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Highlights
- ASX 200 slips as commodity concerns and global tariff worries impact sentiment.
- Major miners, including BHP (ASX:BHP) and Rio Tinto (ASX:RIO), retreat amid weaker demand fears.
- Endeavour Group (ASX:EDV) declines 6% after reporting a 15.1% drop in interim profit.
The Australian stock market witnessed a sharp decline on Friday, with the S&P/ASX 200 slipping by 1% (79.2 points) to 8189 by midday. The broader All Ordinaries followed suit, down 0.9%, as all 11 sectors moved into negative territory. The downturn was largely driven by weakness in the mining and retail sectors, while global trade uncertainties added further pressure.
Miners Drag ASX Lower
Concerns over potential higher tariffs on US imports from China created uncertainty for Australian commodity exports. This led to a broad downturn in major mining stocks. BHP (ASX:BHP) dropped 2.1%, while Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) declined by 2.6% and 2%, respectively. Gold miners were also affected, with Evolution Mining (ASX:EVN) down 2.9% and Regis Resources (ASX:RRL) slipping 2.7%.
Adding to the pressure, the Australian dollar weakened towards US62¢, following a surge in the US dollar.
Retailers Struggle Amid Profit-Taking
The consumer staples sector also weighed on the ASX, as investors took profits following recent strong performances. Coles (ASX:COL) declined 2.5%, after a surge in buying activity on Thursday following its dividend increase. Endeavour Group (ASX:EDV) dropped 6% after reporting a 15.1% decline in interim profit, which led to a dividend reduction to 12.5¢ per share.
US Market Weakness Adds Pressure
A late slump in US equities further dampened sentiment. Nvidia (NASDAQ:NVDA) tumbled 8.5% after reporting quarterly earnings below expectations, triggering a 1.6% drop in the S&P 500 and a 2.8% decline in the tech-heavy Nasdaq.
Notable Stock Movements on ASX
Despite the overall decline, some stocks posted gains:
- Harvey Norman (ASX:HVN) rose 2.4%, benefiting from a half-year sales revenue of $4.8 billion and strong international growth.
- TPG Telecom (ASX:TPG) climbed 3.8%, fueled by a 3.4% rise in underlying earnings and a growing mobile customer base.
- Life360 (ASX:360) surged 5.8% as it beat earnings guidance, nearing 80 million global users.
- PEXA (ASX:PXA) jumped 7.9%, despite an interim loss of $32.7 million, following an impairment charge.
- ServiceStream (ASX:SSM) gained 4.6% after securing a $1.9 billion NBN contract, while Ventia (ASX:VNT) signed a $2.1 billion five-year deal, pushing shares 1% higher.
Conversely, Australian Finance Group (ASX:AFG) dropped 3.6%, despite 6% profit growth and record residential loan settlements. Meanwhile, Vista Group (ASX:VGL) soared 13%, as strong earnings highlighted growing demand for its cloud-based solutions.
As global uncertainties continue to weigh on investor sentiment, the market remains sensitive to trade developments and earnings performance across key sectors.
