The Australian share market ended slightly lower on Thursday, weighed down by sharp losses in heavyweight miners and energy firms, while upbeat tech and banking stocks helped limit the overall decline.
The S&P/ASX 200 Index fell 13.6 points, or 0.2%, to close at 8,742.8, despite eight of the 11 sectors finishing in positive territory.
Mining stocks dragged the bourse down following copper’s steepest drop since 1988. The metal plunged about 20% overnight after the White House unexpectedly confirmed that its 50% import tariff would apply only to semi-finished products, sending shockwaves through commodity markets.
BHP fell 2.4%, Fortescue Metals dropped 2.3%, and Rio Tinto lost 3.6% after reporting a 22% year-on-year decline in half-year profit to US$4.8 billion (A$7.4 billion).
Mineral Resources also slumped 7.2% following a trading update that triggered several broker downgrades.
Energy stocks declined, led by Beach Energy, which sank 9.3% after announcing it would record a $674 million impairment ($474 million after tax) in its 2025 results due to lower commodity prices.
Woodside Energy and Santos ticked up 0.1% apiece.
In contrast, tech stocks outperformed, buoyed by strong after-hours earnings from United States tech giants Microsoft and Meta.
WiseTech Global rose 1%, while Life360 jumped 3.2%.
Consumer discretionary shares also rallied, as higher-than-expected retail sales boosted sentiment.
Wesfarmers added 1.2%, Aristocrat Leisure lifted 2.4%, JB Hi-Fi gained 1.3%, and Guzman y Gomez rallied 3.1%.
Financials finished 0.5% higher overall, with Commonwealth Bank adding 0.5%, Westpac up 0.3%, and National Australia Bank lifting 1.1%.
Among individual stocks, AGL Energy ticked up 0.1% after announcing it will begin construction later this year on a 500-megawatt, four-hour duration grid-scale battery, which is scheduled to come online by late 2027.
Cettire plunged 23.5% after U.S. President Donald Trump said the U.S. would impose tariffs on all low-value imports, a move expected to impact the company’s logistics and cost structure. Cettire said it was still assessing the implications for its global operations.
Flight Centre 7.3% after the company warned it would fall just short of the lower end of its guidance.
On the data front, Australian retail sales rose 1.2% in June, a significant jump from May’s 0.2% increase and well above market expectations of a 0.4% rise, indicating solid consumer demand.
On the bond markets, 10-year yields and 2-year yields slipped 0.3% and 0.2% to 4.266% and 3.352%, respectively.
