AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
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RUS
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UAE
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Highlights
- ASX 200 slips despite early gains, nearing a seven-month low.
- Energy and iron ore stocks weigh on the market, while gold miners advance.
- Tariff uncertainty and commodity price shifts impact investor sentiment.
The Australian stock market faced a downturn after an initial rise, as investors remained cautious amid ongoing tariff uncertainties. The S&P/ASX 200 index declined by 11.6 points to 7,774.6, inching closer to the seven-month low of 7,733.5 recorded earlier in the week. The index is now down 9.8% from its recent peak, with a 10% drop signaling a technical correction.
Sectors in Focus
Among the 11 sectors, six posted gains, with property and technology stocks leading the way. However, consumer discretionary stocks turned negative by midday, becoming the worst-performing sector. City Chic Collective (ASX:CCX) saw a 3.9% decline, while Wesfarmers (ASX:WES) and Flight Centre (ASX:FLT) also trended downward.
Energy-related stocks experienced a sharp drop, aligning with falling coal prices. Yancoal (ASX:YAL) plummeted 13%, while Whitehaven Coal (ASX:WHC) and New Hope (ASX:NHC) shed 5% and 7%, respectively. Newcastle coal futures for March delivery slid 3.2% to $101.50 per tonne.
Iron ore giants also struggled, with BHP (ASX:BHP) dropping 1.5% and Rio Tinto (ASX:RIO) down 1.1%. The major banks were mixed—ANZ (ASX:ANZ) inched up 0.2%, while Commonwealth Bank (ASX:CBA), National Australia Bank (ASX:NAB), and Westpac (ASX:WBC) declined.
Gold Miners Shine Amid Market Volatility
Gold miners extended their gains, benefiting from increased demand for safe-haven assets due to economic uncertainty. Bellevue Gold (ASX:BGL) surged 6%, while Evolution Mining (ASX:EVN) advanced 3.7%. The price of gold rose to $2,938 per ounce, approaching its record high of $2,957, set in February.
Currency and Commodity Movements
The Australian dollar strengthened to US63.23¢ and 58.06¢ against the euro, rebounding from its lowest level since 2020. In commodities, oil prices climbed 2% as US oil and fuel inventories tightened. Brent crude traded just below $71 per barrel, while WTI crude settled at $67.60 per barrel.
Stocks in Motion
In corporate updates, Boss Energy (ASX:BOE) gained 0.9% after increasing its stake in uranium developer Laramide Resources. MAC Copper (ASX:MAC) rose 2.4%, buoyed by higher copper prices and a positive rating from Moelis Australia, which reaffirmed a $24 price target.
On the downside, Silk Logistics (ASX:SLH) tumbled 24.2% after regulatory concerns over DP World’s takeover bid. Westpac (ASX:WBC) dropped 1.2% to $29.95 after a research firm lowered its price target to $27.30, citing multiple concerns.
Meanwhile, Nine Entertainment (ASX:NEC) confirmed Matt Stanton as its new CEO after five months as acting chief, with shares holding steady at $1.63.
