Evening Wrap: ASX 200 hits fresh record high as Iran shock lifts oil and defence names, WDS +6.8%, DRO +6.6%

The S&P/ASX 200 closed 2.3 points higher, up 0.03%.

Carl is away, so you've got or me for today's Evening Wrap!

The ASX 200 touched a new record high of 9200.9 after the weekend’s Iran escalation hit risk appetite, driving a flight to haven assets. US equity futures eased as oil spiked on supply disruption fears.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 2.3 points higher at 9,200.9, 0% from its session high and 0.89% from its low. In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by 127 to 154.

Energy (XEJ) (+5.5%) led as the oil shock lifted local producers, with Karoon Energy (KAR) (+15.2%) and Woodside Energy (WDS) (+6.8%) among the standouts.

Financials (XFJ) (-1.7%) was the biggest drag on risk off positioning and offshore banking jitters, with National Australia Bank (NAB) (-2.8%) and Westpac Banking Corp (WBC) (-1.7%) down heavily despite bouncing off early lows.

In stock specific news:

• DroneShield (DRO) (+6.6%) — defence names rallied on heightened geopolitical risk.

• Qantas (QAN) (-5.4%) — sold off as Middle East disruption weighed on aviation.

• Flight Centre (FLT) (-5.6%) — fell on concerns around global travel disruption.

• Lynas Rare Earths (LYC) (+5.3%) — jumped after Malaysia renewed its operating licence through 2036.

• Ampol (ALD) (+3.1%) — rose as ACCC competition concerns eased on the EG deal.

• Web Travel Group (WEB) (-6.5%) — dropped on travel disruption despite CFO Tony Ristevski withdrawing his resignation and staying on.

• MA Financial Group (MAF) (-2.6%) — slipped after agreeing to sell Infinite Care.

In Asian trade, Brent crude gained another 1.0% to $79.60/bbl after spiking around 11% to $82/bbl at the open, while gold (+1.3%) lifted to US$5,346/oz, supporting gold miners such as Newmont (NEM) (+5.6%) and Evolution Mining (EVN) (+6.5%).

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

ChartWatch will return for tomorrow, but can I channel Carl and say: that's quite a candle on the Golden Le Creuset (i.e., long downward pointing shadow + close smack-bang on session high!)

Economy

Today

• 11:30 AUS MI Inflation Gauge

  • Result: -0.2% m/m forecast vs +0.2% m/m in February

• 11:30 AUS Company Operating Profits

  • Result: +5.8% q/q for +1.8% q/q forecast vs +1.5% q/q in December

Later this week

Tuesday

• 01:30 USA ISM Manufacturing PMI (+51.7 m/m forecast vs +51.6 m/m previous)

• 08:30 AUS RBA Governor Michelle Bullock Speaks

• 11:30 AUS Building Approvals (+5.7% m/m forecast vs -14.9% m/m previous)

Wednesday

• 11:30 AUS GDP q/q (+0.7% q/q forecast vs +0.4% q/q previous)

Thursday

• 11:30 AUS Goods Trade Balance (+3.89 billion m/m forecast vs +3.37 billion m/m previous)

• 11:30 AUS Household Spending (+0.4% m/m forecast vs -0.4% m/m previous)

Friday

• 00:30 USA Unemployment Claims (+215k w/w forecast vs +212k w/w previous)

• 00:30 USA Import Prices (+0.2% m/m forecast vs -0.1% m/m previous)

Saturday

• 00:30 USA Unemployment Rate (+4.3% m/m forecast vs +4.3% m/m previous)

Latest News

Interesting Movers

Trading higher

• +10.44% Resolute Mining (RSG) – No news, broad strength across the gold complex today on heightened geopolitical risk.

• +8.48% Genesis Minerals (GMD) – No news, gold miners bid alongside the wider precious metals move.

• +7.75% Ora Banda Mining (OBM) – No news, general strength across gold producers and developers.

• +7.58% Stanmore Resources (SMR) – No news, energy complex bid lifted coal names alongside oil.

• +6.82% Woodside Energy (WDS) – No news, oil-linked names rallied after the sharp spike in crude prices.

• +6.66% Santos (STO) – No news, supported by stronger oil and elevated Middle East risk premium.

• +6.63% DroneShield (DRO) – No news, defence names rallied on heightened geopolitical tensions.

• +6.57% Evolution Mining (EVN) – Change of Director's Interest Notice - A Hall, leveraged to the jump in gold prices.

• +5.65% Newmont (NEM) – No news, followed the broader gold rally.

• +5.63% Yancoal Australia (YAL) – No news, coal stocks caught a tailwind from the energy rally.

• +5.50% Capricorn Metals (CMM) – No news, gold strength supported another leg higher.

Trading lower

• -8.38% Zip Co (ZIP) – No news, risk-off rotation hit high beta fintech.

• -7.59% Mesoblast (MSB) – No news, biotech sold off in a risk-off tape.

• -6.97% Light & Wonder (LNW) – No news, broader growth/tech weakness weighed.

• -6.38% Macquarie Group (MQG) – Becoming a substantial holder for FAL, financials sold off on offshore banking jitters and de-risking.

