Aussie shares on track for sixth day of losses
The Australian share market extended Monday’s decline as some states returned from a long weekend and the energy shock in the Middle East continued to weigh on sentiment.
The S&P/ASX200 fell 50.9 points, or 0.58 percent, to 8,715.5 points at midday trading on Tuesday, while the All Ordinaries lost 48 points, or 0.53 percent, to 8,942.8 points.
Wall Street stood at new record highs overnight as oil prices rose on signals that the United States is unlikely to accept Iran’s proposal to delay nuclear talks to prioritize opening the Strait of Hormuz.
“Markets have been in limbo since President Trump officially canceled the last round of face-to-face negotiations over the weekend,” Westpac economist Ryan Wells said.
“Price action is mixed against this volatile backdrop around US-Iran negotiation prospects.”
Energy and real estate were the two highly traded sectors, gaining less than 0.2 percent.
Woodside and Santos traded either side of breakeven, while refinery operators Viva Energy and Ampol also improved.
Dip buyers supported uranium stocks after starting the week in the red, while Whitehaven outperformed other coal producers after targeting the top end of its 2026 earnings forecast in a quarterly update.
Utilities shares underperformed, with the segment down almost three per cent, with Origin extending its losses to almost a tenth in two sessions.
The selloff at Origin comes after UBS analysts cut their earnings per share forecasts, a day after the company cut revenue forecasts for its stake in Octopus Energy.
The raw materials sector gave back Monday’s gains with interest, losing 1.2 percent as BHP and Rio Tinto suffered even bigger losses.
Gold stocks also fell, with the precious metal falling to US$4,667 ($A6,501) per ounce.
Critical mineral producers PLS, Liontown and Lynas continued their recent strength with gains of up to three percent.
The financial heavyweight sector was roughly flat, with CBA, Westpac and NAB lagging behind, while ANZ improved ahead of Friday’s interim results. CBA fell 0.2 percent to $173.49.
Consumer discretionary stocks were under pressure, down 1.1 percent, weighed by Wesfarmers, Aristocrat Leisure and Light & Wonder.
Healthcare stocks continued to sell off, erasing Monday’s gains and trading back to decade lows.
Domino’s Pizza shares are down nearly a tenth, following a similar decline following a first-quarter earnings miss for its U.S.-listed counterpart, according to company news.
Beach Energy fell more than two per cent as output in the March quarter fell at the Otway Basin, Cooper Basin joint venture and Western Flank projects, despite Perth Basin production rising 174 per cent.
The Australian dollar was buying 71.78 US cents at 71.65 US cents at 5pm on Monday.
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