The Australian sharemarket eased from record highs on Friday as investors rotated into safe-haven assets, with gold surging to a fresh all-time peak amid renewed concerns over systemic credit stress and trade frictions between the United States and China.
The benchmark S&P/ASX 200 Index dropped 73.10 points, or 0.8%, to 8,995.3, with eight of the eleven sectors closing in the red.
Energy stocks led the decline as crude oil prices slumped to multi-month lows.
Santos, Woodside Energy, and Beach Energy fell 3.3% 2.6%, and 3.5%, respectively.
The technology sector also weighed on the index, with Xero and TechnologyOne finishing 0.4% lower apiece, and WiseTech Global falling 1.8%.
Life360 endured its worst trading session since April, tumbling 8% after heavy selling in tech names globally.
Gold miners, however, provided a bright spot as the precious metal climbed to a historic high of US$4,378.69 per ounce during morning trade.
Newmont gained 2.9%, Northern Star Resources rose 2.3%, and Evolution Mining advanced 1.9%.
In contrast, copper, lithium, and rare earths miners declined. The moves came ahead of Prime Minister Anthony Albanese’s upcoming White House meeting with President Donald Trump, where critical minerals are expected to feature prominently on the agenda.
Lynas Rare Earths shed 5.7%, while Mineral Resources fell 1.7%, and Paladin Energy lost 6.8%.
Iluka Resources slid 2.4% after withdrawing its synthetic rutile sales guidance due to uncertainty surrounding key customer Venator Materials, which is selling its UK titanium dioxide plant to China’s LB Group.
Among the outperformers, Iress gained 3% after confirming discussions with new third parties interested in acquiring its stockbroking platform.
New Zealand-based transport software provider EROAD collapsed 33.6% after flagging a NZ$150 million impairment linked to ongoing challenges in its U.S. telematics business and cutting its earnings guidance.
Southern Cross Media Group reversed earlier losses to close 1.8% higher after the ASX granted a waiver for its proposed merger with Seven West Media, under which Southern Cross would acquire the broadcaster’s remaining shares via a scheme of arrangement.
Seven West Media shares, however, ended flat.
On the bond markets, yields fell across the curve, with the 10-year rate down 0.9% to 4.105% and the 2-year yield easing 1.2% to 3.289%.
