The Australian share market extended its losing streak on Wednesday amid a mixed batch of earnings results from financial and energy stocks.
The benchmark index fell 61.8 points, or 0.7%, to close at 8,419.2, with six of the 11 sectors finishing in the red.
National Australia Bank (NAB) suffered the biggest drop among the major banks, tumbling 8.1% after reporting a 2% decline in cash earnings.
The broader banking sector also weakened, with ANZ down 1.6% and Westpac easing 0.3%.
Commonwealth Bank also shed 2.3% as the company traded ex-dividend.
The energy sector struggled, led by a sharp decline in Santos, which slumped 4.5% after posting a 14% drop in full-year profit due to lower oil and gas prices. The company also announced a dividend cut.
Woodside Energy and Beach Energy fell 2% and 1.4% in sympathy.
Mineral Resources took a heavy hit, plunging 20.7% after reporting an $807 million loss and scrapping its interim dividend.
Meanwhile, gold prices neared record highs as investors sought safe-haven assets amid renewed trade concerns following U.S. President Donald Trump’s fresh tariff proposals.
Gold miners rallied, with St Barbara up 5.9%, Northern Star Resources lifting 2.1% and Gold Road Resources up 2.3%.
Among corporate earnings, Stockland fell 3.7% despite more than doubling its half-year profit to $245 million.
The Lottery Corporation rose 3.1% after retaining its dividend, with management calling performance “resilient” despite a 5.6% decline in revenue.
Corporate Travel Management surged 10.3% after posting a better than expected 1H FY25 result.
On the bond markets, 10-year and 2-year yields remained flat at 4.531% and 3.93%, respectively.
