ASX 200 Closes Lower as Appen and Mesoblast Drag While Uranium Miners Gain

June 23, 2025 04:48 PM AEST | By Team Kalkine Media

ASX 200 Closes Lower as Appen and Mesoblast Drag While Uranium Miners Gain — Image source: shutterstock

Omni Bridgeway, Skycity and Resolute Outperform in Volatile Session

Omni Bridgeway Ltd (ASX:OBL) led the session’s gains after a strong rebound from recent softness, marking a positive outcome for the litigation financing company. Skycity Entertainment Group Ltd (ASX:SKC) also advanced as investors responded to updates on regional gaming activity and business continuity.

Resolute Mining Ltd (ASX:RSG) joined the top performers, supported by renewed interest in selected mid-tier gold miners. Its gains stood in contrast to the overall weakness in gold-heavy names, suggesting rotation within the segment rather than broad-based sentiment.

Tech and Biotech Under Pressure as Appen and Mesoblast Slide

Appen Ltd (ASX:APX) closed lower, continuing a prolonged period of underperformance in the artificial intelligence data training sector. Market sentiment around the company has been under strain due to external macroeconomic factors and evolving demand from large technology clients.

Mesoblast Ltd (ASX:MSB) also experienced notable weakness. The biotechnology group’s decline followed recent updates in its regulatory and operational developments. Sentiment around healthcare-related stocks remained subdued, with broader sectoral headwinds adding to pressure on specific names.

Magellan Weakens While Broader Industrials Remain Mixed

Magellan Financial Group Ltd (ASX:MFG) was among the major laggards in the financial sector. The fund management firm faced declines amid muted performance in the diversified financials category, contributing to the day’s broader industrial segment pullback.

Other market segments showed mixed trends, with volatility indicators ticking higher and select defensive sectors seeing moderate support.

Uranium Sector Shows Resilience Amid Commodity Fluctuations

While the broader materials segment faced headwinds, uranium-focused companies stood out with gains across the board. Positive momentum continued for companies like Deep Yellow, Paladin Energy, and Boss Energy, driven by global interest in nuclear energy development.

This divergence helped cushion some of the broader market losses, highlighting the sector’s recent resilience in the face of shifting commodity prices.

Currency and Commodity Movements Mirror Market Uncertainty

In parallel, fluctuations in the Australian dollar against major currencies added to the cautious outlook, with gold prices retreating and oil benchmarks inching higher. These macro factors contributed to the sectoral performance discrepancies, particularly in energy and mining categories.

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