AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Energy sector drags down the ASX amid crude oil tariff concerns.
- Gold miners and select stocks shine despite broader market weakness.
- Myer (ASX:MYR) rallies on promising future outlook.
The Australian share market faced headwinds on Thursday as energy stocks weighed heavily on the index. Concerns over new US tariffs on crude oil imports sent oil prices plummeting to their lowest levels in three years, affecting major energy companies and leading to a market-wide pullback. Meanwhile, gold miners and select stocks managed to post gains, defying the broader trend.
ASX Slips as Energy Stocks Face Pressure
The S&P/ASX 200 slipped 0.4%, losing 35.7 points to settle at 8102.90 by midday. The All Ordinaries Index also recorded a slight decline of 0.1%. Among the 11 sectors, six were in negative territory, with energy facing the steepest drop.
In contrast to Wall Street, where all three major indices climbed over 1% following US President Donald Trump’s decision to delay auto sector tariffs, the Australian market struggled. However, Trump's firm stance on a 25% tariff on Canadian and Mexican imports, along with a 10% tariff on Canadian oil, shook global markets. The US dollar weakened, pushing the Australian dollar above US63¢.
The crude oil market saw a sharp decline, with Brent crude falling below $70 per barrel, as the new tariffs raised concerns over demand at a time when OPEC+ is set to increase supply. Canada and Mexico, two of the largest crude oil suppliers to the US, have been hit hard by these measures.
Energy Sector Leads the Decline
Oil and gas giants bore the brunt of the downturn. Woodside Energy (ASX:WDS) dropped 4.4% as it traded ex-dividend, while Santos (ASX:STO) and Ampol (ASX:ALD) fell 1.3% and 1.8%, respectively.
On the other hand, gold miners benefited from higher gold prices, with bullion holding above $2,900 per ounce as investors turned to safe-haven assets amid economic uncertainties. South32 (ASX:S32) climbed 3.2%, Bellevue Gold (ASX:BGL) surged 4.9%, and West African Resources (ASX:WAF) posted strong gains after reporting impressive profit and gold sales growth.
Stock Movers: Myer Rises, Healthcare Weighs on ASX
Among key market players, Myer (ASX:MYR) surged 6.7% after receiving a bullish outlook from analysts, who anticipate a strong upside potential under the retailer’s new leadership and strategic vision.
Conversely, healthcare stocks faced a downturn. CSL (ASX:CSL) fell 1.3%, while ResMed (ASX:RMD) dropped 3.9%. However, Cochlear (ASX:COH) bucked the trend, rising 1.3% after receiving an upgraded rating from Citi.
Among other significant moves, Amcor (ASX:AMC) tumbled 6.7% after announcing a restructuring plan following its $13 billion merger with Berry. The company also hinted at executive changes, including a potential new CFO.
Air New Zealand (ASX:AIZ) slipped 2.7% after revealing CEO Greg Foran’s upcoming departure in October, marking the end of his five-year tenure.
Additionally, Mesoblast (ASX:MSB) dropped 5% on its first day of trading as part of the S&P/ASX 200 index.
With energy stocks under pressure and investors closely watching geopolitical developments, the market remains volatile, leaving traders looking for stability in defensive and growth-oriented stocks.
