ASX 200 report:
31 March 2026

The Australia 200 trades 49 points (0.56%) higher at 8508 at 3.35 pm AEDT.

Oil headlines spark market rebound amid weak consumer confidence

The ASX 200 has shrugged off an early 50 point tumble and staged a solid rebound from the day’s low of 8410, putting it on track to snap a three day losing streak. A close around current levels would leave the index roughly 7.50% lower for March – its worst month since June 2022 – and down 2.35% for the first quarter of 2026.

Today’s recovery was sparked by headlines that President Trump has told aides he is willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed. The focus will now shift to weakening Iran’s navy and missile capabilities before winding down hostilities, while keeping diplomatic pressure on Tehran to restore free trade through the strait. That news saw crude oil give up more than US$4 from its early high of US$106.86, easing to around US$102.65 in afternoon trade.

In economic news, Australian consumer confidence plunged 4.3 points to a fresh record low of 58.8 this week, dragged lower by growing pessimism around personal finances and the broader economy. This marks the second consecutive all time low for the index, which dates back more than 50 years to 1972, and the first time it has ever dipped below 60. Adding to the gloomy mood, weekly inflation expectations surged to a new record high of 7.3% – the highest reading since the series began in 2010.

ASX 200 stocks

Financial sector

The big banks found buyers despite news that the Reserve Bank will ban surcharges on debit and credit cards from October, a move expected to crimp revenue.

• Westpac lifted 1.30% to $39.60
• ANZ gained 0.81% to $36.19
• NAB rose 0.70% to $41.35
• CBA edged 0.17% higher to $169.06.

Energy sector

The pullback in oil triggered some profit taking in the high flying energy sector, which is still on track to finish the month a hefty 18.86% higher.

• Karoon Gas slipped 2.57% to $2.08
• AGL dropped 1.00% to $9.89
• Santos eased 0.93% to $7.97
• Ampol lost 0.60% to $33.77.

While markets debate the merits of this latest de escalation signal, especially with continued US military build up in the Gulf, it might pay to remember the recent tweet from Iran’s parliament speaker Mohammad Bagher Ghalibaf: ‘If they pump it, short it. If they dump it, go long.’

Technology sector

That note of caution wasn’t enough to dampen spirits in the badly bruised information technology sector, which has shed 11.83% this month and is heading for an eighth straight month of losses.

• Xero soared 7.16% to $75.57
• Zip jumped 6.40% to $1.58
• WiseTech climbed 5.09% to $38.38.

ASX 200 technical analysis

At last Monday’s 8262 low, the ASX 200 has fallen 940 points, or a neat 10.20%, from the 9202.9 record high it struck in late February. The rebound from the 8262 low left some signs of capitulation.

While this was a positive development, the ASX 200 must reclaim the 200 day moving average, currently at 8775, on a sustained basis to increase confidence that a medium term low is in place at the 8262 low and that the uptrend has resumed. Until then, a retest and break of the 8262 low is possible.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 31 March 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}