The S&PASX 200 fell 17.3 points, or 0.2 per cent and the broader All Ordinaries Index also slipped 0.2 per cent. Six out of the 11 industry sectors ended the day in negative territory.
Despite the overall decline, the Australian dollar strengthened, buoyed by a larger-than-expected trade surplus. It climbed to US65.17¢, suggesting some underlying strength in the economy.
Leading the losses on the ASX was market operator ASX Limited, which dropped 8.6 per cent. The company revealed it expects additional operating costs of up to $35 million due to compliance assessment. This follows a notable error earlier in the week involving a misprocessed company announcement. ASX is also contending with scrutiny over delays to its settlement system replacement and the prospect of new competition from US-based Cboe.
Healthcare stocks were among the worst performers. Iron ore majors also struggled, with small losses across BHP, Rio Tinto and Fortescue.
The major banks presented a mixed picture. Commonwealth Bank and NAB edged lower, while Westpac and ANZ managed modest gains. AMP surged 4.8 per cent after overcoming early losses. Though its statutory first-half profit declined, a stronger underlying result helped improve investor sentiment.
In contrast to the broader market softness, consumer discretionary stocks outperformed. Gains were led by JB Hi-Fi, Aristocrat Leisure, and Wesfarmers, reflecting resilience in consumer spending and optimism around a potential rate cut.
Gold miners extended their recent rally, riding the momentum from a rising gold price. Westgold Resources stood out with a 5.1 per cent jump, while Northern Star and Newmont also advanced. The rise in gold is supported by expectations of global rate cuts, central bank buying, and diversification away from the US dollar
The energy sector made late gains, with Yancoal, Woodside, and Ampol ticking higher, though Santos slipped. IT stocks also gained ground, inspired by a strong overnight session in US tech.
Globally, US markets rebounded strongly, led by tech heavyweights. Apple led the charge, gaining 5.1 per cent on the back of fresh investment announcements. Wall Street gains were tempered by mixed earnings results and ongoing concerns about the economic impact of new US tariffs.
Investors remain cautious, balancing uncertainty with optimism over potential rate cuts and strong corporate earnings. Despite the slight dip, the ASX’s close remains near record highs, reflecting a market still buoyed by solid fundamentals and strategic sector strength.
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