ASX ends lower after mixed session; MinRes sheds 3.9% on Onslow issues
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The news: The Australian sharemarket ended lower after briefly climbing into the green midway through the session.
Mining group Mineral Resources was one of the worst performers after reporting disruptions to the haul road at its Onslow Iron project.
The market's largest tech stock WiseTech Global also fell after a review unveiled "serious" findings concerning founder and former CEO Richard White.
The ASX 200 closed 0.41% lower at 7,828.3, with eight out of 11 sectors finishing in red.
Biggest ASX 200 movers:
- Mineral Resources (-3.94%) — Paused operations at its Onslow Iron haul road after two trailers of a road train tipped onto their side. RBC Capital Markets expects a five to seven day impact and increased FY25 unit costs.
- Utilities (-1.58%) — Ended as the worst performing sector, a reversal of Tuesday's close. AGL Energy (-2.04%), Origin Energy (-1.94%) and Mercury NZ (-1.73%) all saw sizeable losses.
Other news:
- WiseTech Global (-2.34%) — An internal review concluded that founder and former CEO Richard White failed to make adequate disclosures about personal relationships he had with two company employees. The board has told White that the conduct was "not acceptable and must not be repeated".
- Rio Tinto (-0.69%) — Urged shareholders to vote down a proposal by activist investor Palliser Capital to review a possible unification of the miner’s dual-listed structure.
- Myer (-1.32%) — Recorded a 40% drop in first-half net profit, dragged down by ongoing issues at its new national distribution centre.
- New Hope Corporation (4.22%) — Extended gains after its first-half result drove a rally on Tuesday. Analysts remain optimistic on the miner despite a cyclical lull in coal prices.
- Nickel Industries (-4.55%) — Received approval for its feasibility study to expand the company's 80% owned Hengjaya mine in Indonesia.
The Australian dollar is buying 63.59 US cents.
What’s ahead: The US Federal Reserve will wrap up its two-day policy meeting with the release of its interest rate decision (5am Thursday AEDT) and updated economic projections for GDP growth, inflation, unemployment and interest rates.
