AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- (ASX:CBA) declines, weighing on the financial sector despite initial ASX gains.
- (ASX:COH) and (ASX:AMP) slump due to earnings concerns.
- Defensive stocks and gold-related assets shine amid market uncertainty.
Australian markets saw early gains fade by midday as (ASX:CBA) came under pressure, pulling the financial sector into negative territory. The broader ASX benchmark had surged as much as 0.8% in the morning session before retracing to a 0.3% gain, adding 27.9 points to reach 8567. Meanwhile, the All Ordinaries Index advanced 0.4%.
Despite the financial sector’s drag, nine out of eleven sectors posted gains. Defensive stocks such as consumer staples and utilities led the charge, with (ASX:ORG) climbing 2.4%, (ASX:TWE) adding 3%, and (ASX:WOW) rising 1.2%. Gold also emerged as a strong performer, hitting a record high of $US2932.05 per ounce as investors sought safe-haven assets amid global trade uncertainties.
Financials Under Pressure as (ASX:CBA) Retreats
(ASX:CBA) faced selling pressure, with traders booking profits after the stock reached a fresh peak of $166.72. The decline accelerated by midday, pushing shares down 0.9%. Other financial heavyweights also struggled, with (ASX:NAB) slipping 0.7%.
The financial sector's weakness followed an announcement from the U.S. regarding new reciprocal tariffs aimed at trade partners, sparking concerns that Australia could be impacted due to the GST system.
Earnings Concerns Weigh on (ASX:COH) and (ASX:AMP)
Healthcare giant (ASX:COH) suffered a sharp 13.2% drop after the company downgraded its full-year profit forecast. Investors reacted negatively to the revised outlook, leading to one of the steepest declines on the ASX for the session.
Meanwhile, (ASX:AMP) posted a disappointing half-year result, with profits nearly halving to $150 million. The stock tumbled 14.2% as investors digested the weaker financial performance.
Notable Movers in the Market
- (ASX:MGR) climbed 4.3% despite reporting a 6% decline in profit to $236 million for the half-year.
- (ASX:WAM) gained 1.6% after its half-year profit surged 45% to $148.9 million.
- (ASX:GQG) jumped 5.9% after reporting a doubling of net flows, pushing funds under management above $US153 billion.
- (ASX:WGX) benefited from soaring gold prices, with its half-year revenue nearly doubling. Shares edged up 0.4%.
- (ASX:URW) slipped 4.2% despite raising its distribution payout by 40% and surpassing earnings expectations with a €9.85 per share result.
With market sentiment shifting, defensive sectors and gold-linked assets stood out as investors assessed economic and geopolitical risks.
