ASX 200 Edges Lower as Resources Drag, Banks Provide Cushion | Market Recap

June 24, 2025 05:50 PM AEST | By Team Kalkine Media

ASX 200 Edges Lower as Resources Drag, Banks Provide Cushion | Market Recap — Image source: Shutterstock

Major Miners Decline, Lithium and Gold Miners Retreat

The Materials sector witnessed broad selling, with major names such as BHP Group Ltd (ASX:BHP), Fortescue Ltd (ASX:FMG), and Rio Tinto Ltd (ASX:RIO) pulling back as global risk sentiment deteriorated. Additional weight came from names like IGO Ltd (ASX:IGO), Pilbara Minerals Ltd (ASX:PLS), and Lynas Rare Earths Ltd (ASX:LYC), which struggled to sustain early session interest.

Explorers and smaller-cap names such as Liontown Resources Ltd (ASX:LTR), Global Lithium Resources Ltd (ASX:GL1), and Resolute Mining Ltd (ASX:RSG) also traded in negative territory, impacted by a shift in sentiment away from risk-sensitive stocks.

Qantas Weakens Amid Broader Industrial Sector Drag

Qantas Airways Ltd (ASX:QAN) was among the key contributors to weakness in the Industrials sector. Broader concerns tied to rising fuel costs and macroeconomic uncertainty pressured aviation and transport-related shares, reflecting caution from the market on cyclical segments.

In Real Estate, stocks such as Charter Hall Retail REIT (ASX:CQR), HomeCo Daily Needs REIT (ASX:HDN), and Lendlease Group (ASX:LLC) also recorded losses as investor focus rotated away from property and infrastructure names.

Banking Stocks Show Resilience in Mixed Session

Contrasting the weakness in cyclicals and resources, the Financials sector showed resilience. Major lenders, including Australia and New Zealand Banking Group Ltd (ASX:ANZ), helped cushion the benchmark index as buyers moved towards traditionally stable segments.

The broader performance of the Financials, supported by firming yields and consistent dividend profiles, helped steady the market after early fluctuations. The ability of the sector to absorb macro pressures provided some relief during an otherwise fragile trading day.

Uranium Miners Outperform on Higher Sentiment

Uranium stocks emerged as session standouts, with Deep Yellow Ltd (ASX:DYL), Paladin Energy Ltd (ASX:PDN), and Boss Energy Ltd (ASX:BOE) advancing on the back of elevated sector sentiment. Increased market attention on alternative energy sources supported buying in this pocket of the market, offsetting broader weakness across other materials.

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