ASX Edges up; Coronado Craters After Mine Fatality; Brent Slips

The Australian sharemarket has opened modestly higher despite a spike in geopolitical tensions and a dip in oil prices following the weekend capture of the Venezuelan president by US special forces.

The S&P/ASX 200 edged up 6.6 points, or 0.1 per cent, at 8734.4, following a 0.4 per cent decline last week with investors weighing the potential for supply disruptions against a well-supplied global market.

The benchmark gained 6.8 per cent in 2025 in its third consecutive year of annual gains, with strategists generally optimistic about stocks this year. But escalating tensions – from Ukraine to Iran, Venezuela and Greenland – could test the resilience of global equities after a strong 2025.

Brent crude dropped 0.5 per cent to $US60.41 a barrel as trading resumed on Monday, while West Texas Intermediate shed 0.7 per cent to $US56.92, as markets reacted to the dramatic ousting of the leader of the OPEC member.

Despite the weak start in oil prices, energy stocks led gains on the Australian bourse. It was the only sector to move more than 1 per cent in either direction, gaining 1.5 per cent.

Santos lifted 1.1 per cent, while Beach Energy and Woodside both gained 0.6 per cent.

The energy optimism spread to uranium and lithium miners, which were among the top ASX performers with Bannerman Energy, Silex and Lake Resources leaping more than 10 per cent.

The big mining groups also rallied with Rio Tinto 0.8 per cent higher and BHP up 0.5 per cent.

Controversial defence tech firm DroneShield extended its rebound, up 1.5 per cent.

The four big banks were mixed, with ANZ and Westpac up 0.3 per cent, while Commonwealth Bank and National Australia Bank retreated.

In corporate news, Coronado Global Resources collapsed 17 per cent after a worker’s death in a Queensland coal mine led to the halt of underground operations.

The Australian Agricultural Company (AACO) fell 1.4 per cent after warning that heavy rain across parts of Queensland may have a material impact on its earnings after flooding hit three of its 27 cattle stations.