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Market Wrap

ASX closes flat; tech sector rout offset by mining rally

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The news: The Australian sharemarket closed flat as gains in the mining and energy sector were offset by losses in the tech sector.

The benchmark ASX 200 fell 0.07% to end at 8,927.5 with eight of the 11 sectors finishing in the red.

The tech sector was the worst performer as WiseTech Global (-2.1%), Xero (-3.1%), NextDC (-1.1%) and Technology One (-2.3%) finished lower. Meanwhile, Life360 (+1.6%) ticked upwards.

The materials sector was the best performer as commodity prices lifted on a weakening US dollar. Diversified miners BHP (+1.8%) and Rio Tinto (+1.4%) finished higher as iron ore giant Fortescue (-0.2%) ticked lower.

Biggest movers:

  • ASX Limited (+7.5%) – Named the seven members of its Advisory Group on Corporate Governance as recommended by an independent review in October 2025 amid concerns from the Reserve Bank of Australia and corporate regulator ASIC.
  • Iluka Resources (-14.1%) – Topped its full-year production guidance, after delivering a 25% jump in output over the fourth quarter, but reported $565 million in exceptional items including a $350 million non-cash impairment in its mineral sands business, mostly relating to the suspension of activities at its Cataby mine.

Executive and board moves:

  • Genesis Minerals (+3.6%) – Managing director Raleigh Finlayson has been moved to executive chair with chief operations officer Matthew Nixon promoted to CEO.
  • Woolworths (+0.6%) – Appointed former Walmart, Google and Lyft executive Jon Alferness as a non-executive director, effective 1 March, with Tracey Fellows set to retire from the board.

Other news:

  • Mayne Pharma (0%) – Escaped a shareholder strike at its annual general meeting as its recently appointed chair acknowledged “none or you would be happy with our current share price” following the collapse of a more than $600 million takeover proposal.
  • Mineral Resources (-3.8%) – Increased its full-year lithium volume guidance and reiterated cost guidance for its Wodgina and Mt Marion lithium projects.
  • Alpha HPA – Entered a trading halt to undertake a $225 million institutional placement as the cost of constructing its HPA First Project Stage 2 was revised up. The National Reconstruction Fund pre-committed $75 million to the round.

What’s ahead:

  • The US Department of Labor will release weekly unemployment claims data on Friday at 12:30am AEDT.
  • The Australian Bureau of Statistics will release producer price index data for the December quarter on Friday at 11:30am AEDT.
  • The Reserve Bank of Australia will release private sector credit data for December on Friday at 11:30am AEDT.

By Brandon How