ASX breaks seven-day winning streak
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The news: The Australian sharemarket has broken its seven-day winning streak, with energy and financial stocks pulling the market down. The last time the ASX fell was on 22 April.
The ASX 200 fell 0.97% to 8,157.80 with 10 out of 11 sectors finishing in red.
Biggest movers:
Energy sector (-3.06%) — Woodside (-3.59%), Santos (-3.95%), Beach Energy (-3.75%) and Karoon Energy (-3.77%) all fell after oil prices tumbled due to eight OPEC+ countries agreed to another rise in output.
Financial sector (1.6%) — Westpac (-2.99%) was the worst performer among the big four banks after it posted a fall in half-year profit due to higher expenses and hedging-related impairments which offset growth in lending and deposits.
Gold Road Resources (9.43%) — Agreed to an improved $3.7 billion takeover bid from South Africa’s Gold Fields.
Other news:
City Chic Collective (-1.19%) — Flagged that it expected a reduction in US sales expectations due to tariff uncertainty and associated volatility.
Reliance Worldwide (-2.39%) — Downgraded its earnings and revenue guidance due to the impact of the recently-introduced US tariffs and said it will end sourcing from China by the end of FY27.
Paladin (-0.48%) — Appointed Anne Templeman-Jones as an independent non-executive director.
Healius (3.99%) — Announced it will pay a fully franked special dividend of about $300 million and has agreed to a three-year $300 million syndicated bank facility.
Stockland (-0.18%) — CFO Alison Harrop will step down later this year and will be succeeded by Sydney Airport’s CFO Josh McHutchison .
Endeavour (Flat) — Flagged that it is targeting positive sales growth in the current quarter after reporting a drop in March quarter sales.
Smartpay (21.71%), Tyro (11.61%) — Tyro has pulled out of the race to acquire rival Smartpay after the target company entered exclusive talks with another party.
