ASX All Ords Jumps Into Positive Territory YTD: Today’s Movers

Australian share markets started the week strong, with the All Ordinaries Index jumping 1.35% to close at 9,128 and reclaim positive territory for 2026, as a US-Iran peace framework triggered a dramatic rotation out of energy stocks and into gold miners and cyclical sectors.

Whilst the ASX All Ords outperformed on the day, as the ASX 200 gained 1.25%, the bluechip index remains the leader YTD, up 2.13% on the period, against the All Ordinaries’ 1% gain.

ASX Today: Sector Movers

Under the hood of the indices, the All Ords Gold Index surged 9.12% in its most explosive single-day rally in quite a while. The session marked a clear inflection point in market sentiment, with lower bond yields and easing geopolitical tensions combining to fuel appetite for risk assets across the board.

ASX 200 Materials led the charge with a 4.06% gain, with gold doing heavy lifting, while Financials added 1.11% and Industrials rose 0.39%. Energy bore the brunt of the rotation, plunging 5.58% as the prospect of normalised oil flows through the Strait of Hormuz unwound war-premium pricing that had supported the sector for weeks.

The catalyst for the moves came as US and Iranian officials have progressed from a temporary ceasefire to a comprehensive peace framework aimed at ending the conflict and fully reopening the Strait of Hormuz. Commentary from US energy officials indicated that roughly half of disrupted shipping traffic through the strait has already been restored, triggering a sharp decline in crude oil prices and a corresponding selloff in energy stocks.

Individual Shares: Leaders and Laggards

Santos was the laggard on the day, down 8.43% to $7.39, while Woodside Energy Group fell 5.67% to $29.46 and Ampol dropped 7.27% to $33.80.

Coal producers suffered similar losses, with New Hope Corporation down 7.95% to $5.56, Yancoal Australia off 7.33% to $6.07, and Whitehaven Coal retreating 4.84% to $8.45. Viva Energy Group declined 5.78% to $2.12, rounding out the energy sector’s broad-based weakness.

It was the opposite move when it came to gold miners, where a combination of sector-specific catalysts and macro tailwinds drove extraordinary gains. Ora Banda Mining led the charge with a 16.29% surge to $1.285, followed by Vault Minerals up 14.71% to $4.60, Regis Resources climbing 13.33% to $6.63, Bellevue Gold advancing 13.01% to $1.52, and Greatland Resources rising 11.93% to $13.70.

Virgin Australia Holdings climbed 12.89% to $2.89, benefiting from the combination of lower oil prices, which reduce operating costs for airlines, and the broader risk-on sentiment. The aviation sector stands to gain materially if energy prices normalise and geopolitical tensions continue to ease.

Defence and dual-use technology names moved in the opposite direction. Electro Optic Systems shares fell 4.50% to $8.91 and Elsight declined 3.94% to $8.05, as the peace framework reduced the valuation premium attached to companies that had benefited from elevated geopolitical tensions. Markets appear to be pricing in a “peace dividend” that weighs on margins for defence contracts and reduces urgency around military procurement.

What Lay Ahead

Outside of US-Iran news, the macro environment also provided critical support for the rally.

Australia’s 10-year bond yield fell to a three-month low near 4.87%, reducing discount rates for duration-sensitive assets and supporting higher equity valuations. The lower yield environment helped fuel rotation away from defensive sectors that had led in recent sessions and into growth and cyclical names that benefit most from easier financial conditions.

US equity futures reinforced the risk-on tone, with the Nasdaq 100 by virtue of the QQQ ETF pointing to a 2.21% gain at the open. The strength in US tech futures validated the local rotation into growth and cyclical sectors, providing confidence that Australian markets were moving in sync with global risk appetite rather than diverging.

The session’s sector rotation tells a clear story about shifting market priorities. With the US-Iran framework removing a significant tail risk to global growth and shipping, and with bond yields at multi-month lows, markets pivoted away from positions built around conflict and defensive positioning. Instead, capital flowed toward cyclical sectors leveraged to economic growth, commodity exposure through materials, and growth-oriented names that benefit from lower discount rates.

The psychological significance of breaking into the green year-to-date may encourage performance-chasing from fund managers who had been underweight equities and reduces pressure on crowded defensive trades that had dominated positioning in recent weeks.

Today’s session was a textbook example of how quickly market leadership can shift when macro catalysts align. The combination of a credible peace framework, lower bond yields, and strong global markets created ideal conditions for a rotation out of defensives and energy into cyclicals, growth, and especially gold. Whether this marks a durable shift in market character or a temporary dislocation will become clearer in coming sessions, but for now, Australian share markets have reclaimed positive ground and momentum has decisively shifted toward risk-taking.