S&P/ASX 200 closes at four-month low amid Iran conflict and RBA rate uncertainty; check top gainers and losers

S&P/ASX 200: The S&P/ASX 200 closed lower on Friday (March 20, 2026), as Australian shares ended the week at a four-month low, led by a decline in miners, as the unrelenting Middle East conflict kept oil prices elevated, heightening concerns over inflation and rate-tightening.

The S&P/ASX 200 closed lower Friday, dropping 69.40 points or 0.82% to 8,428.40 and setting a new 50-day low, marking its lowest ⁠close ⁠since November 21, 2025. The benchmark has fallen 8.4% since the start of the war in late February. The bottom-performing stocks in this index were ORA BANDA MINING LTD and GREATLAND RESOURCES LIMITED, down 7.81% and 7.25%, respectively. Over the last five days, the index has lost 2.19% and 3.28% year-to-date.

Investor sentiment remained fragile as the war's latest escalations moved beyond military targets to key Gulf energy facilities, sparking supply disruptions and renewed price pressures and triggering broader spillovers across global markets.


A split vote behind the Reserve Bank of Australia’s rate hike earlier this week, coupled with mixed labour data ⁠on Thursday, deepened ‌policy uncertainty and kept alive the prospect of another increase in May.

S&P/ASX 200: Top gainers and losers

The S&P/ASX 200’s top performers saw notable gains, led by Catalyst Metals Limited (CYL), which closed at 6.580, up 0.510 or 8.402 per cent. Chorus Limited (CNU) followed, rising 0.370 or 4.755 per cent to 8.150. Sigma Healthcare Limited (SIG) ended at 2.780, gaining 0.120, or 4.511 per cent, while BlueScope Steel Limited (BSL) climbed 1.130, or 4.317 per cent, to finish at 27.300. Technology One Limited (TNE) also posted solid gains, increasing 1.020, or 3.959 per cent, to close at 26.780.

On the downside, Ora Banda Mining Ltd (OBM) recorded the steepest fall, dropping 0.100, or 7.813 per cent, to 1.180. Greatland Resources Limited (GGP) declined 0.790, or 7.248 per cent, to 10.110, while Alcoa Corporation (AAI) fell 6.420, or 7.178 per cent, to 83.030. Bellevue Gold Limited (BGL) slipped 0.090 or 6.123 per cent to 1.380, and Vault Minerals Limited (VAU) decreased 0.250 or 6.054 per cent to end at 3.880.

S&P/ASX 200: Top-performing sectors

Sectors ended mixed. 7 of 11 sectors were lower along with the S&P/ASX 200 Index. According to the ASX website, health care was the best-performing sector, gaining +1.20% and rebounding from its recent decline. This sector is off -2.25% for the past five days.

Miners slid 1.5%, dragged by a 2.9% drop in heavyweight Rio Tinto and a 1.8% fall in BHP. The sector is down 7.4% for the week.

Pointing to the risk of an oil-supply shock turning into a demand shock, Chen said that while scarcity ‌may support commodity prices for a time, materials "will struggle to ignore the drag from softening demand" if the conflict persists.

Gold stocks extended the sector’s weakness, falling 1.5% as ⁠a firmer dollar pressured bullion prices. The sub-index logged its worst week since mid-2022.

Energy stocks rose 0.7% and have gained in all but three sessions since the Iran war began on February 27. Viva Energy jumped as much as 8.6% after the federal government increased support for domestic refineries to counter fuel shortages but ended 2.9% lower. Rate-sensitive financials fell 1.1%, while real estate and consumer discretionary shares lost around 0.7%.