ASX finishes higher as gold miners rise; ARN soars on Sandilands settlement

Updated June 17, 2026 — 5:44pm,first published June 17, 2026 — 5:18am

The Australian sharemarket reversed early losses to close in the green, as oil prices headed for the longest losing run in 10 months on expectations that a US-Iran deal to reopen the Strait of Hormuz will unleash a wave of supply, easing the energy crunch that has throttled global growth.

While energy shares slumped amid the deepening oil sell-off, gold miners extended their relief rally. ARN News shares skyrocketed after the embattled media company settled a legal fight with high-profile shock jock Kyle Sandilands for a fraction of the $85 million he had sought.

Having swung between small gains and losses in early trade, the S&P/ASX 200 finished up 48.60 points, or 0.5 per cent, at 8966.30, with eight of its 11 industry sectors in the green. The bourse had trod water on Tuesday as investors paused after the initial rally over the US-Iran peace agreement, and parsed the Reserve Bank’s decision to keep interest rates on hold. The Australian dollar was trading at US70.56¢.

Global benchmark Brent crude retreated for a fifth day to below $US79 a barrel, trading near a three-month low, while West Texas Intermediate was near $US76. The interim pact, which is due to be signed on Friday, offers Tehran broad financial incentives, including the right to sell its oil immediately.

“Most traders still believe US naval operations will likely be escorting for the first few weeks, and mine-sweeping ships will also be present, which will slow the flow of traffic,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities. “Still, the futures market is always looking in the distance, and for now the odds are increasing that oil will be moving.”

Oil and gas giant Woodside slumped 3.6 per cent, while its rival Santos dropped 1.2 per cent. Refiner Ampol lost 1 per cent. Coal miners, having benefited as the oil crunch was seen to boost demand for coal, also declined. Yancoal was down 3.8 per cent and Whitehaven Coal down 2.2 per cent.

Tech stocks reversed early losses and advanced, with WiseTech jumping 4.1 per cent. Xero rose 3.5 per cent, NextDC climbed 0.8 per cent and Technology One rose 1.3 per cent.

Anticipating the war’s end will kickstart an economic rebound and boost company profits, some investors shifted out of defensive stocks, weighing on sectors such as consumer staples and utilities. Supermarket chains Woolworths and Coles both fell 1.3 per cent after their rally last week. Power companies Origin and AGL were down 0.7 per cent and 1.6 per cent.

But the heavyw