By Friday’s midday session, the ASX fell roughly 0.5%, with high oil prices and climbing bond yields dampening market drive. Markets are also pricing in more Fed hikes.
Brent crude traded above $107 per barrel following renewed Houthi strikes on Saudi infrastructure. Domestically, National Australia Bank sees scope for two additional RBA rate increases, though a third move may be excessive.
Tech Stocks Take a Hit
Technology and Consumer Discretionary sectors led the downturn early, whereas Consumer Staples remained relatively resilient. Xero (ASX:XRO) fell over 4%, and WiseTech Global (ASX:WTC) declined by more than 2%.
Tech stocks aren’t huge fans of 5% bond yields. Meanwhile, copper prices have retreated from previous peaks, but UBS projects the commodity could reach $15,500 per tonne by mid-2027.
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Insurance Australia Settles Greensill Claim
Among large-cap stocks, Insurance Australia (ASX:IAG) rose roughly 1% after resolving the $2.8 billion Greensill dispute initiated by Credit Suisse. The litigation had been scheduled for court on Monday.
Consequently, legal teams can now close their files. IAG noted the settlement will not materially affect FY27 results.
Reef Casino Trust (ASX:RCT) has secured a binding $4.67-per-unit acquisition proposal from Iris, which already holds an 85.77% stake in RCT. The company’s independent board committee is evaluating the offer and advised stakeholders to await further developments.
Other Market Developments
Axel REE (ASX:AXL) has more than doubled the Woolrich deposit to 264.6Mt, lifting the Caladão project’s total resource 24% to 708.6Mt at 1,443ppm TREO. Auravelle Metals (ASX:AUV) has completed 34 aircore holes across three new prospects along the Yarlbrinda Shear Zone, with assays due mid-to-late October ahead of an expanded RC program.
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Peregrine Gold (ASX:PGD) is processing 500kg bulk samples at Capricorn following early channel sampling that identified broad gold occurrences in palaeogravels, alongside an 800m-by-1km new target at Pilgangoora North. Riedel Resources (ASX:RIE) initiated a 1,100-sample soil geochemistry survey at its newly acquired Cosmo project in Western Australia’s Laverton region, planning initial drilling in October.
Tungsten Mining (ASX:TGN) has appointed global investment bank Jefferies to run a strategic investor process for its Watershed Tungsten Project, working alongside debt advisor Cutfield Freeman as the company pursues multiple funding pathways in parallel. The dual-track approach follows a Preliminary Economic Evaluation pointing to a $1.3 billion pre-tax NPV, as Tungsten Mining works toward a Final Investment Decision.
ASX Mining Updates and Strategic Moves
Key Metals (ASX:PVT) has refined its Shanty Lake copper-nickel target after drill hole 26-PIV-08 missed mineralisation, with a downhole EM survey revealing a 350x140m conductor sitting shallower and above the tested trajectory. The company has since moved rigs to five new targets at Lorraine Mine East, with nearly 1,000m of samples now awaiting assay, while a scoping study on flagship Horden Lake nears release. Tungsten Mining has hired Jefferies for a strategic investor process and debt advisor Cutfield Freeman to pursue parallel funding paths.
