Australian shares fell sharply at midday, with the S&P/ASX 200 down 1.4% to 8513.9 at 12:23pm AEST as rising oil prices, higher bond yields and ongoing conflict in the Middle East weighed on investor sentiment. Brent crude climbed above US$111 a barrel as the US-Iran conflict entered its twelfth week with no agreement on reopening the Strait of Hormuz, while global bond markets extended recent losses amid renewed inflation concerns.
Industrials led the decline after Brambles plunged following a downgrade to FY26 earnings guidance, while higher fuel prices weighed on Qantas and Worley. Materials were also weaker as gold prices eased and BHP retreated, though energy stocks outperformed on stronger oil prices, with Woodside and Santos higher after Santos achieved first oil from its Pikka Phase 1 development in Alaska. ALS bucked the broader market weakness after reporting a strong rise in underlying profit.
In other company news,
Emyria launches first Victorian Empax mental health clinic
Emyria (ASX: EMD) activated its first Victorian Empax mental health clinic within Avive Health’s Mornington Peninsula Private Hospital, expanding operations across three states and commencing first patient treatments. The company said more than 30 therapists have been recruited and trained, with reimbursement pathways now available through Medibank and the Department of Veterans’ Affairs.
Prairie Lithium begins final testing on commercial-scale DLE unit
Prairie Lithium (ASX: PL9) commenced Factory Acceptance Testing on its commercial-scale Direct Lithium Extraction unit ahead of deployment to Saskatchewan, Canada. The company said the four-column DLE unit is the largest built in North America and supports its pathway toward first production and revenue generation under a binding offtake agreement with Hydro Lithium in South Korea.
Challenger Gold raises $85 million and appoints Peter Marrone chairman-elect
Challenger Gold (ASX: CEL) announced an $85 million equity raising alongside the appointment of Allied Gold chairman and CEO Peter Marrone as Non-Executive Chairman-elect. The company said proceeds will fund resource growth drilling and development work at the Hualilan gold project, while former Yamana Gold executive Yohann Bouchard will join as chief operating officer.
