ASX ends lower as utilities tumble
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The news: The Australian sharemarket ended lower as the Reserve Bank of Australia held interest rates at 3.6%.
The numbers: The ASX 200 dropped 0.91% to 8,813.7 with 10 out of 11 sectors finishing in red.
Utilities was the worst performer, down 2.8%, as Origin Energy (-3.8%) and AGL (-3.7%) dragged. The federal government announced a new regulated electricity offer that would require retailers to offer free solar electricity to households regardless of whether they had solar panels.
Materials was the second worst performing sector (-3.8%) as most miners fell including heavyweights BHP Group (-1.9%), Fortescue (-2.7%) and Rio Tinto (-2.6%).
Other news:
- Fletcher Building (+1.8%) — Handed over the delayed New Zealand International Convention Centre to casino operator SkyCity (+0.8%) ahead of its planned opening in February 2026.
- Southern Cross (3.6%) and Seven West Media (0%) — Risk advisory firm Kroll Australia has found that the all-scrip merger between Southern Cross and Seven is in the best interests of Southern Cross shareholders.
- Alliance Aviation Services – Its shares were suspended from trading after the airline warned that its full-year earnings are set to be "materially lower" than consensus estimates.
What’s ahead:
- AGMs held on Wednesday include: Nanosonics, Chorus, PM Capital and Pengana Capital.
