Telix and Banks Boost ASX Performance, While Newmont and Fortescue Struggle with Soaring Costs

2 min read | October 24, 2024 05:58 PM AEDT | By Team Kalkine Media

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Telix and Banks Boost ASX Performance, While Newmont and Fortescue Struggle with Soaring Costs — Image source: Shutterstock

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Highlights

Australian shares closed modestly lower following a mixed trading session, with significant impacts from disappointing updates in the mining sector.

Newmont and Fortescue reported disappointing earnings, contributing to declines in their share prices, while Telix Pharmaceuticals positively influenced the healthcare sector.

Asian markets largely declined due to ongoing concerns about China's economic outlook, contrasting with gains in some sectors like healthcare.

Description

Australian shares concluded the trading session modestly lower, reflecting a mixed performance across various sectors. The S&P/ASX 200 index displayed fluctuations, with earlier losses countered by gains in specific stocks.

In the U.S., the tech-heavy Nasdaq saw a notable decline of 1.6%, largely attributed to disappointing news from Apple regarding a significant drop in iPhone orders. Conversely, Tesla experienced an 8% gain in post-market trading after reporting third-quarter results that surpassed analysts' expectations, with a year-over-year net income increase of 17.3%.

On the ASX, Telix Pharmaceuticals (ASX:TLX) contributed positively to the healthcare sector, rising by 2.6% following the acceptance of its New Drug Application for Pixclara, a diagnostic agent for brain cancers. Additionally, bank stocks provided some support, with Commonwealth Bank recording a 1.2% increase after a challenging week.

However, significant declines were noted in the mining sector. Newmont Corporation experienced a nearly 6% drop following a less-than-expected third-quarter update, which revealed higher-than-anticipated costs despite a slight increase in gold production. Fortescue Metals Group also saw its shares decline over 3% amid concerns regarding rising costs in light of record iron ore shipments.

The tech sector faced pressures as WiseTech Global continued its downward trend, falling an additional 6%. Investor sentiment in the small-cap space reflected broader market apprehensions, with several stocks posting significant losses.

Asian markets mirrored this cautious sentiment, with concerns surrounding China's economic outlook persisting. The day's trading encapsulated a complex landscape of mixed results and sector-specific movements, highlighting ongoing volatility in the market.

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