ASX 200 Today: Gold Stocks Rebound as ASX Slumps Amid Inquiry

4 min read | July 10, 2025 04:22 PM AEST | By Team Kalkine Media

ASX 200 Today: Gold Stocks Rebound as ASX Slumps Amid Inquiry — Image source: Shutterstock

Santos Climbs on Confirmation of Takeover Proposal

Shares of oil and gas producer Santos Ltd (asx:STO) surged after the company acknowledged receipt of a formal takeover proposal from a consortium led by Abu Dhabi's Adnoc. The news prompted a rally across the energy sector, though other major players such as Woodside Energy (asx:WDS), Beach Energy (asx:BPT), Ampol (asx:ALD), and Karoon Energy (asx:KAR) pulled back after initial gains.

The proposed acquisition places renewed focus on Santos' strategic value, particularly as discussions unfold over regulatory and ministerial scrutiny in South Australia.

Gold Stocks Recover Following Steep Prior Declines

Gold miners led gains within the materials segment, with West African Resources (asx:WAF), Regis Resources (asx:RRL), and Newmont Corporation (asx:NEM) advancing in morning trade. This rebound followed a steep sector-wide selloff during the previous session and coincided with a modest uptick in global gold prices.

The broader gold space, represented by the All Ords Gold Index, moved higher amid renewed interest in safe-haven assets. Names such as Perseus Mining (asx:PRU), Ramelius Resources (asx:RMS), and Gold Road Resources (asx:GOR) also logged positive movement.

ASX Ltd Drops Further as ASIC Launches Review

Market operator ASX Ltd (asx:ASX) continued to extend losses as scrutiny intensified following the announcement of a regulatory inquiry by the Australian Securities and Investments Commission (ASIC). The investigation, which will examine structural and governance issues, has raised concerns around the exchange's self-listing model.

ASIC Chair Joe Longo signaled that long-term structural reforms might emerge from the review, aiming to restore broader market trust.

Uranium Stocks Slide Further in Afternoon Trade

The uranium segment experienced another day of weakness, led by declines in Bannerman Energy (asx:BMN), Lotus Resources (asx:LOT), Boss Energy (asx:BOE), and Paladin Energy (asx:PDN). Notably, Boss Energy dipped near its 200-day moving average, reflecting mounting technical pressure.

These moves followed sector-specific softness despite strength across the broader commodities market.

Small Cap Activity Picks Up Pace

Among small-cap names, companies such as Praemium (asx:PPS), Meteoric Resources (asx:MEI), and Vulcan Energy Resources (asx:VUL) posted strong early gains. Meanwhile, notable laggards included Imricor Medical Systems (asx:IMR), Mtm Critical Metals (asx:MTM), and Botanix Pharmaceuticals (asx:BOT).

Platinum Asset Management (asx:PTM) extended gains following confirmation of its merger with L1 Capital. Brokers responded with upward revisions to guidance, citing accretive synergy outcomes from the tie-up.

Lifestyle Communities Faces Fallout from Tribunal Ruling

Shares in Lifestyle Communities (asx:LIC) moved higher in early trade despite a major drop the previous day following a tribunal decision that questioned the legality of its deferred management fee contracts.

While the ruling does not outlaw the business model, it challenges the enforceability of key fee provisions, which may impact long-term revenue streams and necessitate asset divestments for financial flexibility.

Market Breadth Remains Mixed

Top gainers among the ASX 200 included West African Resources, Regis Resources, and Droneshield (asx:DRO). On the downside, Telix Pharmaceuticals (asx:TLX), A2 Milk Company (asx:A2M), and Origin Energy (asx:ORG) were among the stocks under pressure.

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