Australian Shares Plunge to Seven-Month Low Amid Global Market Fears and Local Weakness

2 min read | March 11, 2025 12:13 PM AEDT | By Team Kalkine Media

Australian Shares Plunge to Seven-Month Low Amid Global Market Fears and Local Weakness — Image source: shutterstock

Financials and Miners Take a Hit

Local financial stocks (.AXFJ), the largest sector on the index, slid 1.9%, reaching their lowest level since 8 October 2024. The country’s “big four” banks fell between 0.1% and 1.9%, adding pressure to an already fragile market.

Miners (.AXMM) dropped 1.4% as iron ore prices weakened on concerns that U.S. tariffs and China's pledge to cut crude steel output would dampen global demand. Sector leaders Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) lost 0.5% and 1.7%, respectively.

Qantas and PolyNovo Lead Individual Stock Declines

Qantas Airways (ASX:QAN) plunged 10.5%, set for its worst trading session since March 2020, as the stock went ex-dividend. Meanwhile, biotech firm PolyNovo (ASX:PNV) plummeted 10%, hitting its lowest level since October 2023, after ousting its CEO. The removal followed reports of bullying allegations against the CEO by the company’s chairman, further unsettling investors.

Energy and Gold Stocks Struggle

Energy stocks (.AXEJ) slipped 0.1%, pressured by falling oil prices as investors feared that tariffs on Canada, Mexico, and China would slow global growth and crush energy demand. Gold stocks (.AXGD) sank 4.5%, tracking a decline in gold prices and heading for their weakest session since December 2024.

New Zealand Market Follows the Slide

Across the Tasman, New Zealand's S&P/NZX 50 index (.NZ50) dropped 0.7% to 12,423.12 points, reflecting the broad regional weakness.

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