ASX closes flat; mining rally offset by CBA, NAB decline
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The news: The Australian sharemarket finished flat as big gains by iron ore majors, gold miners and the health care sector offset plummeting share prices among the biggest banks.
The benchmark ASX 200 rose 0.1% to end at 8677.2 with six of the 11 sectors finishing in the green.
The materials (+2.4%) sector was the biggest gainer as iron ore majors BHP (+2.6%), Fortescue (+3.3%) and Rio Tinto (+3.4%) tracked a 1.5% increase in iron ore index futures on the Singapore exchange. Mining services business Imdex (+9.3%) was another big gainer.
The health care (+2.1%) sectors also performed well as CSL (+3.4%), Pro Medicus (+2.1%) and Sigma Healthcare (+0.7%) finished higher.
Meanwhile, the finance sector (-1.7%) was the biggest loser as shares in Australia’s biggest banks continued yesterday’s sell off.
Commonwealth Bank (-3.1%), NAB (-2.7%), and Westpac (-1.3%) were all among the top 10 biggest losers on the ASX 200. ANZ (-0.8%) also finished lower.
Biggest movers:
- Insignia Financial (+12.2%) – Entered a scheme implementation deed to be acquired by US-based CC Capital in a deal with a total implied equity value of $3.3 billion. Two months ago, rival suitor Bain Capital pulled out.
- Gold miners – Made up four of the top 10 gainers on the ASX 200 as haven demand lifted amid reinvigorated trade tensions. West African Resources (+8.6%), Spartan Resources (+8.4%), and Ramelius Resources (+8.1%) all finished higher. Spartan was suspended from trading at market close as the scheme to be acquired by Ramelius took effect.
- Mad Paws (+73.3%) – The small-cap pet sitting marketplace has agreed to be bought by US counterpart Rover Group for $62 million.
- Liontown Resources (-6.3%) – The worst performing stock on the ASX 200 despite no company specific news.
- Lovisa (-3.8%) – Citi analysts reiterated their ‘sell’ rating on the stock and cut their target price by 11% to 11:50am AEST.
Deals updates:
- Champion Iron (+5.2%) – Entered a definitive agreement with Nippon Steel and Sojitz Corporation for the joint ownership and development of its Kamistuatusset iron ore mine in Canada.
- Carnarvon Energy (0%) and Strike Energy (-15.6%) – The small-cap oil and gas companies announced that Carnarvon is set to acquire a 19.9% stake in Strike for $89 million.
- Fletcher Building (-0.7%) – The building materials supplier has started exploring "potential divestment options" for its construction division after receiving inquiries from prospective buyers and following a strategic review of its assets.
Other news:
- Capricorn Metals (+4.6%) – Announced a "significant increase" to the mineral resource estimate at its Mount Gibson gold project in Western Australia amid ongoing drilling.
- Domino's Pizza Enterprises (+1.8%) – UBS analysts reiterated their 'buy' recommendation and price target after US-headquartered and brand owner Domino's Pizza Inc. released its earnings report for the second quarter of 2025.
- Perpetual (+0.7%) – The fund manager reported that assets under management grew by 2.5% for the June quarter as each of its three businesses delivered growth.
What’s ahead:
- Bank of England Governor Andrew Bailey will testify on the central bank's Financial Stability Reports before the House of Commons Treasury Select Committee this evening at 7:15pm.
- US Federal Reserve chair Jerome Powell will deliver opening remarks at the Integrated Review of Capital Framework for Large Banks conference hosted by the central bank tonight at 10:30pm.
- June data for the Westpac-Melbourne Institute leading index of economic activity will be released tomorrow at 10:30am.
