Banks Steady the Ship as ZIP and WDS Track a Surge in Oil Prices
The Australian share market barely moved on Monday, but the story beneath the surface was anything but quiet. The S&P/ASX 200 inched up just 0.07% after a volatile session driven by a sharp jump in oil prices and rising geopolitical tension. Energy names such as Woodside Energy found support as crude surged, while growth stocks wobbled under renewed pressure from higher rate expectations. Standout performers included Zip Co Ltd and James Hardie Industries PLC, both benefiting from selective buying despite broader uncertainty. What kept the market afloat was the resilience of the banks, with Commonwealth Bank helping the index recover from early losses. Investors are increasingly pricing in another rate hike, now seen as more likely as oil-driven inflation risks build. Add in a wave of dividend payments hitting accounts, and the market has a cushion, but sentiment remains fragile as global tensions and key inflation data loom.
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