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Highlights
- Market Decline: The ASX 200 opened lower, ending a three-day winning streak as global risk-off sentiment weighed on equities.
- MinRes Plunge: (ASX:MIN) shares dropped nearly 12% after halting operations on a key iron haul road following multiple crashes.
- Tech & Banks Weak: (ASX:NXT) and (ASX:WTC) mirrored US tech losses, while major banks also faced declines.
Australian shares opened lower today, reversing a three-day rally, as risk-off sentiment from Wall Street spilled into local markets. The S&P/ASX 200 dropped 0.6% to 7,811.5 points, with the All Ordinaries down by the same margin. All 11 sectors were in negative territory.
The downturn followed a volatile session in the US, where tech stocks were hit hard. The NYSE Fang+ Index fell 2.2%, led by a 5.3% decline in Tesla. Wall Street’s fear gauge, the VIX index, surged 5.8%, while gold prices climbed to a fresh record, surpassing $3,030 per ounce as investors shifted to safe-haven assets.
Mining and Banking Stocks Under Pressure
(ASX:MIN) dropped 11.9%, making it the biggest laggard of the session. The company suspended haulage on its Onslow iron haul road after another road train crash, the sixth such incident. Investors reacted sharply to concerns about operational disruptions and potential financial implications.
Major banks also trended lower. (ASX:CBA) slipped 0.9%, while (ASX:ANZ) fell 1%, adding to the broader financial sector weakness.
Technology Stocks Track US Losses
Local tech stocks mirrored losses from Wall Street. (ASX:NXT) declined 2.7%, while (ASX:WTC) was down 1% after further details emerged from a board review regarding its executive chairman.
Meanwhile, (ASX:GMG), a key player in the property sector, fell 2%, reflecting broader weakness in real estate stocks.
Corporate Updates Move Stocks
In corporate news, (ASX:MYR) slipped 3.3% after reporting flat sales in the first half of FY25. The company’s bottom line was impacted by strategic review costs, impairments, and other significant items, leading to a 40% profit decline.
(ASX:OBM) also dropped 3.3% after its largest shareholder reduced its stake. Meanwhile, (ASX:DDR) edged down 1% following an announcement that its CEO sold a 4.6% stake in the company.
Gold miner (ASX:CMM) declined 4.8% despite closing 55,000 ounces of forward sales contracts to capitalize on record gold prices.
Opthea Trading Halt Ahead of Major Clinical Trial Results
Biotechnology company (ASX:OPT) has entered a trading suspension at its request as it prepares to release the results of its highly anticipated Phase 3 clinical trials for a new neovascular macular degeneration treatment.
The results are expected to provide insight into the effectiveness of its lead drug candidate in treating wet age-related macular degeneration (AMD), a leading cause of blindness among older adults.
The company stated that trading in its shares would remain halted until either the announcement of the trial results or the commencement of trading on Monday, whichever comes first.
A successful outcome could be a game-changer for (OPT), positioning it as a leader in ophthalmology treatments. Conversely, any setbacks in the trial could weigh on investor confidence.
This development is being closely watched by industry analysts and stakeholders, as it has the potential to impact not only (OPT) but also the broader biotech sector in Australia.
