Global Tension Drags ASX Down

The S&P/ASX 200 finished the week down 0.1%, as renewed conflict between Israel and Iran pushed oil higher and put inflation concerns back on the table. Miners took most of the hit, with gold having its worst week since early June, falling below $US4000. Traders priced in a greater chance the Fed will need to raise rates to keep prices in check, while the same worries about energy and inflation roughly cancelled out gains from banks and consumer staples earlier in the week.

This week’s best performers

AMP (ASX:AMP) +21.32%

The wealth manager's shares surged after it flagged materially stronger first-half profits, driven by booming China partnerships and higher investment returns. A single session this week alone added almost 10%, pushing AMP back into positive territory for the year after months of underperformance as the market questioned whether its earnings recovery could hold. It's the clearest signal yet that the turnaround is real, but AMP has disappointed on "recovery" narratives before, so one strong update won't be enough to convince investors just yet.

Domino’s Pizza Enterprises (ASX:DMP) +9.51%

The company behind Domino's in Australia and 11 other markets had a strong week without an obvious single catalyst. No confirmed company-specific announcement triggered the rise, suggesting the move reflected renewed investor appetite for consumer and franchise names rather than fresh disclosure. A rise like this is great for investors, but one without a clear reason can unwind just as easily.

Mesoblast (ASX:MSB) +8.93%

The cell therapy developer's stock extended last week's rally, even after giving back some ground toward the end of the week. The gains trace back to preliminary FY2026 Ryoncil revenue of roughly US$115 million, including a record US$36 million June quarter, as uptake keeps building across US paediatric transplant centres. Mesoblast also hit its target of 300 treated patients in a pivotal Phase 3 trial for chronic low back pain, with results due mid-2027.

This week’s worst performers

Kingsgate Consolidated (ASX:KCN) -21.44%

The gold miner's shares were hit by a mechanical failure and temporary shutdown at Plant 1 of its Chatree mine in Thailand. A partial processing restart eased some of the immediate production concerns and the stock actually rebounded 15.89% in a single day once operations resumed, but that wasn't enough to claw back the week's losses. Kingsgate is still up 75.52% over the past year, highlighting its longer turnaround story.

Silex Systems (ASX:SLX) -21.05%

The uranium enrichment technology developer fell hard over consecutive sessions without a single confirmed company-specific catalyst, as broader uranium-sector volatility returned. Peers moved the same way, with Paladin Energy down 6.30% and Deep Yellow falling 5.56% in the same session. Silex holds roughly AUD 201.7 million in cash, giving it runway as it works to commercialise its enrichment technology through the Global Laser Enrichment joint venture with Cameco, but the stock's volatility shows how sentiment-driven uranium stocks have become. 

4DMedical (ASX:4DX) -19.19%

The medical imaging company's slide continued this week, extending a selloff that has now wiped out more than half its value from its April peak. There's no single confirmed catalyst behind the latest drop, though the decline comes despite genuine commercial wins, including a contract with GlaxoSmithKline for its lung-imaging analytics.