AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX 200 ends the session nearly flat
- James Hardie plunges on AZEK acquisition news
- Eight out of eleven sectors finish lower
The Australian share market closed virtually unchanged on Monday, as strength in the consumer discretionary and financial sectors balanced out declines in consumer staples and materials. The S&P/ASX 200 index edged up by just 0.07% to finish at 7,936.9 points, with only three sectors managing to post gains while eight ended in the red.
A major drag on the index was building materials giant James Hardie (ASX:JHX), which dropped 14.5% following its announcement to acquire US-listed outdoor living products manufacturer The AZEK Company for US$9.5 billion (approximately A$14 billion). This significant move raised investor concerns around valuation and integration risks, contributing to the sharp fall in James Hardie’s share price.
The consumer staples sector also struggled, with both Woolworths (ASX:WOW) and Coles (ASX:COL) retreating after gains late last week. Meanwhile, discretionary stocks offered some relief to the market, led by gains in companies like Mineral Resources (ASX:MIN), which rose 6.9% after resuming haulage operations at its Onslow Iron project, following a road train crash the previous week.
Elsewhere, Helia Group (ASX:HLI) saw the largest percentage drop among ASX 200 constituents, plunging 25.6% after revealing that its key lenders mortgage insurance contract with Commonwealth Bank may be at risk. The bank has entered exclusive talks with a potential alternative provider, shaking investor confidence in Helia’s future earnings outlook.
In executive changes, The Lottery Corporation (ASX:TLC) announced that CEO Sue van der Merwe plans to retire by year-end. At Steadfast Group (ASX:SDF), Chief Operating Officer Nigel Fitzgerald will depart in July, while Managing Director Robert Kelly confirmed his commitment to remain until at least the end of 2026. Additionally, KMD Brands (ASX:KMD) appointed Nike executive Ashley Reade as the new CEO of its Rip Curl division.
In analyst actions, Fortescue (ASX:FMG) rose 3.2% after receiving an upgrade based on improved expectations for iron ore prices. In contrast, South32 (ASX:S32) fell 1.1% following a downgrade due to concerns over cost pressures. Cleanaway Waste Management (ASX:CWY) gained 1.2% after positive sentiment surrounding its recent $377 million acquisition of Contract Resources Group.
Other notable moves included Regal Partners (ASX:RPL) sinking 14.8% after its biotech investment Opthea flagged financial uncertainty, and Bellevue Gold (ASX:BGL) dropping 12.8% as Van Eck Associates trimmed its stake. Synlait Milk (ASX:SM1) also fell 12% despite returning to profitability, citing slower progress in the second half of the year.
