The sharemarket fell minutes after opening on Monday, with losses led by miners and energy after authorities in China failed to impress with their latest stimulus package.
The S&P/ASX 200 dropped 0.4 per cent or 32.8 points to 8262.3. It had rallied 2.2 per cent last week – the best winning streak since mid-August – tracking a surge on Wall Street after Donald Trump’s decisive election victory.
Of the 11 sectors, seven were flashing green as gains in technology and real estate offset some of the losses.
Index-heavy BHP and Rio Tinto slumped 3 per cent. Fortescue tumbled 4.6 per cent, South32 dropped 1.7 per cent, Woodside retreated 0.7 per cent and Santos slipped 0.6 per cent.
Stocks in focus
New Zealand co-operative Fonterra Shareholders’ Fund raised the midpoint of the 2024/25 season forecast farmgate milk price from $NZ9.00 per kilogram milk solid to $NZ9.50. Shares rallied 2 per cent.
Stockland has upgraded its FY25 funds from operations per share guidance by one cent to 33¢ to 34¢ in FY25. Shares lifted 0.8 per cent.
Liontown Resources said it expected $775 million to $855 million dry metric tonnes sold unit operating costs in the second half of FY25 as management focuses on higher-margin ore in response to lower lithium prices. Shares rose 1.2 per cent.
Dan Murphy’s and BWS parent Endeavour Group slumped 5.6 per cent after warning that softer sales, a lower margin sales mix and inflation are expected to hit its retail business profitability.
ESSSuper has launched civil proceedings in the Federal Court against Iress and the software company’s subsidiary Financial Synergy. Iress shares edged up 0.5 per cent.
Logistics group Qube affirmed guidance for FY25, noting a modest growth rate from a year ago. Shares advanced 1 per cent.
Battery tech provider Novonix rocketed 15 per cent after signing a supply deal with automotive company Stellantis.
Gold miner Resolute Mining dived 26 per cent on news that chief executive Terry Holohan has been detained by the military-controlled government of Mali in West Africa.
Shares in Incitec rallied 1.6 per cent despite reporting a loss and cutting dividends.
Shares in respiratory protection manufacturer Cleanspace cratered 18 per cent after reporting lower revenue year-to-date than expected.
