ASX closes lower as Genesis, Evolution, Ramelius led gold rout
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The news: The Australian sharemarket finished lower as the materials sector plunged. There was a collapse in share price for ASX-listed gold miners as the spot price of the commodity retreated from its record-breaking rally.
The benchmark ASX 200 fell 0.71% to end at 9,030 with seven out of the 11 sectors finishing in the red.
The spot price of gold was USD4,133.96 ($2,689.68) at 4:37pm AEDT, after two days of decline since settling above USD4,300 per ounce on Monday. Genesis MInerals (-10.3%), Evolution MIning (-10.3%) and Ramelius Resources (-10.2%) led losses on the ASX 200.
Other large gold miners Northern Star Resources (-9.6%) and Newmont Corporation (-8.8%) also finished lower, with gold miners making up all of the top 10 biggest losers.
Blue-chip mining stocks BHP (-1.4%), Fortescue (-0.3%) and Rio Tinto (-1.1%) also finished lower.
Biggest movers:
- Adairs (+8.3%) – The homeware and furniture retailer cut its first-half guidance, warning that sales growth has slowed as the company pulled back on the intensity of its promotional activity.
- Woodside Energy (+3.5%) – Lifted its full-year production guidance after increasing output for the third quarter. Was the best performer on the ASX 200.
Other news:
- Pinnacle Investment Management Group (+2.4%) – Agreed to acquire an initial 5% stake in Japan-based private markets platform Advantage Partners for $92 million, with the option to acquire an additional 8%.
- Magellan Financial Group (+1.7%) – Appointed Peeyush Gupta as an independent non-executive director to the board. He will join on 1 November.
- Atlas Arteria (0%) – The toll road operator reported a 10.9% increase in proportionate toll revenue for the third quarter, supported by traffic growth across its portfolio.
- Air New Zealand (-1%) – Downgraded its outlook for the first half of the 2026 financial year, warning that its target uplift in revenue during the period "has not materialised".
- Cettire (-2.1%) – The online fashion retailer has reported a drop in sales and customers for the first quarter, flagging ongoing headwinds in the US market, partly driven by the country's global tariffs policy.
What’s ahead:
- Companies holding their annual general meetings tomorrow include IAG, ASX Limited, Cochlear, Auckland International Airport, Super Retail Group, BHP, Perpetual, South32, Bapcor, Deterra Royalties and Brambles.
- The RBA will publish its quarterly bulletin tomorrow at 11:30am AEDT.
- NAB is expected to release business confidence data for the September quarter tomorrow.