• -5.66% Flight Centre (FLT) – No news, travel names hit as Middle East disruption raised demand and cost concerns.

• -5.43% Qantas (QAN) – No news, airlines pressured by conflict-driven disruption and fuel risk.

• -5.30% Block (XYZ) – No news, fintech under pressure amid risk-off selling.

• -4.73% WiseTech Global (WTC) – No news, tech weakness extended on AI hangover and valuation concerns.

• -4.26% Technology One (TNE) – No news, software names dragged lower with the tech sector.

• -4.10% Genesis Energy (GNE) – No news, fell despite energy strength as defensives were sold to fund risk reduction elsewhere.

• -4.05% Lendlease Group (LLC) – No news, rate and risk sensitive cyclicals lagged.

Broker Moves

Abacus Group (ABG)

• Upgraded to neutral from underweight at JPMorgan; Price Target: $1.20

AML3D (AL3)

• Retained at buy at Shaw and Partners; Price Target: $0.40

Bapcor (BAP)

• Upgraded to hold from underperform at CLSA; Price Target: $0.60 from $1.85

• Retained at neutral at E&P; Price Target: $0.88 from $2.85

Botanix Pharmaceuticals (BOT)

• Downgraded to neutral from positive at E&P; Price Target: $0.28

Bubs Australia (BUB)

• Retained at buy at Shaw and Partners; Price Target: $0.18 from $0.17

Coles Group (COL)

• Retained at neutral at E&P; Price Target: $22.78 from $22.99

• Upgraded to overweight from neutral at Jarden; Price Target: $21.60 from $23.00

• Upgraded to overweight from neutral at JPMorgan; Price Target: $23.50 from $21.70

• Upgraded to accumulate from hold at Morgans; Price Target: $22.90

• Retained at accumulate at Ord Minnett; Price Target: $22.50 from $24.00

Harvey Norman Holdings (HVN)

• Retained at overweight at Jarden; Price Target: $6.60 from $7.60

• Retained at hold at Jefferies; Price Target: $6.00 from $7.10

• Retained at neutral at JPMorgan; Price Target: $6.50 from $7.30

• Upgraded to hold from lighten at Ord Minnett; Price Target: $5.80 from $6.20

ioneer (INR)

• Retained at speculative buy at Ord Minnett; Price Target: $0.40 from $0.35

Judo Capital Holdings (JDO)

• Retained at outperform at Macquarie; Price Target: $2.00 from $1.95

Karoon Energy (KAR)

• Retained at buy at Citi; Price Target: $1.90

• Upgraded to positive from neutral at E&P; Price Target: $1.80

• Downgraded to underperform from neutral at Macquarie; Price Target: $1.50 from $1.65

• Retained at equal-weight at Morgan Stanley; Price Target: $1.81

Lifestyle Communities (LIC)

• Retained at hold at Bell Potter; Price Target: $6.05 from $5.70

Lunnon Metals (LM8)

• Retained at buy at Shaw and Partners; Price Target: $0.92 from $0.80

Light & Wonder Inc. (LNW)

• Upgraded to buy from accumulate at Morgans; Price Target: $195.00 from $200.00

Metro Mining (MMI)

• Retained at buy at Shaw and Partners; Price Target: $0.15

Monadelphous Group (MND)

• Retained at buy at Citi; Price Target: $28.75

National Australia Bank (NAB)

• Upgraded to outperform from neutral at Macquarie; Price Target: $45.00 from $39.00

• Retained at equal-weight at Morgan Stanley; Price Target: $40.40 from $40.00

NobleOak Life (NOL)

• Retained at buy at Shaw and Partners; Price Target: $2.85

NRW Holdings (NWH)

• Retained at buy at Citi; Price Target: $6.20

News Corporation (NWS)

• Retained at buy at UBS; Price Target: $64.40

Objective Corporation (OCL)

• Upgraded to hold from underperform at Jefferies; Price Target: $14.00 from $15.00

• Upgraded to buy from accumulate at Morgans; Price Target: $16.70 from $20.00

Oohmedia (OML)

• Retained at buy at UBS; Price Target: $1.75

Region Group (RGN)

• Retained at buy at Bell Potter; Price Target: $2.70

Regal Partners (RPL)

• Retained at buy at Ord Minnett; Price Target: $4.80 from $4.90

SiteMinder (SDR)

• Downgraded to neutral from overweight at JPMorgan; Price Target: $3.60 from $7.00

Ricegrowers (SGLLV)

• Initiated at buy at Bell Potter; Price Target: $18.75

TPG Telecom (TPG)

• Retained at overweight at Jarden; Price Target: $3.95

• Retained at hold at Jefferies; Price Target: $4.10 from $3.90

• Retained at outperform at Macquarie; Price Target: $4.20 from $4.06

• Retained at accumulate at Morgans; Price Target: $4.40 from $4.20

Virgin Australia Holdings (VGN)

• Retained at outperform at CLSA; Price Target: $3.69 from $3.64

• Upgraded to positive from neutral at E&P; Price Target: $3.76 from $3.66

• Upgraded to buy from overweight at Jarden; Price Target: $4.00

• Retained at buy at Ord Minnett; Price Target: $4.00

Scans