ASX 200 Live Today - Tuesday, 31st March
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Tuesday, March 31. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up a little earlier than usual, at ~12:00 pm AEST. Let us know how we can make it even better.
Iranian strike on oil tanker near Dubai sends crude higher
[11:44 am]
A Kuwaiti oil tanker carrying a full cargo of crude has been struck in the anchorage area of Dubai’s port, marking the latest escalation in Iranian attacks on Gulf shipping, Bloomberg reported.
Kuwait Petroleum said the vessel’s hull was damaged and a fire broke out on board, though no injuries were reported among crew members. Emergency and firefighting teams were deployed immediately, and the company warned the strike may have caused an oil spill in surrounding waters.
The incident is likely to heighten fears around energy supply disruptions through the Gulf and the critical Strait of Hormuz.
Oil prices moved higher in response, with WTI up 3.34% to US$106.32 and Brent rising 2.26% to US$115.33 in late trade. Woodside (WDS) rallied 1.48% to $35.74, Ampol (ALD) is up 1.96% to $34.66, Viva Energy (VEA) is up 2.96% to $2.60.
Tyro sees growth opening in RBA’s surcharge crackdown
[11:13 am]
Tyro (TYR) has welcomed the RBA’s sweeping card payment reforms, saying the ban on debit and credit card surcharging from 1 October 2026 and greater fee transparency should create a more competitive market that plays to its cost-plus pricing model, according to an ASX announcement from the company.
The company said the changes are consistent with expectations and do not affect near-term guidance or medium-term targets, while CEO Nigel Lee flagged the reforms as a potential catalyst for merchants to reassess opaque bundled payment providers in favour of clearer pricing structures.
Importantly, Tyro believes the shift away from surcharge-led pricing could become a structural growth opportunity, as merchants gain greater visibility over what they are paying and can compare providers more easily.
Tyro's shares are up 0.67% to 76 cents.
Uranium stocks broadly lower
[10:36 am] Uranium stocks are broadly lower, with uranium prices continuing to sit around US$84 per pound. The S&P/ASX 200 Energy Index is trading higher today, up 0.65%.
Ticker | Company | % Chg | Price |
|---|---|---|---|
AGE | Alligator Energy | -5.71% | $0.03 |
AEE | Aura Energy | -4.35% | $0.11 |
BMN | Bannerman Energy | -4.29% | $3.46 |
DYL | Deep Yellow | -4.11% | $1.64 |
PEN | Peninsula Energy | -3.81% | $0.51 |
T92 | Terra Critical Minerals | -3.61% | $0.08 |
LOT | Lotus Resources | -3.31% | $1.17 |
NXG | NexGen Energy | -2.59% | $15.77 |
PDN | Paladin Energy | -2.50% | $10.90 |
EL8 | Elevate Uranium | -1.18% | $0.25 |
By Stephanie Gardner
Lithium stocks broadly lower
[10:29 am] Lithium stocks are broadly lower with majority down 3-5%. The S&P/ASX 200 Materials Index is currently down 1.43%.
Ticker | Company | % Chg | Price |
|---|---|---|---|
5EA | 5E Advanced Materials | -18.37% | $0.20 |
PAT | Patriot Resources | -11.90% | $0.04 |
ATC | Altech Batteries | -10.53% | $0.02 |
AGY | Argosy Minerals | -4.92% | $0.06 |
EUR | European Lithium | -4.76% | $0.20 |
IGO | IGO | -4.08% | $7.76 |
MIN | Mineral Resources | -3.95% | $53.47 |
PLS | PLS Group | -3.80% | $5.07 |
NVX | Novonix | -3.70% | $0.26 |
VUL | Vulcan Energy Resources | -3.35% | $3.17 |
LTR | Liontown | -3.12% | $1.71 |
PMT | PMET Resources | -2.25% | $0.44 |
LKE | Lake Resources | -1.37% | $0.07 |
CXO | Core Lithium | -1.22% | $0.24 |
By Stephanie Gardner
Top ASX 200 gainers and losers
[10:23 am] Here are today's top gainers and losers on the S&P/ASX 200.
Ticker | Company | % Chg | Price |
|---|---|---|---|
VEA | Viva Energy Group | 2.57% | $2.60 |
XYZ | Block, Inc | 2.16% | $83.26 |
BPT | Beach Energy | 1.92% | $1.33 |
XRO | Xero | 1.87% | $71.82 |
CAR | Car Group | 1.81% | $22.44 |
WAF | West African Resources | 1.64% | $3.10 |
WTC | Wisetech Global | 1.62% | $37.12 |
TLX | Telix Pharmaceuticals | 1.53% | $13.24 |
REA | REA Group | 1.50% | $153.26 |
ASX | ASX | 1.42% | $51.60 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
DTR | Dateline Resources | -10.78% | $0.46 |
LYC | Lynas Rare Earths | -5.63% | $18.61 |
ILU | Iluka Resources | -4.56% | $6.28 |
ZIM | Zimplats | -4.52% | $17.11 |
DYL | Deep Yellow | -4.40% | $1.63 |
MIN | Mineral Resources | -4.14% | $53.37 |
IGO | IGO | -4.08% | $7.76 |
PLS | Pls Group | -3.80% | $5.07 |
SGM | Sims | -3.75% | $18.63 |
LTR | Liontown | -3.68% | $1.70 |
By Stephanie Gardner
US Federal Reserve signals patience as oil tops US$100
[10:03am]
Federal Reserve Chair Jerome Powell said the Fed is not yet being forced into a rate response by rising oil prices, arguing that longer-term inflation expectations remain well anchored despite recent energy volatility, according to CNBC.
