19-05-2025
- Business
- Sydney Morning Herald
Miners, energy stocks weigh on ASX; Investors react to Moody's move
The Australian sharemarket has retreated on Monday, following US futures lower as investors reacted to ratings agency Moody's stripping the US of its AAA credit rating and deepening concern that growing debt will damage America's standing as the choice destination for global capital.
The S&P/ASX200 dropped 29.80 points, or 0.4 per cent, to 8313.90 shortly before 11am. Nine of 11 industry sectors were in the red, with materials and energy stocks weighing on the bourse.
Newmont Corporation, up 4.2 per cent, bucked the trend of the materials sector to be among the biggest risers, while a fall in iron ore prices caused BHP (down 1.8 per cent), Fortescue (down 1.9 per cent) and Rio Tinto (down 1.3 per cent) to fall on Monday morning. Mineral Resources (down 5.2 per cent) slumped as it unveiled its new chair, Malcolm Bundey, who will take over James McClements on July 1.
Energy companies fell after oil prices dropped. Santos shed 0.5 per cent and Woodside lost 0.4 per cent.
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The Commonwealth Bank rose 0.6 per cent while the rest of the big four banks had minor falls.
Struggling pizza giant Domino's is on the hunt for a new chief executive of its Australia business after the resignation of Kerri Hayman, sister of former CEO Don Meij, who has been in the role for little more than half a year. Domino's shares are 1.9 per cent lower.
Location sharing software company Life 360 was up 2.26 per cent.
King Charles' property firm The Crown Estate and Australian property giant Lendlease have confirmed they will start a joint venture in the United Kingdom.
