Daily Market Update: 13 January 2026

ASX rises as gold miners shine amid global uncertainty
The Australian sharemarket closed higher, lifted by a strong rally in the mining sector as rising geopolitical tensions in Iran and expectations of further US interest rate cuts spurred demand for gold. The S&P/ASX 200 Index (ASX: XJO) climbed 41.6 points, or 0.5 per cent, to finish at 8759.4, with nine of eleven sectors advancing. Leading gains were consumer discretionary stocks, propelled by a sharp 18 per cent jump in Light & Wonder Inc. (ASX: LNW) following the resolution of a long-standing legal dispute with Aristocrat Leisure Limited (ASX: ALL). Gold miners also rallied as the precious metal approached $US4600 an ounce, supported by safe-haven buying.

Gold and energy stocks lead, while Super Retail slumps
Gold miners underpinned the ASX’s strength with Ramelius Resources Limited (ASX: RMS) surging 6.3 per cent after a rating upgrade from Goldman Sachs, which set a target price of $5.35. Newmont Corporation (ASX: NEM) rose 5.8 per cent, Northern Star Resources Limited (ASX: NST) gained 2.9 per cent, and Regis Resources Limited (ASX: RRL) climbed 2.7 per cent. In contrast, iron ore majors weakened with Fortescue Ltd (ASX: FMG) down 1.4 per cent, BHP Group Limited (ASX: BHP) falling 2.5 per cent, and Rio Tinto Limited (ASX: RIO) also edging lower. Energy stocks gained as Brent crude prices surged past $US63 a barrel amid unrest in Iran, boosting Beach Energy Limited (ASX: BPT) by 3.6 per cent and Woodside Energy Group Ltd (ASX: WDS) by 0.6 per cent. Shares in Lynas Rare Earths Limited (ASX: LYC) and Larvotto Resources Limited (ASX: LRV) also rallied following government support for critical minerals. Meanwhile, PWR Holdings Limited (ASX: PWH) surged 10 per cent on a new US contract, Regal Partners Limited (ASX: RPL) rose 4.7 per cent on upbeat earnings guidance, and Clinuvel Pharmaceuticals Limited (ASX: CUV) added 1.4 per cent on news of a new preclinical study. Super Retail Group Limited (ASX: SUL) was the day’s worst performer, sliding 5.3 per cent after its earnings guidance fell short of market expectations.

Global markets recover after early jitters
US equity markets rebounded after a shaky start, with the S&P 500 Index (NYSEARCA: SPY) hitting a new record high, rising 0.2 per cent, while the Nasdaq Composite Index (NASDAQ: IXIC) gained 0.3 per cent on strength in technology shares and Walmart Inc. (NYSE: WMT). The Dow Jones Industrial Average (INDEXDJX: DJI) recovered from steep intraday losses, closing up 86 points. Market nerves were initially rattled by news of a Department of Justice criminal investigation into Federal Reserve Chair Jerome Powell, which President Trump allegedly used as a pressure tactic to push for rate cuts. Bank stocks were among the hardest hit, with Capital One Financial Corporation (NYSE: COF) down 7 per cent and Citigroup Inc. (NYSE: C) dropping 3 per cent after Trump proposed a temporary cap on credit card interest rates. However, optimism around fourth-quarter earnings—especially from major banks—and expectations for a modest US inflation print supported broader market sentiment.