Speaking at Harvard University, Powell said policymakers are looking through the short-term gyrations in energy markets and remain focused on the Fed’s dual mandate of stable prices and low unemployment, rather than reacting mechanically to every spike in crude.
He added that the current 3.5%-3.75% policy range remains “a good place” for the central bank to sit as it monitors the economic fallout from the Iran war, tariffs and broader price pressures, suggesting the bar for another hike remains relatively high.
US interest rates remain one of the key determinants of global asset prices, with lower rates typically supporting growth stocks, property prices and nominal bonds, while a higher-for-longer backdrop tends to favour commodities, value stocks and floating-rate notes.
What UBS’s latest software data says about ASX tech demand
[9:53am]
Many of us with positions in ASX software stocks have endured a share price bloodbath, but it’s important to separate market sentiment from the health of the underlying business.
In that context, UBS’s latest Australian Technology Sector software tracker offers a timely read on the demand trends shaping three of the market’s most closely watched names: WiseTech, Xero and Zip. Drawing on its Evidence Lab data - including app downloads, SME formation, bankruptcies, hiring activity and investor crowding - the March update paints three very different pictures across the sector.
For Xero (XRO), the data remains constructive. UK app downloads rose 68% year on year, Australian downloads lifted 18%, and Australian net new business creation increased 17%, pointing to a still-supportive backdrop for small business software demand.
Zip’s (ZIP) momentum looks softer. Australian app downloads fell 23% year on year and monthly active users declined 29%, while US growth also moderated from recent levels.
Meanwhile, WiseTech’s (WTC) trade-linked indicators remain steady, with global container activity broadly flat, but UBS’s hiring tracker flagged a notable shift: by late March, the company had no current job openings listed on site - in line with the cost reduction program it had flagged in its February results.
Macquarie’s commodity roadmap - oil, LNG, coal preferred; iron ore not so much
[9:17 am]
Macquarie just published its latest Commodities Compendium, titled Flooding the field. It's the bank's latest high-conviction roadmap on where the best opportunities - and biggest risks - sit across global commodity markets over the next 6–9 months.
This edition is heavily shaped by the Iran war and the disruption to flows through the Strait of Hormuz, which the bank says is having ripple effects well beyond oil and gas, including aluminium, fertiliser inputs and refined fuels.
"Going forward, the timing of the re-opening of the Straits and physical damage to energy infrastructure is the main determinant of the longer term impact on commodities," Macquarie wrote.
The standout section is Macquarie’s most preferred versus least preferred commodity list.
On the most preferred side, the bank is leaning into energy security and supply tightness: LNG, oil products, thermal coal, aluminium and platinum. The common thread is exposure to shortages, logistical bottlenecks, rising energy costs and limited inventories.
Much of the moves in commodity prices hinges on how long the war lasts, with Macquarie making a bold prediction that oil could top US$200 if the war continues till the end of June.
By contrast, the least preferred commodities are iron ore and lead, where the Middle East shock does little to improve the underlying supply-demand picture. Macquarie sees iron ore stabilising once negotiations conclude, while lead remains weighed down by excessive stocks.
West African maps record 2026 as Kiaka powers growth
[8:43 am]
ASX gold mid-cap West African Resources (WAF) has guided to a record 430,000–490,000 ounces of gold production in 2026, driven by the first full year of Kiaka operations, while keeping all-in sustaining costs below US$1,900/oz, according to an ASX announcement from the company.
Kiaka is expected to contribute 240,000–280,000 ounces, overtaking Sanbrado’s 190,000–210,000 ounces, reinforcing management’s pathway toward becoming a 500,000+ ounce producer.
Importantly for today’s macro backdrop, management flagged that fuel accounts for roughly 25% of total operating costs, and said the current Middle East conflict has not yet been factored into 2026 cost guidance, leaving room for upside risk if oil prices remain elevated.
The company is also weighing a meaningful dividend and/or share buyback in H2 2026, supported by expected free cash flow at current gold prices.
US oil settles above triple digits
[8:16 am]
Oil prices surged again overnight, with WTI settling above US$100 a barrel for the first time since July 2022 at US$102.88, while Brent closed at US$112.78, as fears of a broader Middle East escalation intensified after Houthi strikes on Israel and fresh rhetoric from President Donald Trump.
The market is increasingly pricing in the risk of prolonged supply disruption, with the Iran war now entering its fifth week and no clear resolution in sight. Traders remain focused on the Strait of Hormuz and the growing risk that disruptions spread beyond Iran’s own exports.
Adding fuel to the rally, Trump told the Financial Times he wants to “take the oil in Iran” and suggested the US could seize Kharg Island, which handles about 90% of Iran’s oil exports, a move that would materially deepen the supply shock if acted upon.
Good morning!
[8:01 am]
In a nutshell:
US markets were mixed overnight, the Dow eked out a gain, S&P and Nasdaq weaker
There was a distinct lack of conviction, after Trump said the US will destroy Iran’s oil wells, Kharg Island without deal to ‘immediately’ reopen Hormuz Strait
US bond yields fell after Fed chair Jerome Powell eased worries about potential rate rises
The fuel price relief promised by national cabinet should reach at least 30 cents per litre once the GST windfall is passed back to motorists and added to the decision to halve fuel excise.
