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Highlights
- Energy stocks lead losses on ASX following oil price declines due to US tariff concerns.
- Healthcare and banking sectors also under pressure, with major players slipping in value.
- Corporate developments impact stock movements, including Mesoblast's (ASX:MSB) debut in the S&P/ASX 200.
The Australian share market faced downward pressure on Thursday, with energy stocks leading the decline as crude oil prices plunged to a three-year low. The S&P/ASX 200 dropped 0.2%, shedding 18 points to close at 8123.10, while the All Ordinaries edged down 0.1%. Energy and healthcare stocks were among the biggest laggards, countering a positive lead from Wall Street.
Oil Prices Hit by Tariff Concerns
The market was rattled by concerns over fresh US tariffs on crude oil imports. The US administration reaffirmed its stance on a 25% tariff on Canadian and Mexican crude oil imports, along with a 10% tariff on Canadian oil imports. The move sent oil prices below $70 per barrel, raising concerns about demand at a time when OPEC+ is looking to boost supply.
Energy stocks took a significant hit, with Woodside Energy (ASX:WDS) declining 4.4%, while Santos (ASX:STO) slipped 0.6%. The uncertainty surrounding global crude demand weighed heavily on the sector, despite expectations that the index would start on a stronger note.
Healthcare and Banking Stocks Decline
Healthcare stocks were also under pressure, with CSL (ASX:CSL) sliding 1.3%, while ResMed (ASX:RMD) suffered a 3.9% decline. Banking giant Commonwealth Bank (ASX:CBA) edged 0.5% lower as it traded ex-dividend, further contributing to the market’s negative sentiment.
Major Stock Movements
Among key corporate developments, Amcor (ASX:AMC) slipped 0.9% after announcing plans to restructure its operations following its $13 billion merger with Berry. The company also hinted at upcoming changes in its executive team, including a possible new Chief Financial Officer.
Mesoblast (ASX:MSB) saw a 3.3% drop on its first trading day in the S&P/ASX 200, facing selling pressure despite its recent inclusion in the index.
In the real estate and healthcare sector, Healthscope has taken steps to prepare for a potential voluntary administration, as it struggles to meet rental obligations for 11 hospitals. Meanwhile, HealthCo Healthcare & Wellness REIT (ASX:HCW) gained 0.6%, while its fund manager, HMC Capital (ASX:HMC), lost 1.1%.
Additionally, Arcadium Lithium (ASX:LTM) was officially removed from the S&P/ASX 200 following its acquisition approval by Rio Tinto (ASX:RIO).
Despite Wall Street closing in positive territory with all three major US indices gaining over 1%, the ASX struggled to find momentum, with global tariff concerns overshadowing any optimism.
