AUS
NZ
UK
CA
USA
IND
Highlights
- Banking sector drags down ASX 200, led by (ASX:BEN) and (ASX:WBC)
- Gold miners and insurers also decline amid policy concerns and commodity pullbacks
- Consumer staples and steel stocks shine, with (ASX:A2M) and (ASX:BSL) surging
The Australian share market experienced a pullback on Monday as the banking sector weighed on overall sentiment, following lackluster earnings reports from (ASX:BEN) and (ASX:WBC). The benchmark S&P/ASX 200 Index slipped 0.2% or 18.7 points to close at 8537.10, retreating from Friday’s record high of 8555.8. Meanwhile, the Australian dollar climbed to a two-month high of US63.72c amid ongoing pressure on the US dollar.
Financial stocks led the downturn, with (ASX:BEN) suffering the steepest decline, plummeting 15.3% to a one-year low of $11.37. The bank's half-year profit fell to $265.2 million, a 10% drop compared to the previous half, triggering a sharp reaction. Similarly, (ASX:WBC) lost 4.1% to $33.30 after reporting a 9% decline in net profit, impacted by hedge accounting adjustments. The disappointing numbers weighed on broader banking stocks, as (ASX:NAB) slipped 1.2% to $40.52 and (ASX:ANZ) eased 0.4% to $31.16. Meanwhile, (ASX:CBA) trimmed early losses to end 0.2% lower at $164.97.
Adding to market woes, the insurance sector faced turbulence after Opposition Leader Peter Dutton hinted at regulatory intervention against major insurers, citing consumer concerns. (ASX:IAG) fell 2.8% to $7.59 amid the uncertainty.
Despite the broader market weakness, consumer staples stood out as the best-performing sector. (ASX:A2M) surged 19.7% to $7.12 after upgrading its full-year revenue guidance and announcing its first-ever dividend. In contrast, gold miners retreated sharply following a steep drop in gold prices. (ASX:NST) declined 3.5% to $17.91, while (ASX:GMD) slid 3.3% to $3.19.
Among individual stock performances, (ASX:BSL) soared 13% to $25.25 after boosting its interim dividend to 30¢ and highlighting strong US steel prices, where it generates nearly half its earnings. (ASX:AZJ) moderated losses, closing 0.6% lower at $3.17 after guiding for a weaker full-year profit due to declining coal and bulk earnings.
Energy stocks also faced challenges, with (ASX:WDS) slipping 2.9% to $23.84 after issuing higher cost and tax guidance, which signaled a potential shortfall in its final dividend. Meanwhile, (ASX:SGR) gained 12.5% to 13.5¢ following a refinancing proposal for $650 million in debt.
Among other gainers, (ASX:FND) climbed 10.8% to $5.05 after narrowing its earnings guidance, and (ASX:GPT) advanced 4.5% to $4.86 following strong guidance. (ASX:PPT) also rose 1.8% to $23.74 after confirming a takeover proposal from KKR.
Despite Monday’s pullback, certain sectors provided resilience, reflecting mixed sentiment across the market.
