ASX ends 1.3% lower as miners retreat, Magellan rockets 22% on Barrenjoey deal
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket closed lower as miners retreated from Monday’s rally and earnings announcements triggered selloffs in app developer Life360 and miner Capstone Copper.
The benchmark ASX index fell 1.3% to end at 9,077.3, with nine of the 11 sectoral indices in negative territory.
Biggest movers:
- Life360 (-17.6%) — Reported its first year of profitability with net income of USD150.8 million ($212.7 million) in the 12 months to December, after the company added a record number of new active users in the fourth quarter.
- Magellan Financial Group (+21.9%) — Emerging from a trading halt for its completed $130 million institutional placement, as part of its proposal to merge with Barrenjoey Capital Partners.
Deals:
- Stockland (-2.2%) — Finalised documentation to establish Stockland EdgeConneX, which will own and operate an Australian portfolio of data centres.
- Fletcher Building (+0.3%) — Secured a 10-year contract with New Zealand Transport Agency Waka Kotahi to maintain sections of the state highway, effective from April 2026.
Other news:
- Neuren Pharmaceuticals (-8.8%) — Announced that its US partner, Acadia Pharmaceuticals, will seek a re-examination of the European market authorisation application for its Rett syndrome treatment trofinetide.
- Capstone Copper (-8.1%) — Delivered a 22% year-on-year increase in copper production in 2025 to 224,764 tonnes.
What’s ahead:
- Dan Murphy’s and BWS owner Endeavour Group will report its first-half results on Wednesday morning AEDT.
- The Australian Bureau of Statistics will release quarterly GDP figures at 11:30am AEDT.
