ASX Down as Oil and Tech Fall

The S&P/ASX 200 finished the week down 0.3%, dropping 0.8% on Friday alone as renewed Middle East tensions pushed oil back above $US100 a barrel and Wall Street's growing unease over AI spending spilled into Australia’s own tech sector. Seven of the ASX's 11 sectors ended in the red, with tech and resources among the hardest hit as gold slipped and rate expectations firmed on the back of higher energy prices. Energy stocks were the one bright spot, rising with the oil price and cushioning the broader market from steeper losses. 

This week’s best performers

Generation Development Group (ASX:GDG) +21.91%

The wealth platform's shares jumped after it reported group funds under management of $46.4 billion for FY26, up 36% on the prior year, with record quarterly inflows at its Generation Life arm. The update also confirmed GDG has finished folding in its Evidentia and Lonsec managed account acquisitions, plus landed a strategic partnership with Colonial First State on retirement products. It's a strong operational update, but worth noting the stock is still down 22% over the past 12 months, so this week's rally is just a bounce instead of a full recovery.

Karoon Energy (ASX:KAR) +19.33%

The oil and gas producer surged after completing a major overhaul of its Baúna FPSO in Brazil, lifting uptime to 97% and restoring output to around 22,000 barrels of oil per day. June quarter production came in at 1.08 million barrels of oil equivalent, with sales revenue of US$116.4 million. Karoon also has an expanded buyback of up to 71 million shares running to July 2027, a signal that management sees the stock as undervalued and backs its own trajectory from here.

South32 (ASX:S32) +15.13%

The diversified miner rode a broader wave of commodity strength this week, with base metals prices firming across the board. South32's spread across aluminium, alumina, manganese and copper means it benefits when multiple commodity markets move together, rather than depending on a single price cycle. Copper was the standout, supported by tighter supply expectations and demand tied to electrification and grid buildout.

This week’s worst performers

Zip Co (ASX:ZIP) -15.44%

The buy now, pay later provider slid further this week without a clear company-specific trigger, extending a run that's left the stock down close to 20% over the past year. No earnings update, regulatory action or guidance change explains the move, so this looks more like broader fintech and financial services sentiment turning cautious than anything specific to Zip.

Pro Medicus (ASX:PME) -14.59%

The radiology software company keeps sliding, now down 50% over the past year, with no earnings miss, lost contract or bad guidance behind it. The stock has fallen below its 50-day and 200-day moving averages, levels momentum funds often treat as a sell signal regardless of the underlying business. Analysts still see meaningful upside from here, so this looks like a valuation reset, not a fundamentals problem.

WiseTech Global (ASX:WTC) -14.11%

The logistics software company's slide continued, down almost 73% over the past year. It isn't about demand for CargoWise, which remains one of the world's leading logistics platforms, but governance, with reports the Australian Federal Police is investigating founder and executive chairman Richard White over alleged trafficking matters, which the company says relate to his personal capacity. FY26 results next month, where management has reaffirmed guidance for 79% to 85% revenue growth, could shift focus back to the business.