ASX Slips on Oil

The ASX 200 finished the week down 0.6% as an oil price spike undid a brief rally in US bond markets. Brent crude broke through $93 a barrel for the first time in three weeks after the US threatened tougher sanctions on Iran, reigniting inflation concerns and denting hopes for further RBA rate cuts this year. Real estate and tech names took the biggest hit in the sell-off, while gold miners found support as bond market strain kept safe-haven demand alive. 

The week’s best performers 

CSL (ASX:CSL) +23.30%

CSL, the biotech behind plasma therapies and vaccines, capped a seven-week turnaround that saw its share price surge 85% off May's lows. The rally began after a brutal May guidance cut tied to its troubled Vifor acquisition, which markets have since reframed as a credible reset under the interim CEO rather than another warning sign. A strong FY26 result and guided return to growth for FY27 pushed buyers further in, even as the stock now looks stretched by most trading measures. The same momentum that drove the surge can just as easily reverse it. 

Ora Banda Mining (ASX:OBM) +23.28%

Ora Banda Mining climbed after its June quarter update confirmed record gold production of 39,552 ounces at its Davyhurst project in Western Australia, alongside a 75% jump in mineral resources. The gold miner also launched its "DRIVE to 300" strategy, centred on a new $375 million processing plant due to start up in FY28. With $267.7 million in cash and $468 million in total liquidity, Ora Banda has the balance sheet to fund the build, but investors will be watching closely to see if execution keeps pace with the ambition. 

Reliance Worldwide Corp (ASX:RWC) +20.16%

Reliance Worldwide, the plumbing products maker, jumped after confirming a non-binding $4.75 a share takeover approach from Brookfield Capital Partners, even as its FY26 result showed adjusted profit down 15.3% on tariff and copper cost pressures. The board has shelved its dividend and buyback while it works through the proposal, betting shareholders will prefer certainty over waiting out a rough patch. Brookfield still needs to firm up the offer, and there's no guarantee it will.

This week's worst performers

IRESS (ASX:IRE) -19.97%

IRESS tumbled despite reporting higher earnings for H1 FY26, with underlying profit up 47.1% and recurring revenue holding at roughly 95% of the group total. The fintech software provider also trimmed its FY26 revenue growth guidance to just 1-2%, and that softer top line appears to have outweighed the margin improvement in investors' eyes. It's a reminder that a profit beat doesn't count for much when the growth story looks like it's slowing. 

JB Hi-Fi (ASX:JBH) -15.31%

JB Hi-Fi, the electronics and appliance retailer that also owns The Good Guys and E&S, sank after a weak July trading update overshadowed a solid FY26 result that saw sales rise 4.8% to $11.1 billion and dividends hiked 22.5%. The retailer flagged declining sales across three of its four businesses in July, with management citing customers chasing promotions and stock shortages in tech categories. A strong year on paper wasn't enough to stop the market fixating on where trading is headed next. 

Megaport (ASX:MP1) -14.43%

Megaport, the data connectivity provider now expanding into GPU infrastructure, fell after its FY26 result showed a swing to a $39 million statutory loss, despite revenue growing 37% and annual recurring revenue up 62%. The loss stems largely from depreciation and integration costs tied to its Latitude.sh and Extreme IX acquisitions, as the company pivots from a capital-light network business into a heavier compute play. Markets clearly like the growth story, just not enough to look past the widening losses yet.