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In the first session of the week, the Australian sharemarket is experiencing a steady performance, with major banks and miners exerting opposing influences on the S&P/ASX 200 index. As trading enters its final hours, the index remains relatively unchanged, hovering around 8092 points.
On Friday, the S&P 500 in the US finished the week on a positive note, with a late spike driven by data that indicated strong consumer resilience. This news has provided a boost to major banks on the ASX, with Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), Australia and New Zealand Banking Group (ASX:ANZ), and Westpac Banking Corp (ASX:WBC) all seeing gains of around 1%.
However, these gains are being countered by a decline in iron ore prices, which have fallen back below $US100 per tonne. This drop has affected some of the ASX’s largest mining companies. BHP Group Ltd (ASX:BHP), Fortescue Metals Group Ltd (ASX:FMG), and Rio Tinto Ltd (ASX:RIO) are all experiencing slight declines. The dip in iron ore prices follows data indicating continued struggles in China’s economy, which remains a key market for Australia’s iron ore exports.
Gold miners are also facing challenges as the price of gold declined over the weekend. Perseus Mining Ltd (ASX:PRU) and Red 5 Ltd (ASX:RED) have both seen their share prices fall by more than 5%, adding further pressure to the index.
In the communications sector, REA Group Ltd (ASX:REA) is weighing on the market, with its shares down 7%. This decline follows news that the company is considering a bid for UK-listed Rightmove, which has led to a 1.4% drop in the communications sector.
Shares in Focus
Downer EDI Ltd (ASX:DOW) is once again leading the index higher, with its shares rising by 3.6% to $5.79. This follows a 17% surge on Friday after the company announced an $82 million annual profit, a significant turnaround from the $386 million net loss reported a year earlier due to write-downs.
Bellevue Gold Ltd (ASX:BGL) has posted its first full-year profit after successfully bringing its Western Australian mining project into production earlier this year. Despite this achievement, shares have dipped by 5.1% to $1.20, weighed down by the broader decline in gold prices.
Imugene Ltd (ASX:IMU) has seen a significant surge in its share price, soaring 25.8% to 7.8¢. This follows the release of promising results from a trial of its cancer treatment in 10 patients. However, the medical developer reported a net loss of nearly $150 million for the 2024 financial year.
Star Entertainment Group Ltd (ASX:SGR) has been suspended from trading after failing to publish its full-year results last week. The company is currently focused on raising capital and managing the fallout from a recent damning review of its operations.
The ASX is seeing a balanced yet cautious trading session, with gains in the banking sector being offset by challenges in mining and gold stocks.
