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Highlights
- Australian shares fell slightly on Wednesday, led by tech stocks
- Evolution Mining surged alongside gold prices near record highs
- Financials gained, with Bank of Queensland rising on profit results
Australian shares experienced a slight dip on Wednesday, primarily driven by declines in the technology sector. The S&P/ASX 200 slipped by 0.1%, down 9.4 points to 8309, stepping back from Tuesday’s record close of 8318.4. The decline followed a global shift in tech sentiment, sparked by Dutch chipmaker ASML’s report that raised concerns about the artificial intelligence (AI) boom. ASX-listed BrainChip Holdings (ASX:BRN) saw a significant drop of 11% in response to these concerns.
Commodity-related stocks also faced headwinds after oil prices fell by 4% overnight, dampening optimism around natural resources. Although Brent crude managed a 0.4% rebound in Asia to reach $US74.53, and West Texas Intermediate gained a similar percentage to just under $US71, Beach Energy (ASX:BPT) dropped 1.5%, and Origin Energy (ASX:ORG) slipped 0.6%. Santos (ASX:STO) also lost 1.8%. On the other hand, Woodside Energy (ASX:WDS) bucked the trend, climbing 1.1% after revising its full-year production outlook upward.
Gold Stocks Shine Amid Broader Market Weakness
Gold miners were the standout performers on the ASX, benefiting from a strong rally in gold prices, which hovered near record highs. Evolution Mining (ASX:EVN) and Regis Resources (ASX:RRL) both surged more than 5% on the back of rising gold demand. This performance helped lift some of the pressure from the broader commodity sector, which had been weighed down by falling oil prices.
However, larger mining companies faced mixed fortunes. Rio Tinto (ASX:RIO) slipped 0.8% after reporting that its flagship iron ore division shipped less than expected. Despite stronger iron ore prices in Singapore, BHP Group (ASX:BHP) fell 1.1%, while Fortescue Metals Group (ASX:FMG) edged down by 0.2%.
Lithium Miners Face Downgrade, Financials Perform Well
Lithium miners, including Liontown Resources (ASX:LTR) and Core Lithium (ASX:CXO), were further pressured after facing a downgrade from Macquarie, which cited ongoing concerns in the junior lithium sector. This sent shares lower, adding to the broader weakness in the mining sector.
On a more positive note, financial stocks performed well, with the Bank of Queensland (ASX:BOQ) gaining 6%, marking its best day in two years. The regional lender posted an impressive 130% increase in annual profit, pushing its shares to an 18-month high. Among the larger banks, Westpac (ASX:WBC) rose 1%, contributing to the strength of the financial sector.
Other Stocks Moving on the ASX
Challenger Limited (ASX:CGF) saw its stock fall nearly 4%, despite the company reaffirming its fiscal 2025 net profit guidance. Imaging healthcare technology company Pro Medicus (ASX:PME) also dropped by 1.9%, despite securing a five-year contract extension worth over $32 million. Sky City Entertainment (ASX:SKC) lost 1.1% after news broke that the company was fined $13.1 million in additional casino duty by the High Court in South Australia.
In the industrial sector, Orora (ASX:ORA), a major manufacturer of glass bottles and cans, experienced a 3.5% decline following reports of continued softness in European volumes.
