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Highlights
ASX 200 tracks worst session since April as banks drag major sectors lower
Syrah Resources, Lindian and Arafura lead gains in critical minerals segment
Santos extends rally after takeover confirmation, AMP gains on Q2 update
Australian equities posted mixed movements during the Monday session, with ASX 200 constituents reflecting sharp divergence between critical mineral producers and major financial names. The session was characterised by early optimism driven by strong commodity prices and corporate developments, later undermined by widespread selling in banks and selected large caps.
Lithium, graphite and rare earth producers saw renewed momentum, buoyed by favourable international pricing and geopolitical factors.
Syrah and Rare Earth Peers Headline Resource Rally
Graphite and rare earth miners emerged as standout performers during the session. Syrah Resources Ltd (ASX:SYR) surged after receiving a broker upgrade, followed closely by Lindian Resources Ltd (ASX:LIN), Arafura Rare Earths Ltd (ASX:ARU), and Talga Group Ltd (ASX:TLG). The uplift in sentiment extended to other players such as Australian Strategic Materials Ltd (ASX:ASM), Chalice Mining Ltd (ASX:CHN), and Lynas Rare Earths Ltd (ASX:LYC).
The broader uplift in these segments reflected positive pricing trends and potential supply chain implications linked to recent international policy moves.
Lithium Stocks Respond to Strong Futures in China
Local lithium players responded positively to a spike in Chinese lithium futures, marking a high not seen since April. Core Lithium Ltd (ASX:CXO), Liontown Resources Ltd (ASX:LTR), Vulcan Energy Resources Ltd (ASX:VUL), and Pilbara Minerals Ltd (ASX:PLS) posted gains. The movement came amid optimism surrounding electric vehicle production and broader clean energy deployment, lifting sentiment across the battery materials space.
Santos Momentum Continues Following Takeover Confirmation
Santos Ltd (ASX:STO) extended its rally following confirmation of a takeover bid led by Abu Dhabi's Adnoc. The development triggered fresh energy in the oil and gas segment, although peers such as Woodside Energy Group Ltd (ASX:WDS), Ampol Ltd (ASX:ALD), Beach Energy Ltd (ASX:BPT), and Karoon Energy Ltd (ASX:KAR) later faded from their intraday highs.
The market remains attentive to developments around regulatory review and regional approvals linked to the proposal.
AMP Gains on Positive Quarterly Update
AMP Ltd (ASX:AMP) advanced strongly after publishing its second-quarter cashflow update, reflecting strength in platform inflows and asset growth. The performance was in-line with earlier market expectations and aligns with broader strategic goals in financial services.
The results helped offset some of the downward pressure from the banking sector, which saw significant losses amid broad-based selling.
Banks and Gold Miners Weigh Down the Index
The overall market sentiment was dragged lower by weakness in the financial sector. The big four banks, including Westpac Banking Corp (ASX:WBC), National Australia Bank Ltd (ASX:NAB), Australia and New Zealand Banking Group Ltd (ASX:ANZ), and Commonwealth Bank of Australia (ASX:CBA), all recorded notable declines.
Meanwhile, gold miners such as Evolution Mining Ltd (ASX:EVN), Regis Resources Ltd (ASX:RRL), and Northern Star Resources Ltd (ASX:NST) also retreated. The moves followed updated broker positions and recent earnings disclosures, putting pressure on the broader ASX 100 and All Ordinaries
