Index Update: The S&P/ASX 200 surged to a fresh 20-day high on Wednesday, jumping 223.00 points or 2.55% to close at 8,951.80, as momentum accelerated across the market. The benchmark has now climbed 3.23% over the past five sessions and sits just 2.73% below its 52-week peak, signalling a sharp recovery in sentiment.

The rally followed a geopolitical breakthrough, with the US and Iran agreeing to a two-week ceasefire aimed at progressing negotiations to end the conflict that had weighed heavily on global markets and inflation expectations. At its peak, the six-week war erased around $300 billion in market value, equivalent to nearly 9% of the index.

Market breadth turned decisively positive, with eight of eleven sectors closing higher. Information Technology led the advance, surging 7.31% on the day and 7.19% over the week, highlighting renewed investor appetite for growth-oriented stocks.

Macro Update: Australia’s latest consumption data signalled a steady, though measured, recovery in household demand. According to the Australian Bureau of Statistics, household spending rose 0.3% in February 2026 on a seasonally adjusted basis, matching January’s increase and rebounding from a 0.5% decline in December. On an annual basis, spending remained elevated, climbing 4.6% compared to February 2025, reflecting sustained nominal growth despite earlier volatility.

On the global front, geopolitical tensions showed signs of easing after Donald Trump announced a proposed two-week ceasefire with Iran, contingent on the reopening of oil and gas transit through the Strait of Hormuz. Iranian officials indicated willingness to halt counter-attacks and ensure safe passage, signalling a potential de-escalation in a region critical to global energy markets.

Top Market Movers: Top gainers on the ASX were led by Zip Co Limited (ASX:ZIP), which climbed AUD 0.325 to AUD 1.995 (+19.46%), followed by Bellevue Gold Limited (ASX:BGL), rising AUD 0.295 to AUD 1.860 (+18.85%), and Ora Banda Mining Ltd (ASX:OBM), up AUD 0.170 to AUD 1.325 (+14.72%). Meanwhile, losses were led by DroneShield Limited (ASX:DRO), falling AUD 0.540 to AUD 3.450 (-13.53%), Karoon Energy Ltd (ASX:KAR), down AUD 0.285 to AUD 1.895 (-13.07%), and Woodside Energy Group Ltd (ASX:WDS), declining AUD 3.740 to AUD 32.060 (-10.45%).

Commodity Update: Asian markets rallied on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, pushing the dollar to its lowest level in a month. The euro, yen, Australian dollar, and New Zealand dollar strengthened. Gold jumped 2.215% to USD 4,834.05, silver climbed 6.34% to USD 76.55, and copper rose 2.57% to USD 12,660.00. Brent crude tumbled 15.00% to USD 94.59 on easing supply fears.

Our Stance: The S&P/ASX 200’s sharp advance to a 20-day high reflects a strong rebound in investor confidence, driven by easing geopolitical tensions and improving risk appetite. Momentum has broadened across sectors, with technology stocks leading gains amid renewed interest in growth assets. Stabilising global conditions, particularly the proposed US-Iran ceasefire, have reduced inflation and energy supply concerns, supporting equity markets. Meanwhile, steady domestic consumption data signals resilience in Australia’s economy despite earlier volatility. Overall, improving macro conditions and positive market breadth suggest continued near-term upside, though sensitivity to geopolitical developments and commodity price movements remains a key factor for sustained momentum.

The S&P/ASX 200 gained 223.00 points in the latest session, forming a bullish candlestick that highlights renewed buying interest and short-term positive momentum. Despite this strength, the broader technical outlook remains somewhat cautious, suggesting that the uptrend is not yet fully confirmed. The index continues to hold above its 21-period Simple Moving Average (SMA) on the daily chart, which is acting as an important dynamic support level and indicating underlying resilience in price structure. Maintaining this position supports the case for continued stability. However, immediate support is seen near the 8,830 level, which remains critical. A sustained move below this zone could weaken market sentiment and potentially lead to an extended corrective phase in the sessions ahead.