the retailer’s margin-squeezing growth strategy amid souring consumer sentiment. WiseTech (ASX:WTC) dropped 3.1 per cent after its lead independent director Andrew Harrison confirmed he would retire from the board in June, 15 months after returning to steer the company through its governance crisis. Mirvac (ASX:MGR) dipped 1.7 per cent after reporting weakening residential demand and warning of potential impacts from the Middle East conflict. On the upside, Nuix (ASX:NXL) rose 2.7 per cent before entering a trading halt ahead of a Federal Court ruling on ASIC proceedings – the regulator’s case was subsequently dismissed.

Wall Street stumbles as Hormuz tensions escalate; oil tops US$105, Tesla slides on spending plans

Wall Street fell on Thursday as oil surged above US$105 on concerns that peace talks have stalled and the Strait of Hormuz closure could worsen, with the Dow down 0.4 per cent, the Nasdaq falling 0.9 per cent and the S&P 500 dropping as much as 1.3 per cent before paring losses. Trump ordered the US Navy to shoot any boat placing mines in the strait and threatened to destroy Iran’s oil infrastructure if the country doesn’t move towards a deal, adding that Americans should expect higher petrol prices “for a little while.” Tesla (NYSE:TSLA) slid as plans to boost spending overshadowed better-than-expected results, while software stocks were hit after IBM (NYSE:IBM) and ServiceNow (NYSE:NOW)failed to ease AI disruption concerns. Texas Instruments (NYSE:TXN) jumped on a solid outlook, and Intel (NYSE:INTC) surged in late trading on a strong forecast, extending chipmakers’ winning streak to 17 sessions. Despite the volatility, the S&P 500 remains on track for its best month since 2023, with nearly 80 per cent of companies beating first-quarter earnings estimates. Honeywell (NYSE:HON) said the Iran war was hurting revenue in its process automation unit, while American Express (NYSE:AXP) noted air travel spending was slowing.