ASX Preview: Australian Shares to Rise as Oil Gains; Cochlear Faces Class Action Over Fiscal 2026 Profit Forecast

MT Newswires Live

Sep 29

Australian shares are poised to rise on Tuesday as oil prices edged higher on renewed concerns over supply disruptions in the Middle East, although gains were tempered by hopes that Qatari-mediated talks between the US and Iran could help reopen the Strait of Hormuz.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.8%, 0.9%, and 0.7%, respectively.

In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence fell 1.5 points to 70.5 in the week of Sept. 21 to Sept. 27, ANZ reported Tuesday.

The Reserve Bank of Australia's interest rate decision is due at 2:30 pm Sydney time.

In corporate news, Cochlear (ASX:COH) has confirmed it is facing a shareholder class action in the Supreme Court of Victoria over its fiscal 2026 underlying net profit forecast, covering investors who acquired shares between Aug. 15, 2025 and April 21.

REA Group (ASX:REA) struck a deal to acquire a 35% stake in digital marketplace operator Distilled, which owns Irish property portal Daft.ie, for share consideration of about AU$409 million.

Australia's benchmark index was little changed to close at 8,679.70 on Monday.

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