Major banks tumble as sharemarket seesaws
Australia's sharemarket seesawed throughout Friday's trading before eventually falling, as investors sold down the major banks and moved into the mining sector.
The benchmark ASX 200 index fell during Friday's reading with shares dropping 36.60 points or 0.43 per cent to 8,514.20
The broader All Ordinaries also dropped and is trading down 29.90 points or 0.34 per cent to 8,743.70. BHP, RIO, Fortescue soared on a strong day for the miners. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia
On a mixed day for Australia's largest sectors the major miners soared, while the banks and healthcare stocks fell by 1.51 and 1.41 per cent respectively.
CBA had its biggest fall in almost nine weeks, slumping 2.8 per cent to $185.36.
The other major banks followed with NAB dropping 1.6 per cent to $39.26, while Westpac fell 1.9 per cent to $33.90 and ANZ dropped 1.8 per cent to $29.20.
Shares in CSL slipped 2.3 per cent to $234.34 while Sigma Healthcare fell nearly 2 per cent and is now trading at $2.95 a share.
Overall, eight of the 11 sectors were lower, with just materials, information technology and telecommunications finishing in the green.
The major iron ore miners soared on the back of a jump in the underlying commodities price.
BHP closed 3.90 per cent higher to $37.53, Rio Tinto climbed 4.59 per cent to $108.97 and Fortescue Metals gained 3.55 per cent to $15.46.
The Australian dollar lifted slightly and is now buying at 65.48 US cents. Despite the falls, the ASX 200 gained 0.1 per cent for the week NewsWire / Max Mason-Hubers Credit: News Corp Australia
In company news, Woolworths announced it was shutting down its online retailer MyDeal from September 30 as it looks to focus on Big W Market and Everyday Market.
AMP chief economist and head of investment strategy Shane Oliver said shares have climbed the wall of worry, as Trump tries to build a New World Order.
'Fortunately, Trump backed down on the worst of his tariffs for now and the Middle East threat has fizzled leaving US, global and Australian shares just 0.7 per cent or less below record highs and on track for another financial year of strong returns helped by strong profit growth in the US and central bank rate cuts elsewhere, including in Australia.'
He also highlights the market is set to enter a traditionally strong period in the coming days.
'July is normally a strong month for shares and a break to record highs could be imminent,' Mr Oliver said.
However, volatility is likely to remain high as US and Australian shares are expensive and Trump's tariff threat will likely increase again. Mr Oliver said the 9th July tariff deadline was rapidly approaching and some countries likely to see hikes beyond 10 per cent tariffs.
In an announcement to the ASX, Woolworths estimates the cost of closing the online business will be between $90m and $100m, including payments for outstanding equity and staff redundancies.
PointsBet said they will be at the bottom of the range for previous guidance.
Earlier in the year the business projected revenues of between $260-270 million and earnings before interest, tax, depreciation and amortisation of between $11- $14 million for the 2025 financial year.
Reece shares slumped 18.7 per cent to $14.12 after the plumbing and bathroom supplier told the market earnings will fall into the range of $548-$558m down from $681m last year.
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