the COB: deal or detonate?

The Australian sharemarket staged a late recovery, climbing from the day’s lows as oil prices pulled back from a six-month high. Oil had surged after Donald Trump said a decision on Iran was nearing, warning the US could strike a deal or “finish it off”. The S&P/ASX 200 closed 14.70 points, or 0.17%, higher at 8809.90. Six of the 11 sectors finished lower. Miners were among the strongest performers, with BHP, South32 and Lynas gaining. Gold stocks also advanced, with Northern Star among the sector’s gainers. Consumer staples were among the biggest drags, with Woolworths and Coles weighing on the sector. Among individual movers, CSL fell 0.8% after chairman Brian McNamee announced he would retire in March, with company veteran Gordon Naylor set to succeed him. BlueScope Steel gained 2.9% after lifting first-half underlying EBIT guidance to about $1.1 billion, supported by a better-than-expected performance at its North Star operation in the US. Eagers Automotive agreed to acquire the remaining 20% of its BYD electric vehicle joint venture, EV Dealer Group, sending the stock 7.7% higher. NextDC remained in focus after chief executive Craig Scroggie agreed to forgo his FY27 incentives following power delays at its Melbourne facility and a profit downgrade. Ingenia Communities received a $5.40-per-security takeover proposal from AVID Property Group, but its board has not recommended the offer, citing its existing acquisition agreement with Peet. Shares were up 5%. In the smaller end of town, Tuas cracked 30.5% faced regulatory action in Singapore, where authorities issued a show-cause notice to subsidiary Simba Telecom over alleged unauthorised spectrum use. Potential penalties include a fine or licence suspension. Overnight, Verizon is due to report its results.