The Australian sharemarket extended its decline for the ninth consecutive session on Monday, closing at a fresh 10-month low as escalating tensions between the United States and Iran unsettled investors and heightened fears of a broader conflict.
The S&P/ASX 200 fell 62.5 points, or 0.74%, to 8,365.9, marking its lowest close since May 2025. Six of the index’s 11 sectors finished in negative territory.
Losses were led by the materials sector, as gold prices continued to decline sharply.
Stocks including Ora Banda Mining, Greatland Gold and Bellevue Gold were among the biggest fallers, falling 11%, 9.7%, and 9.1%, respectively.
Larger names such as Newmont Corporation, Evolution Mining and Northern Star Resources also fell in a range of 7%-7.5%.
Major diversified miners were also weaker, with BHP down 0.8% and Rio Tinto falling 1.7%, while Fortescue ticked up 0.5%.
Oil prices remained mixed after U.S. President Donald Trump issued a 48-hour ultimatum for Tehran to reopen the Strait of Hormuz or face potential strikes on energy infrastructure.
Iran warned that any such action would trigger retaliation and could lead to the closure of the critical shipping route.
Among the Energy sector, Santos gained 0.9%, Woodside Energy lifted 2.2% and Ampol closed 1% higher.
The major banks weighed on the index, with Commonwealth Bank and National Australia Bank falling 0.8% and 1.8% respectively, while ANZ Group and Westpac declined 0.9% each.
In corporate news, Humm Group dropped 5.5% as it continued due diligence discussions with Credit Corp regarding a potential takeover.
ARN Media fell 4.6% after radio host Kyle Sandilands launched legal action over the cancellation of his $100 million contract.
In fixed income markets, yields moved higher, adding further pressure to equities. The 10-year bond yield rose 1.1% to 5.122%, while the 2-year yield increased 0.4% to 4.826%.
