The Australian sharemarket retreated from record highs on Thursday, dragged lower by weakness on Wall Street and rising geopolitical tensions between the United States and Iran.
The benchmark S&P/ASX 200 Index closed 27.0 points or 0.3% lower at 8,565.1, despite seven of the 11 sectors posting gains.
Tech stocks cushioned the fall, with WiseTech Global up 0.5%, Xero up 0.9%, and NEXTDC lifting 1.2%.
In contrast, major miners tracked a decline in iron ore prices: Rio Tinto dropped 1.2%, Fortescue Metals lost 2.8%, BHP fell 1.8%, and Champion Iron shed 6.2%.
Commodity markets remained volatile amid growing fears of conflict in the Middle East. Oil prices surged 4.3% overnight, and gold advanced nearly 1%, after U.S. President Donald Trump expressed doubts over Iran’s willingness to curb uranium enrichment.
On the ASX, energy stocks benefited from higher crude prices. Santos added 0.2%, Beach Energy gained 2.4%, while Woodside Energy slipped 0.2%.
Gold miners also gained, with Northern Star Resources up 1.2% and Newmont rising 3%.
Among individual companies, Cettire plunged 31.2% after the online luxury retailer issued a shock trading update, warning it would significantly miss consensus earnings forecasts.
Conversely, Monash IVF jumped 9.1% following news that Michael Knaap resigned as CEO and Managing Director. The fertility group has been under scrutiny after two recent embryo mix-up incidents.
On the bond markets, yields fell across the curve. The 10-year government bond yield dropped 0.2% to 4.239%, while the 2-year yield declined 0.5% to 3.319%.
