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Highlights
Australian shares drift as optimism over a rate cut builds after labour report
Financials lift but declines in tech, healthcare and materials limit index gains
Amplia Therapeutics and uranium miners drive small-cap momentum
Australian equities on the ASX 200 index ended marginally lower as broad weakness across technology, healthcare and materials overshadowed modest gains in the financial sector. Global market uncertainty, marked by ongoing geopolitical tensions and concerns around trade policies, contributed to a cautious trading session.
Despite these challenges, a stable employment report from the Australian Bureau of Statistics anchored sentiment, increasing market confidence in a possible rate cut by the Reserve Bank of Australia in its upcoming meeting.
Financial Sector Stands Out Amid Mixed Performance
Among the most resilient pockets of the market, the major banks on the ASX 100 index helped limit broader declines. Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), and Westpac Banking Corporation (ASX:WBC) all delivered gains, bolstered by optimism that steady labour data may lead to easing interest rates in the near term.
However, these gains could not fully offset declines in sectors such as healthcare, information technology, and resources, which collectively weighed down the main indices through the day.
Resources and Gold Stocks Drag Amid Sector Weakness
The All Ordinaries and ASX 200 Resources sectors experienced notable softness as gold-related stocks struggled. The All Ords Gold index underperformed, driven by declines in names such as Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST). These names faced downward pressure following updated institutional guidance.
Broader materials stocks also faced headwinds, adding to the drag created by global economic unease and commodity price fluctuations.
Employment Data Fuels Speculation of Monetary Policy Shift
Markets responded to newly released employment figures, which showed a largely unchanged unemployment rate in seasonally adjusted terms. A modest dip in both participation and underemployment was noted, while the number of unemployed individuals saw a slight reduction.
Market participants interpreted these results as aligning with expectations, contributing to renewed sentiment that the RBA may reduce rates in July. With global economic pressures mounting, steady employment figures could play a pivotal role in upcoming monetary decisions.
Small Caps Shine as Amplia and Uranium Stocks Rally
Within the ASX Small Ordinaries index, several small-cap names posted outsized gains. Amplia Therapeutics (ASX:ATX) led the pack after reporting a second complete response in its clinical trial for a FAK inhibitor in pancreatic cancer treatment.
Uranium explorers including Deep Yellow (ASX:DYL), Paladin Energy (ASX:PDN), and Boss Energy (ASX:BOE) also surged during the session, lifting sentiment in the energy-related small cap segment.
