Steve Daglian

A three-day winning streak comes to an abrupt end for the Aussie market.

Good afternoon, I'm Steve Daglian.

It's Tuesday the 26th of May.

Welcome to the CompSec Market Update.

Exactly right.

And Reuters also reported that both Washington and Tehran are saying that they're still making progress on a memorandum of understanding that could halt the war and give negotiators 60 days to reach a final deal.

So there are some signs that they're getting closer, but as you say, still uncertainty of what that is going to look like, how much longer the Strait of Hormuz will remain shut.

And just a reminder that this is an important shipping route that typically transports between 20% and 25% of global oil trade and

a significant amount of LNG and roughly around a third of the global fertilizer trade.

So it's something that doesn't only just impact oil and fuel prices, but also other things like food, food prices potentially, you know, if this continues over the long term.

And of course, we didn't get a lead from Wall Street, which was shut last night.

A bunch of other markets were also closed on Monday as well from the UK, Germany and also Hong Kong.

Yeah.

And if we look at the ASX 200 over the course of the day, I mean, the market did actually fall quite sharply in the opening hour of trade.

And then we've kind of gradually been in volatile trade.

We've been gradually eating away at the decline.

So we're certainly not at the lows of the session.

But as you point out, there's just one that is improving and that's the materials market.

thanks to just a few companies there that are doing well.

But the best performer on the ASX 200 today is actually Fisher & Paykel Healthcare, which is managing to lift in the order of 9.2%.