Market Close 23 Apr 26: Oil up, stocks down

The local market slipped for a third straight day, falling 0.6% as hopes for a US-Iran peace deal faded. With negotiations stalled and the Strait of Hormuz closed once again, oil prices have reclaimed the 100 USD mark for the first time in weeks. The index has now retreated 2.5% from its recent mid-April highs, erasing a significant chunk of the month’s recovery gains.  Energy stocks were the sole bright spot, jumping 3% on the back of soaring crude. Santos lifted 3.5% after maintaining its annual guidance, while Karoon Energy led the pack with an 8% surge. Cochlear plunged another 4% to hit a decade-low, extending its catastrophic 63% year-to-date decline. Retailer Temple & Webster also cratered 8% to a two-year low following a surprise leadership shake-up. Steve Daghlian and Laura Besarati are Market Analysts at CommSec. Each episode, they break down the day's market movements and explain what the numbers really mean. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.