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Market Wrap

ASX ends lower as tech stocks tumble; energy leads gains as oil prices lift

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The news: The Australian sharemarket ended marginally lower as gains by energy (+1.5%) and healthcare (+0.9%) stocks partially offset a 2.3% selloff in the tech sector.

The benchmark ASX 200 index fell 0.1% to 8,525.7, with six of the 11 sectoral indices in positive territory.

Biggest movers:

  • Nickel Industries (-8.5%) — Announced the suspension of operations at its Indonesia-based Hengjaya Mine following a fatal accident at the site.
  • Infratil (+3.9%) — Said its 50%-owned data centre developer CDC is tracking the lower end of its FY26 earnings guidance range of $390 million to $400 million.

Executive moves:

  • AMP (-0.4%) — Promoted Adrian Ryan to acting CFO to fill the vacancy that will be left by Blair Vernon, who will begin as the new CEO on 30 March.
  • Nine Entertainment (+0.6%) — Added WIN chief financial officer and chief operating officer Chris Halios-Lewis to its board of directors, two months after announcing it would divest its radio assets to WIN.
  • Monash IVF (-1.5%) — Named former Ansell and DBG Health executive Birol Akodogan as interim CFO, effective immediately.

Deals:

  • Woodside Energy (+2.3%) — Assumed control of the Beaumont New Ammonia facility in Texas following its acquisition of OCI Global.
  • Lynas Rare Earths (-0.2%) — Entered into a framework agreement with LS Cable & System’s subsidiary LS Eco Energy to establish a long-term metal processing facility in Vietnam.
  • St Barbara (flat) — Aims to complete a $500 million selldown in its PNG-based Simberi gold project by 1 April after satisfying key conditions precedent with buyers Lingbao Gold Group and Kumul Mineral Holdings.

Other news:

  • Westpac (+0.2%) — Unveiled plans to migrate the commercial bank arms of St George Bank, BankSA and Bank of Melbourne under the single brand of Westpac by December 2027.
  • Soul Patts (+0.2%) — Reported a 604% rise in first-half statutory NPAT and hiked its interim dividend.
  • L1 Group (-6.1%) — Announced the opening of its L1 Gold Fund IPO, with commitments in place for a $900 million raise.

What’s ahead:

  • The US Department of Labor will release monthly unemployment claims data (11:30pm Thursday AEDT).
  • Westgold Resources spin-out Valiant Gold will float on the ASX, targeting a $75 million raise (Friday AEDT).
  • National Australia Bank will release its quarterly business confidence index (Friday AEDT).

By Hugo Mathers