Oil Price Collapse Ignites Tech and Gold Recovery Rally
Paper Mandate Market & Portfolio Commentary | 27 July 2026
Fund Status:
Bal Start: $1,098,966
Bought None
Sold: None
Bal End: $1,117,379
Cash: $85,493
Overnight Markets
Global market sentiment stabilized with the temporary pause in US-Iran strikes and progressing talks. US ended Friday on a mixed note with the S&P 500 flat and the Nasdaq slipping slightly amid ongoing tech re-rating. Oil had a sharp fall. There was a recovery in long duration growth names after relief came to bond markets.
Australian Market
The ASX 200 jumped +1.39% in a nice reversal after the rate sensitive sectors were hit hard. Tech led the way, jumping +4.52% as lower bond yields reduce discount rates for higher terminal values. Materials (+2.42%) and Gold (+3.9%) also rallied as lower projected diesel costs are expected to expand operating margins. Meanwhile Energy fell -3.00%.
Portfolio Commentary
Our portfolio gained +1.68%, outperforming the ASX 300 (+1.38%). The unwind of Energy and lower rates directly impacted the growth and tech names. Xero (+6.03%), BVS (+5.88%), 360 (+5.46%), and Zip (+4.76%) all benefited. Simultaneously, our healthcare names MVF (+4.58%) and EMV (+3.90%) jumped. Woodside was down (-2.94%), unsurprisingly. But what was a surprise was SKS dropping -5.67% while MP1 rallied +2.65%.
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.