ASX swings into the green; ARN News soars on Sandilands settlement

Updated June 17, 2026 — 12:59pm,first published June 17, 2026 — 5:18am

The Australian sharemarket has reversed early losses to be higher at lunchtime, after a patchy day on Wall Street where investors rotated out of technology shares and positioned for the first Federal Reserve interest rate decision under new chairman Kevin Warsh.

Energy shares slumped after oil prices fell to the lowest since March in response to the peace deal in the Middle East. ARN News shares skyrocketed after the embattled media company settled a legal battle with high-profile shock jock Kyle Sandilands for a fraction of the $85 million he had sought.

Swinging between small gains and losses in early trade, the S&P/ASX 200 was up 45.9 points, or 0.5 per cent, to 8962.8 at 12.45pm AEST. The bourse trod water on Tuesday as investors paused after the relief rally over the US-Iran deal to reopen the Strait of Hormuz, and parsed the Reserve Bank’s decision to keep interest rates on hold. The Australian dollar was trading at US70.70¢.

West Texas Intermediate traded below $US77 a barrel, after sinking 16 per cent over four sessions. Brent ended near $US79, down sharply from its $US100-plus level of a few weeks ago. The interim Middle East pact, due to be signed on Friday, offers Tehran broad financial incentives, including the right to sell its oil immediately.

Oil and gas giant Woodside slumped 2.9 per cent, while its rival Santos dropped 0.9 per cent. Local refiners Ampol and Viva Energy each lost 0.7 per cent. Coal miners, having benefited as the oil crunch was seen to boost demand for coal, also declined, with Yancoal down 3.56 per cent and Whitehaven Coal down 2 per cent.

Tech stocks reversed early losses to advance, with WiseTech jumping 2.6 per cent. Xero rose 1.4 per cent, NEXTDC climbed 0.5 per cent and Technology One inched up 0.1 per cent. Family tracking app Life 360 lost 1.5 per cent.

Anticipating the war’s end will kickstart economic growth again and boost company profits, some investors shifted out of defensive stocks, weighing on sectors such as consumer staples, utilities and real estate investment trusts. Supermarket chains Woolworths and Coles fell 0.8 per cent and 2 per cent, respectively, after a rally last week. Power companies Origin and AGL were down 1.1 per cent and 1.8 per cent. Warehouse owner Goodman Group added 0.3 per cent and office property trust Charter Hall fell 1 per cent.

But the heavyweight banking and mining stocks, which together make up more than half of the ASX, were mostly in the green, bolstering the market. BHP added 1 per cent, Fortescu