Australian Stocks Slip Slightly as Energy and Financial Shares Weigh; Miners Gain

The Australian share market edged into negative territory on Thursday, reversing early gains amid mixed overnight leads from Wall Street. The benchmark S&P/ASX 200 slipped 6.40 points, or 0.08%, to 8,535.40, retreating from a session high of 8,567.00 and remaining below the key 8,550 level. The broader All Ordinaries Index dipped 3.90 points, or 0.04%, to 8,766.30.

Energy and financial sectors struggled, weighing on overall market sentiment, though losses were partially offset by strength in iron ore miners and select technology stocks. BHP Group and Rio Tinto rose 0.3% each, while Mineral Resources surged 7.5%. Fortescue Metals advanced more than 1%.

Oil sector shares declined broadly, with Santos and Origin Energy down over 1% each. Beach Energy fell more than 2%, and Woodside Energy eased 0.5%. In the technology space, Block (owner of Afterpay) and WiseTech Global gained between 0.4% and 0.5%, while Zip climbed nearly 3%. Xero and Appen slipped 0.1% to 0.4%.

Among the major banks, Commonwealth Bank, National Australia Bank, and ANZ Banking dipped 0.4% each, while Westpac rose 0.2%. In the gold mining sector, Northern Star Resources and Gold Road Resources edged up 0.2% to 0.5%, while Newmont fell 0.2% and Evolution Mining declined over 1%. Resolute Mining traded flat.

Elsewhere, IperionX soared more than 26% after securing a contract worth up to US$99 million from the U.S. Department of Defense to supply titanium components. Tyro Payments tumbled nearly 10% following the sudden departure of CEO Jon Davey. Lynas jumped over 10% as major European automakers highlighted disruptions to their supply chains due to China’s rare earth export restrictions. Meanwhile, the Australian dollar remained steady at $0.650.

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