Santos Surge Lifts ASX 200 as ASX Ltd and Gold Miners Weigh on Gains

June 16, 2025 03:23 PM AEST | By Team Kalkine Media

Santos Surge Lifts ASX 200 as ASX Ltd and Gold Miners Weigh on Gains — Image source: Shutterstock

Santos Climbs on Confirmation of Abu Dhabi Consortium Takeover

Shares of Santos Ltd surged following the company’s confirmation of a takeover proposal led by a consortium associated with Abu Dhabi’s state-owned Adnoc. The proposed acquisition prompted a strong reaction across the energy space, briefly lifting peers including Woodside Energy (ASX:WDS), Ampol (ASX:ALD), Beach Energy (ASX:BPT), and Karoon Energy (ASX:KAR) in early trade.

However, gains in the broader oil and gas space were short-lived, with several names later easing from their intraday highs. The Santos-led momentum nonetheless provided initial tailwinds for the benchmark index during the morning hours.

ASX Ltd Falls Sharply Following ASIC Inquiry Announcement

The session was notably pressured by losses in ASX Ltd after the Australian Securities and Investments Commission (ASIC) announced a comprehensive review into the bourse operator’s governance and structure. ASIC Chair Joe Longo highlighted the uniqueness of ASX Ltd's self-listing model, indicating that broader structural reforms could emerge depending on the panel's findings.

The market appeared to react to both regulatory uncertainty and investor concerns about long-term operational impacts, pushing ASX Ltd shares lower and weighing on broader financial sentiment.

Gold Producers Weaken on Ratings Downgrade

Among the other notable laggards were gold miners Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST). Both stocks declined after recent changes in institutional ratings. Despite recent strength in gold pricing trends, these companies experienced pronounced pressure through the session, contributing to a drag on the materials segment of the ASX 100.

Uranium Miners Stand Out Amid Broad-Based Churn

While much of the market moved sideways, uranium-focused companies including Deep Yellow (ASX:DYL), Paladin Energy (ASX:PDN), and Boss Energy (ASX:BOE) rallied firmly, ranking among the session's top performers on the ASX 200. Positive sentiment around nuclear energy demand and long-term supply dynamics has been fueling recent interest across the sector.

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