Daily Market Update: 22 April 2026

ASX (ASX:XJO) flat as investors await ceasefire expiry; sector rotation into tech and real estate

The Australian sharemarket closed flat on Tuesday as investors awaited the expiry of the US-Iran ceasefire, due at about 10am AEST on Thursday, after an initial round of talks in Pakistan ended without a deal. The S&P/ASX 200 slipped 3.9 points to 8,949.4 in choppy trading, with the index now stuck in a roughly 100-point range for nine consecutive sessions. A sector rotation was the dominant theme as investors moved out of first-quarter winners like energy into beaten-down real estate and technology stocks. Energy was the weakest sector as Brent fell 0.8 per cent to US$94.73 amid cautious optimism – Woodside (ASX:WDS) fell 1.8 per cent and Santos (ASX:STO) 1.5 per cent. Tech and real estate firmed – Megaport (ASX:MP1) gained 2.3 per cent, Xero (ASX:XRO) 1 per cent, Vicinity Centres (ASX:VCX) 1.2 per cent and Goodman Group (ASX:GMG) 0.7 per cent. Banks were mixed – Westpac (ASX:WBC) rose 0.6 per cent and NAB (ASX:NAB) 0.5 per cent, while ANZ (ASX:ANZ) reversed an early gain to fall 1.7 per cent and CBA (ASX:CBA) eased 0.3 per cent.

Rio Tinto (ASX:RIO) beats on copper output; HUB24 (ASX:HUB) slides on flow miss

In company news, Rio Tinto (ASX:RIO) edged up 0.8 per cent after March quarter copper production came in 4–6 per cent ahead of estimates, with iron ore output holding up against a cyclone. MA Financial (ASX:MAF) gained 3.7 per cent after a 44 per cent year-on-year increase in assets under management to $14.8 billion, driven by expansion across private credit, real estate and alternative funds. Challenger (ASX:CGF) was flat after narrowing full-year earnings guidance to 66–70¢ a share amid market volatility, with strong demand for annuities from retirees seeking guaranteed income. On the downside, HUB24 (ASX:HUB) fell 8.3 per cent after March quarter net inflows missed expectations by 8 per cent, driven by weaker gross flows and a one-off institutional withdrawal. Viva Energy (ASX:VEA) recovered 0.9 per cent after Monday’s 9 per cent plunge following its Geelong refinery fire.

Wall Street dips but futures jump after Trump extends Iran ceasefire; Warsh pledges Fed independence

Wall Street fell for a second straight session on Tuesday before futures surged in late trading after President Trump said he would extend the ceasefire with Iran until talks conclude – though the US would maintain its blockade of the Strait of Hormuz, which remains at a virtual standstill. Brent traded below US$100 after its settlement. Bond yields and the dollar rose. At his Senate confirmation hearing, Fed chair nominee Kevin Warsh said the central bank needed a new framework for dealing with persistent inflation and pledged to be an independent actor, adding that Trump had not asked him to commit to specific rate decisions. US retail sales soared by the most in a year, suggesting consumers continued to spend broadly despite surging petrol prices from the war. In corporate news, Amazon (NYSE:AMZN) is investing an additional US$5 billion in Anthropic with potential for US$20 billion more over time, Adobe (NYSE:ADBE) announced a US$25 billion buyback over four years following its AI-driven share price decline, and Apple (NYSE:AAPL) CEO Tim Cook told staff he is healthy and plans to serve as executive chairman for a long time after handing the reins to hardware chief John Ternus on September 1. United Airlines (NYSE:UAL) slashed its full-year profit forecast as higher fuel prices from the Iran war batter global carriers.