ASX falls sharply, as Aussie drops and Deep Yellow tumbles

The news: The Australian sharemarket had its worst day since September following falls on Wall Street after the US Federal Reserve signalled fewer interest rate cuts than expected in 2025.

The benchmark ASX 200 dropped 1.7% to end at 8,168.2, with all 11 sectors finishing in red. The index dropped as low as 2.2% during the trading day, while the Australian dollar fell to its lowest level against the greenback in more than two years.

Biggest movers:

• Deep Yellow (-12.08%) — Announced it had delayed a final investment decision on its flagship Tumas project in Namibia until March.
• Mesoblast (54.04%) — The US Food and Drug Administration approved the company's product Ryoncil as the first mesenchymal stromal cell therapy in the US.

Other news:

• ANZ (-2.55%) — Its CEO Shayne Elliott has forfeited $3.2 million in performance rights after 49.2% of shareholders voted against the resolution. It also received a first strike on its remuneration report at its AGM.
• Woodside (-1.91%) — Announced it will swap a number of operating assets in Australia with US energy giant Chevron as part of efforts to simplify its liquefied natural gas portfolio.
• CSL (-1.22%), Cochlear (-1.13%) — Morningstar says that the prospect of vocal vaccine sceptic Robert F Kennedy Junior leading the US Health Department does not change its long-term views on the companies.
• Perpetual (-0.79%) — Has entered discussions with former wealth adviser Daniel Elias, putting a two-day hearing between the two parties before the Supreme Court of New South Wales on hold.
• AGL (-0.74%) — Has been ordered to pay a $25 million penalty after the energy regulator found the company failed to notify and refund 500 customers within the required timeframe.
• Arena REIT (-0.51%) — Reaffirmed its full-year distribution guidance after completing a spate of acquisitions.
• Transurban (0.07%) — Flagged it may be liable for hefty payments after a judgement by the Supreme Court of Victoria in relation to Melbourne’s CityLink project.
• Paladin (1.3%) — Received final regulatory approval for its proposed acquisition of Canadian explorer Fission Uranium, clearing the way for a dual listing on the Toronto Stock Exchange.
• Champion Iron (1.95%) — Has agreed to partner with Nippon Steel Corporation and Sojitz Corporation for the joint ownership and development of its Kami iron ore mine in Canada.