The Australian share market experienced a downturn today, primarily driven by declines in mining stocks. This offset earlier gains made near midday AEDT. Meanwhile, gold is heading towards its worst week since the COVID-19 pandemic began, reflecting broader market anxieties and shifting investor sentiment.
In company-specific news, Viva Energy shares experienced a notable surge. At the same time, Ampol announced a delay in the shutdown of its refinery, a decision influenced by current market conditions and energy security considerations. Elsewhere, Oliver Curtis’ Firmus Technologies is attracting attention. Firmus Technologies is reportedly valued at $6 billion and is focused on developing AI factory technologies. Investors are optimistic about the company’s future, particularly as it considers a potential public float. Curtis, in an interview, discussed his reconciliation with his past as the IPO approaches.
Globally, concerns persist around energy markets as Iran eyes vulnerable energy targets, which could lead to prolonged market instability and potentially higher prices. This comes as Israel rules out attacks on Iran energy assets. The ongoing conflict continues to keep investors on edge, contributing to volatility in crude oil markets, which settled modestly higher in New York after a day of fluctuating prices.
