The Australian sharemarket pulled back from record territory on Wednesday as a dramatic overnight gold selloff - the steepest in over a decade - rattled the materials sector and weighed on broader sentiment.
The benchmark S&P/ASX 200 index dropped 64.70 points or 0.71% to 9,030.0, a day after the market surged on optimism over Australia’s critical minerals partnership with United States President Donald Trump.
The materials sector led losses, tumbling 3.1%, as investors dumped gold and rare earth stocks.
Gold miners led index declines, with both Evolution Mining and Genesis Minerals down 10.3%, Bellevue Gold falling 9.8%, and Ramelius Resources sliding 10.2%.
Rare earths stocks did not fare much better, with Australian Rare Earths shedding 10.5%, Lynas falling 3.3%, and Arafura shedding 13.5%.
Heavyweight miners also dragged, with BHP losing 1.4%, Rio Tinto down 1.1%, and Fortescue Metals Group easing 0.3%.
Offsetting some of those losses, energy stocks advanced as Woodside Energy jumped 3.5% after reporting a lift in quarterly production to 50.8 million barrels of oil equivalent and raising its full-year output guidance.
Financials also strengthened, led by Pinnacle Investment Management, which climbed 2.4% after announcing plans to acquire up to a 13% stake in Advantage Partners, Japan’s largest independent private markets platform.
In the consumer space, Cettire fell 2.1% after posting an 18% increase in non-U.S. revenue during the September quarter, while total sales revenue fell 3% to $150.3 million due to the impact of U.S. tariffs.
Adairs surged 8.3% despite forecasting first-half sales between $319.5 million and $331.5 million, slightly below earlier guidance, as investors bet on a stronger holiday trading period.
On the bond markets, yields were steady, with the 10-year holding at 4.12% and the 2-year at 3.33%.
