Skip to content

Briefing

Market Wrap

ASX closes lower; copper, gold miners lead materials rout as Maas falls 26%

Make us a preferred source
Link copied

The news: The Australian sharemarket finished lower after the gold miners and copper miners tracked commodity prices lower. 

The benchmark ASX 200 fell 0.43% to end at 8,889.2 despite eight of the 11 sectors finishing in the green.

The materials sector was the worst performing as BHP (-3.9%), Fortescue (-0.7%) and Rio Tinto (-1.4%) finished lower. Copper miners Capstone Copper (-7.2%) and Sandfire Resources (-5.8%) also fell as the price of the commodity slumped on lower Chinese demand. 

Gold miners like Ora Banda Mining (-5.9%) and Genesis Minerals (-6%) also fell as the spot price of gold fell. 

Biggest movers: 

  • Maas Group Holdings (-26.6%) – Announced it would sell its construction materials division to Heidelberg Materials Australia for up to $1.7 billion as part of a pivot into AI infrastructure construction. It also announced a $100 million investment in data centre play Firmus.
  • Neuren Pharma (-9.8%) – Received meeting feedback from the US Food and Drug Administration regarding the development of its NNZ-2591 drug to treat hypoxic ischaemic encephalopathy and Pitt Hopkins syndrome.
  • Regal Partners (+5%) – Announced an on-market share buyback program of up to $75 million.

Executive Moves:

  • Elders (-4.1%) – Appointed former Fonterra executive René Dedoncker as its new chief executive, starting 1 October.
  • Viva Energy (+0.8%) – Appointed Teresa Rendo as chief executive officer of convenience and mobility, effective July 2026.

Other news: 

  • Beach Energy (-4.4%) – Recorded a 32% drop in statutory profit for the first half, as floods in the Cooper Basin impacted production during the period.
  • Macquarie Group (-0.7%) – The Australian Prudential Regulation Authority has reduced the additional liquidity requirements imposed on Macquarie Bank in 2021 and 2022.
  • Commonwealth Bank (+1.4%) – May limit how its customers use external AI-powered bots, as the institution weighs the risks and opportunities of the technology.

What’s ahead: 

  • The Bank of England will make an interest rate decision at 11:00pm AEDT and Bank of England governor Andrew Bailey will deliver a press conference at 11:30pm AEDT. 
  • The European Central Bank will make an interest rate decision on Friday at 12:15am AEDT. A press conference will be held at 12:45am AEDT. 
  • The US Bureau of Labor Statistics will release job openings and labor turnover survey data on Friday at 2:00am AEDT.
  • RBA governor Michele Bullock will appear before the House of Representative standing committee on economics to discuss the RBA’s annual report alongside deputy governor Andrew Hauser and several assistant governors on Friday at 9:30am AEDT.

By Brandon How