Aussie shares drop, market on track for more losses
The Australian share market has slumped and is heading for a third straight day of losses as the new financial year begins.
Shortly after midday, the benchmark S&P/ASX200 index fell 16.0 points, or 0.18 per cent, to 8,706.9; This was the lowest level in three weeks and seven points below its level at the end of 2025.
More broadly, the All Ordinaries lost 21.4 points, or 0.24 percent, to 8,910.0 points.
Nine of the ASX’s 11 sectors were lower, while healthcare and financials were higher.
Origin Energy fell 4.2 percent, while utilities were the biggest losers, falling 3 percent.
The consumer discretionary sector was the second-worst performing sector, down 1.8 percent, as Wesfarmers fell 3.7 percent and Eagers Automotive fell 2.8 percent.
All four major banks were higher, recovering from Wednesday’s sharp selloff.
NAB was up 3.5 per cent, Westpac was up 2.1 per cent, ANZ was up 0.9 per cent and CBA was up 0.6 per cent.
Macquarie was also 1.5 percent higher.
In the heavy mining sector, gold miners rose as the precious metal rose to US$4,052 per ounce.
Northern Star grew 3.6 percent, Evolution rose 0.7 percent and Newmont rose 1.8 percent.
Elsewhere in the sector, BHP fell 0.8 percent, Rio Tinto fell 0.5 percent and Fortescue fell 1.6 percent.
The Australian dollar was trading from 68.90 US cents to 68.98 US cents at 5pm on Wednesday.
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