ASX dragged lower by iron ore, lithium miners
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The news: The Australian sharemarket finished lower, paring gains earlier in the day as iron ore and lithium producers took losses.
Materials (-1%) was the worst performing sector as BHP (-1.8%), Rio Tinto (-1.7%) and Fortescue (-3.4%) shares followed the iron ore index futures price down, alongside Champion Iron (-6.2%). The Big Four banks all declined.
The benchmark ASX 200 lost 0.31% to end at 8565.1, with seven of the 11 sectors finished in the green.
Biggest movers:
- Gold miners – Gains on the ASX 200 were led by Genesis Minerals (+6%) as gold prices rose amid heightened global uncertainty. Capricorn Metals (+4.7%), Regis Resources (+4.2%), West African Resources (+4%) and Vault Resources (+3.6%) also jumped.
- Lithium miners – Mineral Resources (-7.8%) was the worst performer on the ASX 200, while Pilbara Minerals (-6%), Liontown Resources (-3.5%) and IGO (-3.2) also dropped.
- Cettire (-31.2%) – The luxury retail platform missed earnings estimates amid a challenging global environment driven by US tariffs.
- Tech sector (+0.7%) – Was the best performing sector, with WiseTech Global (+0.5%), Xero (+0.9%) and Technology One (+0.3%) all gaining. NextDC (+1.2%) also finished higher after announcing a $2 billion commitment to build a data centre and AI training, research and development facility at Melbourne’s Fishermans Bend Innovation Precinct.
- Energy sector (+0.02%) – Despite being the best performing sector early in the day, it finished flat. Santos (+0.2%) and Yancoal (2.51%) finished higher while Woodside (-0.2%) fell.
Executive and board moves:
- Monash IVF (+9.1%) – The fertility business announced the resignation of chief executive and managing director Michael Knaap in the wake of a second incorrect embryo transplant.
- Resolute Mining (+1.8%) – Chief operating officer Geoff Montgomery has stepped down after more than three years in the role. He is being replaced by Gavin Harris, a general manager at South African gold producer AngloGold Ashanti.
- Myer (-0.7%) – Board director Jacquie Naylor, who joined in May 2019, is retiring from the role on 23 June.
- Endeavour Group (-1%) – BWS managing director Scott Davidson will leave the alcohol retailer at the end of November after five years in the role and 12 and a half years across Endeavour Group businesses.
Other news:
- Mesoblast (+2.8%) – The biotech told the exchange it has “continued momentum” as it seeks US Food and Drug Administration approval for its ischemic heart failure treatment Revascor.
- Qantas (+2.1%) – Analysts responded positively to the shuttering of loss-making Jetstar Asia, with the airline's share price reversing tWednesday declines.
- Cochlear (+0.7%) – Full-year guidance was downgraded at the same time as it announced the launch of an upgradeable implant system.
- ASX Limited (+0.1%) – The sharemarket operator said it expects total expenses growth to increase next year.
- AGL (-0.9%) – Confirmed it is conducting "preliminary investigations" to potentially sell its 20% equity interest in green energy supplier Tilt Renewables.
What’s ahead:
- Reserve Bank head of domestic markets department David Jacobs will deliver a speech on ‘Australia’s Bond Market in a Volatile World’ at the Australian Government Fixed Income Forum in Tokyo at 5:30pm.
- The US Bureau of Labor Statistics will release weekly unemployment claims data and monthly producer price index data for May tonight at 10:30pm.
