Daily Market Update: 08 May 2026

Australian market rally continues
The S&P/ASX 200 Index (ASX: XJO) extended gains for a second consecutive session, rising 84.5 points to close at 8,878.10, with seven of the eleven sectors finishing higher. Investor sentiment improved on optimism surrounding a potential peace agreement between the United States and Iran, which could ease tensions in the Middle East. The materials sector led the advance, climbing 3.7 per cent as iron ore futures surpassed US$111 per tonne for the first time since October 2024. Major miners BHP Group Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Limited (ASX: FMG) each gained 3 per cent. Gold producers also strengthened, with Newmont Corporation (ASX: NEM) up 2.8 per cent, Evolution Mining Limited (ASX: EVN) rising 6.3 per cent and Northern Star Resources Limited (ASX: NST) advancing 4.4 per cent as bullion prices extended their rally.

Mixed sector performance and corporate developments
Financial stocks delivered modest gains, with Commonwealth Bank of Australia (ASX: CBA) up 0.7 per cent, Macquarie Group Limited (ASX: MQG) rising 0.5 per cent, Australia and New Zealand Banking Group Limited (ASX: ANZ) gaining 0.8 per cent and Westpac Banking Corporation (ASX: WBC) adding 1 per cent. National Australia Bank Limited (ASX: NAB) declined 1.3 per cent after trading ex-dividend. Energy stocks weighed on the market, with Woodside Energy Group Limited (ASX: WDS) falling 4.1 per cent and Santos Limited (ASX: STO) down 3.3 per cent amid weaker oil prices. Viva Energy Group Limited (ASX: VEA) dropped 5.1 per cent following a director share sale, while Ampol Limited (ASX: ALD) lost 2.3 per cent. In corporate news, Tabcorp Holdings Limited (ASX: TAH) plunged 23.5 per cent on an AUSTRAC investigation, while ARN Media Limited (ASX: A1N) fell after a significant shareholder vote against executive pay. Gains were seen in Humm Group Limited (ASX: HUM), Atlantic Lithium Limited (ASX: A11), Bell Financial Group Limited (ASX: BFG) and Orica Limited (ASX: ORI), while Light & Wonder Inc. (ASX: LNW) declined following weaker-than-expected results.

Global markets and commodities outlook
Global markets showed mixed performance as investors monitored geopolitical developments. The S&P 500 Index (NYSE: SPX) had previously risen 1.5 per cent on optimism around a potential reopening of the Strait of Hormuz, although US markets later retreated, with the Dow Jones Industrial Average (NYSE: DJI) down 0.6 per cent, the S&P 500 Index (NYSE: SPX) easing 0.4 per cent and the NASDAQ Composite Index (NASDAQ: IXIC) slipping 0.1 per cent. Oil prices briefly fell below US$100 per barrel before stabilising near US$102, while gold and silver continued to rise. The Australian dollar reached a four-year high of US72.77 cents. In equities, Amazon.com Inc. (NASDAQ: AMZN) and semiconductor stocks including Advanced Micro Devices Inc. (NASDAQ: AMD), Intel Corporation (NASDAQ: INTC), Micron Technology Inc. (NASDAQ: MU) and Broadcom Inc. (NASDAQ: AVGO) declined, while Fortinet Inc. (NASDAQ: FTNT) surged 20 per cent and Citigroup Inc. (NYSE: C) gained 1 per cent following a major buyback announcement.