ASX 200 Edges Up as Santos Lifts Sentiment While ASX Ltd and Gold Miners Drag

June 24, 2025 04:15 PM AEST | By Team Kalkine Media

ASX 200 Edges Up as Santos Lifts Sentiment While ASX Ltd and Gold Miners Drag — Image source: Shutterstock

Santos Surge Supports Energy Names After Takeover Confirmation

Santos Ltd helped buoy early trade as it confirmed a proposed acquisition by a consortium led by Abu Dhabi’s Adnoc. The development initially sparked broad enthusiasm across the oil and gas sector. However, momentum faded for some peers including Woodside Energy (ASX:WDS), Ampol Ltd (ASX:ALD), Beach Energy (ASX:BPT), and Karoon Energy (ASX:KAR), which pulled back later in the day.

The takeover interest in Santos provided an early anchor of strength and shaped the day’s trading narrative within the energy sector, helping offset pressures from other parts of the market.

ASX Ltd Drops as ASIC Flags Potential Structural Reforms

ASX Ltd recorded notable losses following a public statement from the Australian Securities and Investments Commission regarding a comprehensive review into the market operator’s structure and governance. The regulator’s comments raised concerns about ASX Ltd’s self-listed status and prompted speculation around regulatory outcomes.

Gold Stocks Slide Amid Broker Action and Commodity Dip

Gold producers Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST) faced headwinds, declining after recent ratings changes. A softer session for gold also played a role in suppressing sentiment toward the sector.

The movement followed a shift in market focus toward equities with greater correlation to global demand, while defensive resources retreated amid commodity pricing recalibrations.

Uranium Miners Outperform Amid Rising Sectoral Momentum

Uranium stocks Deep Yellow (ASX:DYL), Paladin Energy (ASX:PDN), and Boss Energy (ASX:BOE) rallied and stood out as the top performers in the ASX 200. These gains reflect growing market traction for energy alternatives, especially amid heightened attention on supply dynamics and nuclear policy updates globally.

The strength in uranium partially balanced the declines from other mining sub-segments and added to the mixed picture across materials stocks.

IPO Activity and Market Watch Events Ahead

Among key corporate events, Virgin Australia (ASX:VGN) was slated for its public debut, drawing interest as one of the highest-profile IPOs of the year. The listing coincided with a sharp decline in crude oil prices, potentially influencing sentiment around aviation-linked stocks.

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