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The ASX 200 whipsawed through the morning session, initially lower but then charging back to positive territory before ultimately falling away for the day. Samsung’s quarterly result sparked a broad “sell-the-news” reaction across Asian semiconductor stocks which triggered Nasdaq futures selling, weighing on sentiment locally.
Materials accounted for most of the index’s weakness despite a strong day for the gold miners as iron ore remained under pressure. Financials were also soft as investors reduced exposure to the major banks after a bounce over the past week. Energy outperformed as oil ticked up slightly, while Technology found support as investors rotated back into some growth names.
- ASX 200: -27.07 pts / -0.31% / 8,803.90
- AUD/USD: US$0.6937 / -0.26%
- Best sectors: IT +2.01%, Communications +1.58%, Financials +1.25%
- Worst sectors: Materials -2.64%, REITs -1.35%, Energy -1.28%
- WiseTech Global (ASX: WTC) +5.65% to $37.37 surged after founder Richard White stepped down as Chairman, with independent director Raelene Murphy assuming the role. White will remain on the board as Chief Innovation Officer, so isn’t necessarily stepping away, though the optics around governance should shift the market’s focus back to the fundamentals.
- Netwealth (ASX: NWL) +6.73% to $24.43 rallied after securing a platform mandate from Morgan Stanley Wealth Management Australia and guiding FY27 net inflows of $18-20bn. While management flagged higher technology investment would compress earnings margins next year, the market focused on the strong growth outlook.
- Lynas Rare Earths (ASX: LYC) -6.37% to $16.91 fell after announcing a $50m investment in a Malaysian permanent magnet factory alongside South Korea’s JS Link, with the market zeroing in on the outsized capex requirements for the project.
- The gold sector endured a difficult session as bullion slipped — Evolution Mining (ASX: EVN) -5.31% to $11.94, Capricorn Metals (ASX: CMM) -3.81% to $13.65, Northern Star (ASX: NST) -5.10% to $20.66, Emerald Resources (ASX: EMR) -5.54% to $5.46 and Perseus Mining (ASX: PRU) -3.87% to $4.97 all finished sharply lower.
- Coal names also remained under pressure, with Whitehaven Coal (ASX: WHC) -5.83% to $7.11 and Yancoal Australia (ASX: YAL) -3.68% to $5.24 leading losses across the sector.
- Nine Entertainment (ASX: NEC) +0.55% to 91.5c rose after securing a seven-year agreement to remain the free-to-air broadcaster of the NRL and NRLW through to 2034. Management expects the deal to support continued audience growth despite a subdued advertising backdrop.
- a2 Milk (ASX: A2M) -4.41% to $7.37 closed lower despite upgrading FY26 profit guidance, with the stock falling sharply from its daily highs. Management now expects NPAT to finish slightly above FY25 despite supply disruptions in China earlier in the year. Citi, however, warned FY27 earnings remain at risk if customers lost during the shortages fail to return.
- South32 (ASX: S32) -4.31% to $4.00 eased despite moving closer to final US approval for its Hermosa critical minerals project in Arizona, with the broader weakness across base metals outweighing the project milestone.
- Cobram Estate Olives (ASX: CBO) -6.25% to $3.75 declined after reporting FY26 olive oil production fell 20% while revealing a legal dispute over up to US$31.9m relating to its California acquisition. Management remains confident FY27 production will rebound.
- Oil (WTI): ~US$69.40/bbl / +1.2%
- Gold: ~US$4125/oz / -0.9%
- Iron Ore: ~US$98.10/mt / −0.1%
- Asian Markets: China -1.3%, Hong Kong –0.7%, Nikkei −1.8%
- Global Futures: FTSE −0.36%, S&P 500 E-Mini -0.32%, Dow E-Mini flat, Nasdaq E-Mini -1.01%
