Oil and Rate Shock Triggers Growth Sell-Off. Symal & Woodside Lone Gainers

Paper Mandate Market & Portfolio Commentary | 24 July 2026

Author Note:

It’s been a crazy week so this update will be for Friday. We will published another for today (Monday). In short, technology and software are hurting.

Fund Status:

• Bal Start: $1,125,190

• Bought None

• Sold: None

• Bal End: $1,098,966

• Cash: $85,493

Overnight Markets

Wall Street closed lower, led by a tech wiped out. Earnings disappointments included Tesla (-15%) and Alphabet (-4.0%), while US initial jobless claims dropped to their lowest level since 1969, reinforcing a higher interest rate risk. Middle East tensions have yet to cease, as Brent crude oil jumped US$100 a barrel. The shock drove US 10 Year Treasury yields to 4.70%. Adding to the sell off across tech, base metals, and gold equities.

Australian Market

The ASX 200 finished Friday on a grim note, dropping -0.76%. We were dragged by the spike in oil, increasing worries regarding input costs, sticky inflation, and delayed central bank rate cuts. Energy was up +0.93% from oil, while Materials (-2.38%) and Tech (-2.90%) were the worst performers

Portfolio Commentary

The portfolio was hit hard due to the overweight tech exposure, dropping -2.33% compared to the ASX 300 down -0.78%. Woodside (+1.79%) was up as it is correlated to the oil price and Symal was supportive (+2.17%). The rest of the portfolio, not so much; EMV down -5.52% (pre-revenue healthcare) GDG dropped -5.24% which we attribute to profit taking after a stellar session the previous day. The primary drag came from our tech and software platform names: Xero (-4.45%), 360 (-4.35%), Zip (-4.91%) and NWL (-4.16%).

Investment Activity

None

Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.