Australian shares closed lower on Thursday, weighed down by losses in mining stocks as geopolitical tensions between the United States and Iran continued to unsettle markets despite lingering hopes for a diplomatic resolution.
The S&P/ASX 200 Index fell 50.2 points, or 0.6%, to 8,793.4, with 10 of the 11 sectors finishing in negative territory.
The Materials sector led declines, with major miners under pressure. BHP fell 0.3%, Rio Tinto declined 0.6%, and Fortescue Metals dropped 1.1%.
Lynas Rare Earths was among the worst performers, tumbling 6.7% and extending its losing streak to a fifth consecutive session.
Consumer Staples stocks also retreated, with Woolworths slipping 0.7% and Coles declining 1%. Treasury Wine Estates dropped 3.6%, while Elders edged 0.7% lower.
The Consumer Discretionary sector followed suit, as Domino’s Pizza fell 1.9%, Tabcorp lost 0.5%, and JB Hi-Fi declined 1.2%.
Temple & Webster slumped 8.2% after announcing that chief executive Mark Coulter would step down to assume the role of executive chairman. The company confirmed that former C-suite executive Susie Sugden would take over as chief executive.
In contrast, the Energy sector was the sole bright spot, supported by higher oil prices. Woodside Energy rose 3.2%, while Beach Energy gained 5.7%.
Santos shares advanced 3.6% after the oil and gas producer reported a 3% increase in production on the prior corresponding period (pcp), driven by the first cargoes from its Barossa project.
Ampol added 2.1% after submitting a final remedy offer to the Australian Competition and Consumer Commission in its bid to acquire EG Australia.
Financial stocks also finished lower, with Commonwealth Bank falling 1%, National Australia Bank slipping 0.2%, Westpac declining 0.7%, and ANZ dropping 0.7%.
In corporate developments, WiseTech Global lost 3.1% after announcing that lead independent director Andrew Harrison would retire from the board in June, just over a year after returning to guide the company through a governance crisis.
Property group Mirvac fell 1.7% after flagging softer residential demand and warning of potential impacts stemming from ongoing Middle East tensions.
On the bond markets, Australian government yields moved higher, with the 10-year yield rising 0.9% to 5.005% and the 2-year yield climbing 0.4% to 4.7%.
