Index Update: The S&P/ASX 200 edged higher on Thursday, closing up 2.80 points at 9,032.80, after five days of losses totaling 0.39%. The index remains 0.90% below its 52-week high. Seven of the 11 sectors finished in positive territory, led by energy, which rose 3.19% on the day and 2.09% over the past week. Gains were driven by a surge in oil prices following US sanctions on Russia’s largest producers, which helped energy stocks offset declines in tech shares.
Macro Update: The US has imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil producers, as the Trump administration ramps up pressure on Moscow to negotiate an end to the war in Ukraine. These are the first sanctions against Russia since Donald Trump returned to the White House in January and aim to cut critical oil revenues that fund Russia’s military operations. The move signals a shift from pushing Kyiv toward a negotiated settlement to confronting Vladimir Putin over his maximalist demands. Last week, the UK also sanctioned Rosneft and Lukoil, while the EU has targeted only Rosneft, leaving Lukoil exempt due to Hungary and Slovakia’s continued purchases of Russian oil.
Top Market Movers: Top gainers on the ASX on Thursday were Karoon Energy Ltd (ASX:KAR), up 9.41% to close at 1.570 AUD, Pilbara Minerals Limited (ASX:PLS), rising 5.34% to 2.960 AUD, and Regis Resources Limited (ASX:RRL), which gained 4.52% to 6.250 AUD. On the downside, Perpetual Limited (ASX:PPT) led losses, down 4.31% to 19.300 AUD, followed by Super Retail Group Limited (ASX:SUL), falling 3.97% to 16.470 AUD, and Mesoblast Limited (ASX:MSB), which slipped 3.70% to 2.600 AUD.
Commodity Update: The dollar edged higher on Thursday as investors awaited Friday’s delayed U.S. inflation data and monitored renewed tariff tensions between Washington and Beijing. Gold rose 0.69% to USD 4,093.05 per ounce, silver gained 0.47% to USD 47.90, and copper added 0.13% to USD 10,686.95. Brent crude advanced 1.76% to USD 64.35, extending gains after the U.S. imposed sanctions on Russian oil majors Rosneft and Lukoil.
Our Stance: The S&P/ASX 200 managed a modest rebound on Thursday, closing at 9,032.80, as energy stocks led gains following a surge in oil prices triggered by U.S. sanctions on Russia’s top oil producers, Rosneft and Lukoil. These sanctions mark a renewed push by the Trump administration to pressure Moscow over the Ukraine conflict, influencing global energy markets. Karoon Energy (ASX:KAR), Pilbara Minerals (ASX:PLS), and Regis Resources (ASX:RRL) were the top gainers, while Perpetual (ASX:PPT), Super Retail (ASX:SUL), and Mesoblast (ASX:MSB) lagged. Commodities broadly benefited, with Brent crude climbing 1.76% and precious metals seeing modest gains. Overall, the market shows cautious optimism, tempered by geopolitical tensions and inflation uncertainty.
In its latest session, the S&P/ASX 200 Index advanced 2.80 points to close at 9,032.80, supported by a bullish candlestick formation and strong trading volumes clear signs of sustained investor confidence. On the daily chart, the index continues to trade above its 50-period Simple Moving Average (SMA), which serves as dynamic support and reinforces the prevailing uptrend. A key support zone is identified near 8,900, and holding above this threshold remains crucial for preserving the current bullish structure. Sustaining this level could enable the index to consolidate recent gains while maintaining investor confidence in the broader upward trajectory. From a weekly perspective, the index also remains above its 21-period SMA, reflecting a constructive longer-term setup that suggests the potential for continued momentum, provided near-term support levels hold firm.







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