{"id":29687,"date":"2026-05-31T11:47:00","date_gmt":"2026-05-31T08:17:00","guid":{"rendered":"https:\/\/fajr.news\/?p=29687"},"modified":"2026-05-31T11:47:00","modified_gmt":"2026-05-31T08:17:00","slug":"asx-soars-as-middle-east-peace-hopes-drive-market-rally","status":"publish","type":"post","link":"https:\/\/fajr.news\/?p=29687&lang=en","title":{"rendered":"ASX Soars as Middle East Peace Hopes Drive Market Rally"},"content":{"rendered":"
\n

Sydney, Australia<\/strong> \u2013 The Australian sharemarket concluded the trading week on a high note, propelled by renewed optimism for peace in the Middle East. Signals from US Vice President JD Vance regarding a potential end to the regional conflict sparked a significant rally across the market.<\/p>\n

Market Performance Highlights<\/h2>\n

The benchmark ASX 200<\/strong> surged by 138.80 points, or 1.62 per cent, closing at 8731.70. The broader All Ordinaries<\/strong> index also saw substantial gains, climbing 145.40 points, or 1.65 per cent, to reach 8965.<\/p>\n

Despite the market’s strong performance, the Australian dollar experienced a slight dip, falling 0.02 per cent to trade at 71.60 US cents.<\/p>\n

Sector-Wide Gains<\/h3>\n

A robust trading day saw nine out of 11 sectors finish higher. Major miners led the charge, with significant contributions from technology and consumer discretionary stocks:<\/p>\n

    \n
  • BHP<\/strong> shares jumped 2.91 per cent to $62.31.<\/li>\n
  • Rio Tinto<\/strong> added 1.18 per cent, reaching $185.63.<\/li>\n
  • Fortescue<\/strong> rallied 2.43 per cent to $22.31.<\/li>\n
  • Accounting software provider Xero<\/strong> gained 0.91 per cent.<\/li>\n
  • Technology One<\/strong> soared 2.02 per cent to $29.84.<\/li>\n
  • Coden<\/strong> climbed 3.95 per cent to $42.65.<\/li>\n
  • Retail giant Wesfarmers<\/strong> rose 1.67 per cent to $79.79.<\/li>\n
  • Light Wonder<\/strong> rallied 4.23 per cent to $116.73.<\/li>\n
  • JB Hi Fi<\/strong> closed 1.17 per cent higher at $74.49.<\/li>\n<\/ul>\n

    Middle East Ceasefire Fuels Optimism<\/h2>\n

    The afternoon trading session witnessed a sharp ascent in share prices following news that the United States and Iran had agreed to a 60-day ceasefire extension. This crucial development aims to provide both nations with ample time to negotiate a comprehensive peace deal.<\/p>\n

    In response to the announcement, Brent crude oil prices saw a modest decline of 0.9 per cent, settling at $US92.87 ($A130).<\/p>\n

    Expert Insights on Geopolitical Developments<\/h3>\n

    Samara Hammoud, an international economist and currency strategist at Commonwealth Bank, expressed cautious optimism, stating a 70 per cent confidence level that a deal to reopen the Strait of Hormuz would be finalized in the coming days.<\/p>\n

    She noted, “Vice President JD Vance indicated that the US and Iran are ‘going back and forth on a couple of language points,’ including critical issues related to Iran\u2019s nuclear capabilities.”<\/p>\n

    Shane Oliver, AMP chief economist and head of investment strategy, highlighted the market’s sensitivity to Middle East news. He recalled the week’s fluctuating sentiment:<\/p>\n

    \n

    “The week started on an optimistic note with Trump saying last weekend that \u2018final aspects and details of the Deal are currently being discussed and will be announced shortly.\u2019 But this was followed by more military strikes on Iran and Trump saying he is \u2018not satisfied\u2019 \u2013 so oil prices rebounded. However, indications now suggest a tentative deal has been reached, pending Trump\u2019s sign-off.”<\/p>\n<\/blockquote>\n

    Mr. Oliver emphasized that while risks of renewed conflict persist, securing a deal soon is in the United States’ best interest, especially given the political pressures on Trump ahead of the mid-term elections.<\/p>\n

    Company News: Judo Bank Leads Gains<\/h2>\n

    Among individual company performances, Judo Bank<\/strong> stood out as one of the strongest performers on the ASX, with its shares ascending an impressive 12.23 per cent to $1.56.<\/p>\n<\/article>\n

    #ASX #StockMarket #MiddleEastPeace #Ceasefire #MarketRally #AustralianEconomy #OilPrices #Geopolitics #InvestmentNews #FinancialMarkets<\/p>\n","protected":false},"excerpt":{"rendered":"

    Sydney, Australia \u2013 The Australian sharemarket concluded the trading week on a high note, propelled by renewed optimism for peace in the Middle East. Signals from US Vice President JD Vance regarding a potential end to the regional conflict sparked a significant rally across the market. Market Performance Highlights The benchmark ASX 200 surged by […]<\/p>\n","protected":false},"author":2,"featured_media":29688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-29687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-middle-east-news"],"_links":{"self":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/29687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29687"}],"version-history":[{"count":0,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/29687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/media\/29688"}],"wp:attachment":[{"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}