ASX set to storm out of the gate after Wall Street party — but Woodside and Santos shareholders won't be celebrating
Australia's benchmark share index is on track for a storming start to the trading week.
The Dow Jones surged 1.8 per cent, the S&P 500 rose 1.2 per cent and the Nasdaq jumped 1.5 per cent to close out the week — setting the stage for a bullish mood across global markets as Perth traders log on this morning.
The S&P/ASX 200 finished Friday with a modest 0.1 per cent decline at 8,946.9 points, but Monday's expected rebound would be a welcome change of pace for investors who have endured a months of volatility due to the Iran war.
However, the gains will not be evenly distributed across the market and some of the nation's biggest energy names may end with a painful Monday.
Oil stocks in the firing line
Santos and Woodside Energy Group shareholders are bracing for a rough session, with oil prices collapsing on Friday night as optimism grew around a potential reopening of the Strait of Hormuz.
The crash in crude prices, while welcome news for motorists, is likely to hammer the share prices of Australia's biggest energy producers.
Gold miners could shine
On the flip side, gold-exposed heavyweights Newmont Corporation and Northern Star Resources could have a strong start to the week after the precious metal stormed higher on Friday.
According to CNBC, the gold futures price was up 1.5 per cent to US$4,879.6 an ounce, though analysts warn some of that gain could reverse in Asian trade today as the Hormuz reopening narrative plays out.
Netwealth catches analyst eye
In stock-specific news, Morgans has put an accumulate rating on Netwealth Group shares with a $29.00 price target following the wealth platform's quarterly update.
The broker was upbeat on the company's outlook despite the broader market chop.
"Despite ongoing volatility and uncertainty tied to a US/Middle East conflict and a potential resolution, market momentum has recovered from peak pessimism in the March Quarter, with the ASX All Ordinaries +5.6% month-to-date in April'26," Morgans said.
The big picture
The ASX has clawed back significant ground this month after the bruising February and March sell-off triggered by the Iran war.
With energy prices softening, gold holding firm and Wall Street in full rally mode, the setup heading into today's open is arguably the best Australian investors have seen in weeks.
The Aussie dollar was fetching around US$0.6713 in early trade.
Note: Market data reflects pre-market and Friday close figures. Live Monday trading may have moved since publication.
