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The ASX snapped a two-day winning streak today, with a sharp pullback in commodities weighing heavily on miners and overwhelming broader strength across defensives and financials. Losses were concentrated in materials while money rotated into healthcare, insurers and the major banks, while tech trod water after yesterday’s savage sell-off.
- The ASX200 fell –38pts/-0.43% to close at 8889.
- Consumer Discretionary (+1.36%), Consumer Staples (+0.96%) and Financials (+0.8%) outperformed.
- Materials (-3.31%), Energy (+1.24%) and Tech (-0.13%) dragged.
- Commodities under the pump again: Silver plunged ~13–15%, gold fell ~2–3%, and copper dropped ~3%.
- BHP fell 3.5%, giving back much of yesterday’s bounce. Sandfire (SFR) -5.8% and Newmont (NWM) -5.2% also fell as the underlying’s sold off.
- Uranium stocks were also pressured, with sentiment dented after a sharp sell-off in US tech reignited concerns around AI-related demand assumptions – Paladin (PDN) -9% and Deep Yellow (DYL) -6.4% among those hit.
- Consumer staples found support, with Woolworths (WOW) +1.3% edging higher.
- The banks provided ballast, with CBA +1.4% and ANZ +1.4% both rising on a rotation to perceived safety.
- Elders (ELD) -4.1% fell after announcing a new CEO, with the delayed October start date disappointing the market.
- Neuren Pharmaceuticals -9.8% dropped sharply following regulatory feedback on its NNZ-2591 program, with investors resetting near-term expectations.
- Beach Energy (BPT) −4.4% eased after posting a profit dip and a dividend that missed expectations, adding concerns around earnings quality.
- Regal Partners (RPL) +5.2% rallied after announcing a $75m on-market buyback, a clear positive signal on valuation.
- Origin Energy (ORG) -0.1 % was in focus after confirming it will not trigger its NSW government support agreement for Eraring in FY27, meaning no taxpayer funds will be paid under the deal.
- ASX +0.9% edged higher after releasing its monthly activity statement, with strong trading volumes, but subdued IPO activity.
- Gold was down ~$50/oz, trading at US$4910/oz around our close
- Iron ore traded up +0.8% to around US$100.90/t.
- Asian markets were weaker, with China -0.4%, Hong Kong down –0.8 % and Japan down –1.3%.
- US futures are trading down -0.1%.
- US reporting continues tonight with another Mag. 7 stock Amazon (AMZN US) headlining the session.
