The Australian sharemarket closed slightly lower for its third consecutive loss on Thursday, weighed down by continued weakness in iron ore prices, a softer-than-expected labour market print, and lingering global uncertainty.
The S&P/ASX 200 fell 7.5 points to close at 8,523.7, with six of the 11 sectors finishing in the red.
Miners remained under pressure as iron ore futures in Singapore traded near their lowest point since September 2024.
BHP and Rio Tinto slipped 2% and 2.3%, respectively, while Fortescue Metals dropped 1.7%.
The utilities and tech sectors also dragged on the broader index. Origin Energy and AGL Energy fell 1.4% apiece, and Genesis Energy declined 1%.
TechnologyOne lost 1.5% and Codan lost 1.4%, while Megaport led the tech sector's losses with a fall 6%.
WiseTech Global also dipped 1.9% after announcing two long-standing directors - Charles Gibbon and Michael Gregg - would step down. They will be replaced by Sandra Hook, a former executive at News Corp and Fairfax, and Rob Castaneda, founder of software firm ServiceRocket.
Bank stocks helped limit the day’s broader losses. Commonwealth Bank reached a new record close of $182.85 after rising 1.5%. NAB climbed 1.1%, Westpac added 1.8%, and ANZ edged up 0.3% after announcing the exit of retail banking head Maile Carnegie.
Meanwhile, the U.S. Federal Reserve held interest rates steady, maintaining its target range at 4.25% to 4.5%. However, it flagged slower growth and rising inflation pressures, partly tied to tariffs imposed by President Trump.
On the domestic front, labour market data from the Australian Bureau of Statistics surprised to the downside, with the economy shedding 2,500 jobs in May.
The figure came in short of economists’ expectations for a 25,000 increase, though the unemployment rate held steady at 4.1%.
In corporate news, KMD Brands, the parent company of Kathmandu and Rip Curl, slumped 3.8% after revising down its earnings outlook. The company cited unusually warm autumn weather for hurting sales and now expects underlying earnings for FY25 to come in between NZ$15 million and $25 million—less than half the $50 million booked a year ago.
On the bond markets, the yield on 10-year Australian government bonds fell 0.5% to 4.221%, while the 2-year yield dropped 0.6% to 3.308%.
