Afternoon Report | ASX flat as tech surges
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Welcome to the Fear and Greed Business News Afternoon Report for Monday, the 1st of June, 2026. I'm Michael Thompson, and every afternoon we've got the five stories that happened today that you need to know about. Let's go with story number one. The S&P ASX 200 finished pretty much flat. today down just two points to 8,729 points with investors in a bit of a holding pattern as they wait on ceasefire news out of the Middle East. Brent crude rebounded more than 2% after talks over extending the ceasefire between the US and Iran. and reopening the Strait of Hormuz continued over the weekend. Healthcare stocks were among the biggest losers though today, with ResMed plunging more than 7% and CSL falling 2.5%.
Technology though was the strongest sector on the local market as enthusiasm around artificial intelligence continued to drive software stocks higher, particularly happening in Asia with records being broken all over the place. We'll have more on this in tomorrow morning's show. But locally, Sightminder jumped almost 11%, Xero rose nearly 8%, and WiseTech Global climbed almost 9%. Mining stocks also benefited from the AI-driven rally in global markets because of the potential demand for critical minerals, with BHP hitting another record close, while Rio Tinto and Pilbara Minerals also gained ground today. On to story number two, and One Nation has overtaken Labor to become Australia's most popular political party, according to a new opinion poll.
The Australian Financial Review Redbridge poll shows One Nation's primary vote jumping four points to 31%, while Labor slipped to 28% and the coalition fell to 20%. The poll also found that 63% of voters believe the country is heading in the wrong direction. The result comes in the wake of the federal budget, which of course proposed changes to capital gains tax and negative gearing and discretionary trusts alongside this continued pressure from higher interest rates and cost of living concerns. The survey also showed Pauline Hanson is now Australia's most popular federal political leader. On a net favorability basis, PM Anthony Albanese's personal ratings dropped sharply following the budget, while Treasurer Jim Chalmers also recorded a significant decline.
Story number three. How about this? This is interesting. Peter Warren Automotive, the country's second largest car dealership, warned that profit margins collapsed in May on the back of soaring fuel prices, three interest rate hikes, and those cost of living pressures. And that sent the group's share price down 25% today. Supply constraints on smaller fuel-efficient vehicles are also hurting the retailer. Chief Executive Andrew Doyle said that trading conditions were unprecedented, with customer preferences changing rapidly. The company sells about 30 different car brands, including Toyota, Mercedes-Benz, Volkswagen, and Mazda. Until recently, though, it had not been a major player selling Chinese-made EVs, including Audi,
GWM, MG, and Cherry, which have become increasingly popular. Peter Warren's main competitor, Eagers Automotive, accounts for about 80% of BYD models in Australia, which is the most popular EV manufacturer. Story number four, a bit of corporate news around today. Lendlease has agreed to sell its development rights in a mixed use project in Milan for about $250 million as it continues to recycle capital and exit long dated developments. Its share price fell more than 5% today. Luxury fashion retailer Setai will expand its presence in China through the launch of a flagship store on the Tmall global e-commerce platform. It already has a sales channel on JD.com in China. Its share price surged more than 25% today.
4D Medical has entered Europe, buying an Austrian medical technology company called Context Flow, establishing an immediate commercial and clinical presence in its third major region alongside North America and, of course, Australia and New Zealand. ProMedicus' share price jumped more than 9% today after it won a couple of contracts in the US.
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