Skip to content

Briefing

Market Wrap

ASX falls for third straight day, NAB and MinRes drag

Make us a preferred source
Link copied

The news: The Australian sharemarket ended lower for the third consecutive session with energy and financial stocks once again extending losses. Market stalwarts Mineral Resources, National Australia Bank and Santos all sold off after reporting softer-than-expected results.

The ASX 200 fell 0.73% to end at 8,419.2, as 6 out of 11 sectors finished in red.

Biggest ASX 200 declines:

  • Mineral Resources (-20.7%) — Swung to an $807 million first-half loss with net debt swelling by $700 million in six months.
  • The Star Entertainment (-9.7%) — Ended a two-day rally after receiving a $650 million debt financing proposal from US asset manager Oaktree Capital Management on Monday.

Biggest ASX 200 gains:

  • Corporate Travel Management (10.3%) — Posted a 42% slide in first-half profit but hiked its growth targets for the second half and FY26.
  • Light & Wonder (9.6%) — Agreed to buy the charitable gaming assets of US games developer Grover Gaming in a deal worth up to $1.65 billion.

Earnings news:

  • NAB (-8.1%) — Reported a drop in its first-quarter cash profit on the back of higher credit impairment charges and income tax expenses.
  • Santos (-4.5%) — Missed market forecasts for full-year underlying profit and unveiled a cost reduction initiative, targeting USD100 million to USD150 million in annual savings over the next one to two years.
  • Goodman Group (in a trading halt) — Launched a $4.4 billion capital raising to fuel growth in its data centre operations. It also posted a better-than-expected 8% jump in half-year operating profit.
  • Stockland (-3.7%) — Post-tax funds from operations fell 5.6% year on year, and missed market forecasts.
  • James Hardie Industries (3.1%) — Recorded a 2% downturn in Q3 profit, but roughly matched market estimates.
  • Ventia Services Group (7%) — Full-year profit surged 13%, exceeding the top end of its upgraded guidance range.
  • Data#3 (7.7%) — Posted a 4.3% rise in first-half profit, outstripping consensus estimates, and increased its interim dividend.
  • Fletcher Building (7.4%) — Outlined progress on its cost-cutting program, but its first-half net loss and revenue missed estimates.
  • Vicinity Centres (0.9%) — First-half profit was boosted by asset valuation increases and higher occupancy at its key properties.
  • Cleanaway (-0.4%) — Reaffirmed full-year guidance and lifted its interim dividend as half-year profit edged down.
  • Genesis Minerals (2.8%) — Doubled its first-half profit, boosted by the early re-start of its Laverton Mill in October.
  • Iluka Resources (-2.6%) — Full-year profit tumbled 33% amid subdued demand for mineral commodities.

Other news:

  • Rio Tinto (1.1%) — Confirmed that Japanese investor Mitsui & Co has agreed to acquire a 40% interest in its Rhodes Ridge iron ore project. Rio Tinto has retained its 50% holding.
  • Healthcare (0.8%) — Ended as the best performing sector after both Neuren Pharmaceuticals (2.6%) and Clarity Pharmaceuticals (0.9%) secured fast track reviews from the US Food and Drug Administration for trial-phase treatments.
  • Westgold Resources (3.3%) — Confirmed media reports that it is considering a potential sale of its Lakewood Mill gold processing facility.
  • NRW Holdings (-1.9%) — Halted trading pending an announcement about its contract with SIMEC in South Australia.

The Australian dollar is buying 63.64 US cents.

What’s ahead: Companies due to report on Thursday include mining giants Fortescue and Rio Tinto, Bunnings and Kmart owner Wesfarmers, logistics group Brambles, toll-road operator Transurban and Australia's top telecoms firm Telstra.

By Hugo Mathers