ASX closes at lowest level since June as all sectors turn red
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The news: The Australian sharemarket has closed at its lowest level since 3 June as the tech and materials sectors led mass losses across the exchange.
The benchmark ASX 200 fell 1.94% to end at 8,469 with all of the 11 sectors finishing in the red.
The tech sector (-6%) continued its ongoing downward slide, with Technology One (-17.2%) and Catapult Sports (-11.7%) leading losses despite positive earnings results. WiseTech Global (-4.6%), Xero (-3.3%), NextDC (-5%), Life360 (-4.2%) and Codan (-3.5%) also fell.
The materials sector (-3%) also finished lower as BHP (-3.7%), Fortescue (-2%) and Rio Tinto (-2.7%) fell. Gold miners such as Northern Star Resources (-5.6%) and Evolution Mining (-5.2%) tracked the spot price of the commodity down.
Meanwhile, James Hardie (+9.9%) was the biggest gainer on the ASX 200 after announcing that chief financial officer Rachel Wilson had stepped down and has been replaced by former AZEK CFO Ryan Lada. The company also appointed Nigel Stein as its new chair and improved its adjusted EBITDA guidance alongside the release of its Q2 result.
Biggest movers:
- IperionX (-9.4%) – Continued to slide after the company responded to a short seller report on Monday.
Other news:
- ALS (-2.9%) – Reporting better than expected net profit after tax for the first half of FY26 and upgrading its FY26 organic revenue growth guidance.
- Regis Healthcare (-1.9%) – Reaffirmed its FY26 guidance and FY28 bed target.
- Commonwealth Bank (-1.7%) – Rejected the claim by ASIC that it charged vulnerable customers $285 million of excess fees as the major breaks with other big four banks on compensation.
- BlueScope Steel (-1.7%) – Expects underlying earnings before interest and tax for the first half of FY26 to be at the bottom end of the $550 million to $620 million guidance range.
- Mayne Pharma (+0.2%) – Foreign Investment Review Board has extended its deadline for a decision on Cosette Pharmaceuticals' proposed acquisition of Mayne to 20 November. Mayne also flagged that Cosette's debt arrangements “will only be available” if the acquisition is executed by 24 November 2025.
What’s ahead:
- The Australian Bureau of Statistics will release wage price index data for the September quarter on Wednesday at 11:30am AEDT.
- Companies that will hold their annual general meetings on Wednesday include IGO, EML Payments, Medibank, Ridley Corporation, and Seek.
