ASX closes lower as energy stocks tumble for second consecutive day
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The news: The Australian sharemarket closed lower as the energy, health care and real estate sectors took the steepest declines amid broad losses across the exchange.
Confirmation that 4,500 jobs will be cut at ANZ (-0.2%) by September 2026 and the conclusion of a dynastic battle for the control of News Corporation (-1.4%) were also announced today although they did not lead to sharp share price swings.
The benchmark ASX 200 fell 0.52% to end at 8,803.5 with eight out of the 11 sectors finishing in red.
The energy sector (-1%) was the worst performing after Woodside (%) and Santos (%) finished lower for a second day in a row after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) on Sunday agreed to increase oil output from October.
The healthcare sector (-0.9%) also fell as CSL (-1.6%) and Sigma Healthcare (-0.7%) took losses. Polynovo (-5.8%) was the biggest loser on the ASX 200 index, which it will be removed from effective 22 September.
Meanwhile, Telix Pharmaceuticals (+1.6%) gained after announcing it had reached an agreement with the US Food and Drug Administration on the resubmission of its investigational agent TLX101-CDx for the imaging of glioma, a rare and life-threatening brain cancer.
Real estate (-0.9%) also fell as Goodman Group (-2%) and Stockland (-0.5%) finished lower.
Biggest movers:
- IDP Education (+4.5%) – The best performing stock on the ASX 200. The company disclosed that one of its directors had bought shares while another disposed of performance rights.
- Gold miners – The spot price of gold has continued its record breaking streak after it finished above USD3,600 ($5,449) per ounce for the first time in the previous trading session. An executive order from US President Donald Trump also confirmed that gold and some other metals would not be subject to tariffs. Gold miner Vault Minerals (+4.2%), Evolution Mining (+2.1%) and Ramelius Resources (+1.8%) finished higher.
Other news:
- JB Hi-Fi (+0.6%) – Subsidiary The Good Guys was fined $13.5 million by the Federal Court following after admitting that store credit promotions run between 2019 and 2023 were misleading. The case was brought by the Australian Competition and Consumer Commission.
- BHP (-1%) – Agreed to settle a class action for $110 million. The case was brought on behalf of shareholders who had acquired shares before the Fundão Dam disaster in 2015.
What’s ahead:
- The National Bureau of Statistics of China will release consumer price index and producer price index data for August tomorrow at 11:30am AEST.
