AUS
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GER
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Highlights
- Australian shares dip as miners and banks retreat post-U.S. election.
- Notable drops in major banks and gold stocks impact ASX performance.
- Positive gains for Sigma Healthcare, Steadfast, and Neuren Pharmaceuticals.
Australian shares experienced a dip as concerns surrounding U.S. policy changes under Donald Trump weighed on market sentiment, especially impacting mining and banking sectors. While Wall Street marked record highs following Trump’s election win, with investors optimistic about potential tax cuts and pro-growth measures, the S&P/ASX 200 Index reflected a different mood. By midday, only three out of eleven sectors in the ASX were trading positively.
The S&P/ASX 200 fell by 0.5% (38.2 points), resting at 8161.3. This decrease followed an 0.8% rise the day prior, where anticipation of Trump’s victory had influenced trading. Significant drops were seen in banking stocks, with National Australia Bank (ASX:NAB) leading the losses after releasing its annual results. Shares for NAB declined by 3.1% due to an 8% drop in cash profits, amounting to $7.1 billion for FY24. Westpac (ASX:WBC) also saw a 3.4% decrease as it traded ex-dividend, while Commonwealth Bank (ASX:CBA) dropped 0.9%. However, ANZ (ASX:ANZ) managed a slight 0.4% gain despite the broader sector downturn.
The materials sector faced headwinds as market apprehensions grew over how Trump’s tariff policies might impact the Chinese economy, potentially reducing demand for Australian exports. Gold stocks experienced sharp declines as the price of gold fell by 5% overnight, affecting companies like Gold Resources (ASX:GOR), Bellevue Gold (ASX:BGL), and St Barbara (ASX:SBM), which all dropped more than 6%, marking the worst day for gold stocks since June 2022.
In contrast, Sigma Healthcare (ASX:SIG) saw a significant 23% surge after receiving regulatory approval from the Australian Competition and Consumer Commission (ACCC) for its partnership with Chemist Warehouse. This positive development contributed a rare bright spot within the healthcare sector.
Other notable movements included Scentre Group (ASX:SCG), which fell by 1.6% following a trading update, and Steadfast (ASX:SDF), which rose by 1.6% after announcing its acquisition of insurance brokers HW Wood and HWI France. Meanwhile, NIB (ASX:NHF), a health insurance provider, gained 1.4% after highlighting a strong start in FY2025 for its Australian Residents Health Insurance division.
Among biopharmaceuticals, Neuren Pharmaceuticals (ASX:NEU) experienced a rally, climbing 6.6% after forecasting FY24 revenue between $216 million and $218 million. In aerospace, Quickstep Holdings (ASX:QHL) almost doubled its share price to 38 cents after receiving a takeover bid of 40 cents per share from Asdam Operations.
This trading session showcased a mixed performance on the ASX, with steep declines in key sectors countered by gains in healthcare and select industrial stocks.
