Mining stocks lead ASX lower as copper and gold retreat and traders await the Fed rate decision. BHP down 2.5%, Rio down 2.8%. Viva Energy jumps 5% on strong earnings forecast.
The ASX 200 is down 0.3% at lunch, with the materials sector taking the heaviest hit as copper and gold prices retreat. BHP fell 2.5%, Rio Tinto dropped 2.8%, and Newmont lost 3.7%. Northern Star Resources slipped 2%.
The commodity pullback comes as traders wait for the Federal Reserve's rate decision this week. Gold eased to around $4,046 an ounce. Copper also softened. Brent crude slipped below $88 a barrel after President Donald Trump said the US and Iran are in talks to end the conflict in the Middle East.
Energy stocks split on the oil decline. Woodside Energy edged up 0.8% and Beach Energy gained 2%. Santos was slightly lower. Viva Energy surged almost 5% after forecasting first-half earnings between $770 million and $780 million, driven by stronger regional refining margins during the recent Middle East conflict.
Utilities were weaker. Origin Energy fell 1.1% after confirming roughly 900,000 customers were affected by a data breach last week. APA Group slipped 0.9%.
Consumer discretionary was the best-performing sector. Aristocrat Leisure and The Lottery Corporation both added more than 2%. Light & Wonder also traded higher. The major banks provided support: Commonwealth Bank, National Australia Bank, and ANZ all posted modest gains. Westpac was little changed.
DroneShield tumbled more than 12% after warning that first-half gross margins would come under pressure. Web Travel jumped 12.5% after announcing a share buyback of up to $90 million and forecasting stronger first-half earnings. Harvey Norman rose despite being fined $35 million by the Federal Court over a misleading advertising campaign involving Latitude Financial.
IGO edged higher after reporting a stronger balance sheet and improved free cash flow at the end of the financial year. Iluka Resources rallied 4.5% despite lowering production expectations for its Balranald project following commissioning delays. Whitehaven Coal was lower after finishing the financial year at the top end of production guidance.
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