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Market Wrap

ASX closes lower as Trump declares new tariff rates

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The news: The Australian sharemarket closed lower, finishing the week flat, after US President Donald Trump finalised his global tariff regime.

Australia will face a baseline levy of 10%, unchanged from 2 April.

The benchmark ASX 200 fell 0.92% to end at 8662 with 10 of the 11 sectors finishing in the red.

The tech sector (-2.4%) was the worst performing as Wisetech Global (-2.4%), Xero (-3.2%) and Technology One (-2%) all finished lower. Life360 (-3%) also finished lower.

Utilities (+0.7%) was the only sector to finish higher as Origin Energy (+0.8%) and APA Group (+0.7%) ticked up.

Biggest movers:

  • Healthcare sector (-1.9%) – Telix Pharmaceuticals (-4.3%), Polynovo (-4.3%) and Fisher & Paykel (-3.5%) were big losers. Biotech giant CSL (-2.5%) also fell, as did Sigma Healthcare (-1%) and Pro Medicus (-2.5%).
  • Bellevue Gold (-4.3%) – The biggest loser on the ASX 200. The gold miner announced guidance for FY26.
  • Capstone Copper (+9.5%) – Reported record copper production for the second quarter of calendar year 2025 and a new quarterly record for adjusted earnings. A 50% tariff on copper imports in the US came into effect on 1 August, although it applies to less products than initially expected. Sandfire Resources (+3.6%) also finished higher.
  • IGO (+3.4%) – Macquarie analysts increased their target price on the critical minerals miner. Fellow lithium miners Mineral Resources (+4.4%), Pilbara Minerals (+4.1%) and Liontown Resources (+2.6%) also finished higher.
  • Flight Centre (+3.2%) – Recuperated some of the loss taken on Thursday after announcing it expects to miss FY25 profit guidance.
  • The Star Entertainment Group (-16.4%) – The casino operator announced that plans to sell its interest in the Queens Wharf casino and entertainment complex in Brisbane to its joint venture partners had failed. It is now required to pay them an estimated $41 million.

Other news:

  • Resmed (+1%) – Reported a 37% increase in FY25 net income, beating expectations. Declared a quarterly dividend of 60 US cents per share, 13% higher than the prior corresponding period.
  • Downer (0%) – Awarded a $220 million professional services contract with the Australian Department of Defence and entered a project alliance agreement to construct part of a highway in New Zealand, expected to generate about $280 million in revenue.
  • Perseus Mining (-0.3%) – CEO Jeff Quartermaine will retire on 30 September after 12 years leading the gold miner. Former Newcrest Mining global chief operating officer Craig Jones will succeed him.
  • Washington H Soul Pattinson (-0.6%) – Expects pre-tax net asset value for FY25 to be between $12.18 billion and $12.68 billion, up 5.3% at the midpoint from $11.8 billion last year, according to unaudited figures. Declared a final dividend of 59 cents per share.
  • Brickworks (-0.7%) – Declared a final dividend of 48.4 cents per share for the 2025 financial year, ahead of its proposed merger with investment house Washington H Soul Pattinson.
  • Bowen Coking Coal – FTI Consulting representatives have been appointed as receivers and managers to pursue the interests of Global Loan Agency Services Australia. Bowen appointed voluntary administrators on Wednesday. Shares are suspended from quotation.

What’s ahead:

  • Eurostat will release a July flash estimate of consumer price index data the euro area tonight at 7:00pm.
  • The US Bureau of Labor Statistics will release data on the employment situation in July tonight at 10:30pm.
  • The Institute of Supply Management will release data on US manufacturing purchasing managers index for July at midnight.
  • Retail bank branches and some financial institutions in New South Wales will have a Bank Holiday on Monday. It is not a statewide public holiday.

By Brandon How