Good afternoon, welcome to The ASX Today, I’m Seja Al Zaidi. Just when investors thought the RBA might be getting some breathing room… Australia’s jobs market had other ideas. A stronger-than-expected employment report shared today has reminded markets Down Under that the economy is proving to be surprisingly resilient. For investors, this means it’s a little unclear if we’ll see a cut soon.
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The ASX 200 slipped around 0.4% by lunchtime as investors digested the jobs numbers. Weakness across resources and energy dragged the market lower.
Oil continued its retreat as optimism on a possible U.S.-Iran agreement eased supply concerns, sending Brent back towards US$72/barrel.
Gold also struggled, hovering around the US$4,000 mark as traders price in the possibility of higher U.S. rates. That weighed on the mining sector, with BHP, Newmont, and Ora Banda all trading lower. Energy stocks weren’t spared either: Woodside, Santos, and Beach all fell as weaker oil prices hit the sector.
The biggest story of the day, though, came from the banks. Judo Capital crashed more than 40% after issuing a shock profit downgrade, blaming deteriorating asset quality and higher provisioning charges. The sell-off spilled over into the broader sector, with NAB falling more than 3%; Westpac and ANZ edged lower.
Investors instead rotated into defensive names. CSL, Cochlear, Coles, and Woolworths all posted solid gains as traders looked for somewhere safer to park their money.
Worley dropped 9% after issuing its second profit warning in two months, citing a $60 million hit from the ongoing Middle East conflict.
Elsewhere, the A2 Milk Company climbed nearly 4% on a special $300 million dividend following a key Chinese regulatory approval, and Mineral Resources lost ground after announcing its Lucky Bay garnet project will be moved into care and maintenance from July. That will impact some 110 jobs.
On the brighter side, Tourism Holdings jumped 12% after a fresh takeover proposal, while Echo IQ surged 30% on a partnership with Pro Medicus.
That’s The ASX Today. Thanks for watching, and I’ll see you tomorrow.
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