Daily Market Update: 24 March 2026

Australian market decline
The S&P/ASX 200 Index (ASX: XJO) fell 62.50 points, or 0.7 per cent, to 8365.90, marking its lowest close since May 2025 amid escalating geopolitical tensions between the United States and Iran. The benchmark has now dropped 9.1 per cent from its March peak, erasing over $300 billion in market value as investors reacted to the risk of prolonged conflict and disruption to global energy supply. Volatility was driven by oil prices hovering near $US112 a barrel following threats around the Strait of Hormuz, with heightened uncertainty expected to influence market direction in the near term.

Sector and company movements
Energy stocks outperformed, supported by higher oil prices, with Ampol Limited (ASX: ALD) rising 1 per cent, Santos Limited (ASX: STO) up 1 per cent, and Woodside Energy Group Limited (ASX: WDS) gaining 2.2 per cent. Eagers Automotive Limited (ASX: APE) surged 6.1 per cent on expectations of increased electric vehicle demand. However, mining stocks declined sharply as gold prices fell, with Catalyst Metals Limited (ASX: CYL) down 14.4 per cent, Ora Banda Mining Limited (ASX: OBM) losing 11 per cent, and Newmont Corporation (ASX: NEM) dropping 7.5 per cent. Major miners BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) also weakened, alongside banks including Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corporation (ASX: WBC), Australia and New Zealand Banking Group Limited (ASX: ANZ), and National Australia Bank Limited (ASX: NAB). In corporate updates, Medibank Private Limited (ASX: MPL) rose 2.4 per cent, SGH Limited (ASX: SGH) edged higher, Premier Investments Limited (ASX: PMV) jumped 5.7 per cent, while Humm Group Limited (ASX: HUM) and ARN Media Limited (ASX: A1N) declined.

Global market response
Global markets showed signs of recovery as easing geopolitical tensions lifted sentiment, with the S&P 500 Index (NYSE: SPX) rising 1.2 per cent, the NASDAQ Composite Index (NASDAQ: IXIC) gaining 1.5 per cent, and the Dow Jones Industrial Average (NYSE: DJIA) climbing 1.2 per cent. A temporary pause in US military action reduced fears of a broader energy crisis, sending oil prices lower and supporting risk assets. This boosted sectors sensitive to fuel costs and economic growth, while technology stocks also rebounded as inflation concerns moderated and expectations stabilised.