ASX takes worst losses since May; CBA, BHP dragged
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The news: The Australian sharemarket has closed lower, suffering its worst single day performance since May as banks and miners led losses across almost every industry sector.
The benchmark ASX 200 fell 0.79% to end at 8561.8 with nine out of the 11 sectors finishing in the red.
The finance sector (-1.4%) was the worst performing with NAB (-3.4%) leading losses among the big banks amid shareholder concerns regarding chief executive Andrew Irvine. Commonwealth Bank (-1.2%), Westpac (-1.5%) and ANZ (-0.6%) all finished lower.
Materials (-1.2%) also finished lower even as the iron ore futures index on the Singapore exchange topped USD100 per tonne for the first time since May amid improving sentiment regarding Chinese economic growth. Rio Tinto (+0.2%) and Fortescue (+0.5%) finished higher while BHP (-0.7%) fell.
The tech sector (+0.9%) was the best performing sector. Wisetech Global (+0.6%), Xero (+0.9%) and NextDC (+1.9%) finished higher.
Biggest movers:
- Newmont Corporation (-5.7%) – The gold miner agreed to sell holdings in Greatland Resources and Discovery Silver Corp for a combined cash consideration of $470 million. It was the worst performing stock on the ASX 200.
- Lumos Diagnostics (+144.8%) – Expects to sign an exclusive US distribution and supply agreement for its FebriDx blood sample testing device with PHASE Scientific International. The agreement is estimated to be worth up to USD317 million ($487 million).
- Rare Earths producers – Iluka Resources (+4.3%) was amongst the biggest gainers on the ASX 200 after US rival MP Materials announced a USD500 million partnership with Apple to produce recycled rare earth magnets. Lynas Rare Earths (0%) finished flat.
Mining news:
- Rio Tinto (+0.2%) – Reported higher copper and Pilbara iron ore output in Q2 of 2025. The diversified miner expects bauxite and copper shipments to be at the higher end of guidance while titanium dioxide and iron ore shipments to be at the lower end.
- Northern Star (-2.2%) – Agreed to sell its 50% stake in the Central Tanami gold project in the Northern Territory to iron ore small cap Mount Gibson for $50 million.
- Evolution Mining (-2.3%) – The gold and copper producer delivered full-year production and costs within the FY25 guidance range and posted record quarterly and annual cash flow.
Other news:
- Monash IVF (+1.3%) – Andrew MacLachlan has been appointed interim chief financial officer at the fertility company. He is supporting incumbent Malik Jainudeen who moved to act as chief executive in June.
- Orica (-0.2%) – The chemicals and explosives maker completed issuance of USD390 million of fixed rate unsecured notes in the US private placement market.
- Gem Life Communities (-0.5%) – Completed the acquisition of eight projects from CEO Adrian Puljich's Aliria business, after announcing a $270 million buyout last month.
- CSL (-1.3%) – Shares fell after US President Donald Trump said he intends to implement pharmaceutical tariffs “probably at the end of the month”.
- Lendlease (-1.7%) – Secured land on Liverpool Street, Sydney for the development of a $2.5 billion luxury residential joint venture project.
- G8 Education (-3.3%) – Extended recent losses following confirmation from the childhood and care provider that accused child sexual abuser and former employee Joshua Brown worked at another of its centres.
What’s ahead:
- The US Bureau of Labor Statistics will release data on the producer price index for June tonight at 10:30pm.
- The Australian Bureau of Statistics will release labour force data for June tomorrow at 11:30am.
