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Highlights
- Banks and energy drag ASX200 lower
- Westpac earnings disappoint investors
- Gold Road rallies on takeover deal
The Australian share market opened the week on a weaker note, with the ASX200 falling as financial and energy sectors came under pressure. By mid-morning, the S&P/ASX 200 Index was down 0.4%, or 28.5 points, sitting at 8209.5, with five of the eleven sectors in the red.
The financial sector bore the brunt after Westpac Banking Corporation (ASX:WBC) reported interim earnings that fell short of market expectations. The bank posted a $3.5 billion profit with a flat net interest margin, sparking a 2.2% dip in its stock. This triggered weakness across major peers as Commonwealth Bank of Australia (ASX:CBA) also lost 2.2%, and National Australia Bank Limited (ASX:NAB) fell 1.4%.
The banking downturn comes amid a crucial week for half-year earnings in the financial sector, a key component for ASX dividend stocks often favored for their income potential.
Adding to the drag on the broader index, energy shares tracked global oil price movements. Brent crude slipped 3.9% to dip below $US60 a barrel following an unexpected output hike from OPEC+. In response, Woodside Energy Group Ltd (ASX:WDS) dropped 2.7%, and Santos Limited (ASX:STO) fell 2.3%.
Despite the weakness in these sectors, sentiment received some support from Wall Street, where major indices rallied after a strong US jobs report eased concerns about slowing growth. Optimism was further boosted by comments from former US President Donald Trump, who suggested that tariffs on Chinese goods may be eased in the future.
One of the standout performers of the day was Gold Road Resources Limited (ASX:GOR), which surged 8.8%. The jump followed news that the company had accepted a revised $3.7 billion takeover offer from South Africa’s Gold Fields, ending a period of acquisition uncertainty.
Endeavour Group Ltd (ASX:EDV) also edged higher, rising 1.9% after forecasting “flat to modest” retail sales growth for the remainder of the fourth quarter — a cautiously optimistic outlook welcomed by investors.
Meanwhile, Tyro Payments Limited (ASX:TYR) dipped slightly, down 0.4%, after it exited the bidding race for Smartpay Holdings, which entered exclusive talks with another party for a potential acquisition at NZ$1.20 per share.
As volatility continues across sectors, especially in banking and energy, market watchers remain focused on earnings results and global signals that could steer the ASX200 in the coming days.
