ASX losses led by iron ore miners; Medibank gains on $159m GP buy
The Australian sharemarket fell on Wednesday as investors dumped mining stocks amid jitters that the China-backed Simandou iron ore project in Guinea could disrupt global commodity markets.
Investors were mulling the path forward for interest rates after Reserve Bank of Australia governor Michele Bullock warned on Tuesday that there could be more inflationary pressure in the economy than previously expected.
The S&P/ASX 200 index was down 0.3 per cent, or by 23.60 points, to 8790.1 at 2.15pm AEDT, as further interest rate cuts this cycle are now no longer fully priced in. A fall today would make it six in the past seven sessions that a loss has been recorded.
Technology stocks led the bourse lower, tracking a mega-caps-led Wall Street sell-off amid renewed concerns that valuations have leapt ahead of fundamentals. NextDC and Codan both dropped more than 5 per cent, while Life360 fell 4.4 per cent. TechnologyOne, Xero, and WiseTech Global all came off roughly 2 per cent.
Materials weighed as BHP eased 0.7 per cent, Fortescue Metals by 3.1 per cent and Rio Tinto by 2 per cent. That followed iron ore losses as investors worried that China’s plan to develop the Simandou mine at the world’s largest untapped iron ore reserve could disrupt the market.
Gold miners also fell as the price of bullion fell below $US3945 an ounce. Ramelius dropped 2.5 per cent, Genesis 2.7 per cent, Northern Star 1.2 per cent, and Evolution 1.5 per cent.
Coal miners dragged the energy sector down as Whitehaven Coal and Yancoal both fell 1.7 per cent. Woodside, meanwhile, gained 0.8 per cent as it used its 2025 capital markets day to outline plans to boost annual net operating cash flow to around $US9 billion by the early 2030s.
Stocks in focus
In company news, Medibank Private rose 1.5 per cent as it agreed to acquire Better Medical, a network of 61 general practice and medical clinics across Victoria, Queensland, South Australia and Tasmania, for around $159 million.
Tyro Payments fell 2.8 per cent as it appointed Nigel Lee as its next chief executive following an extensive global search to replace Jon Davey.
Goodman Group was down 4 per cent as it reaffirmed its FY26 operating earnings per share growth target of 9 per cent after a solid September quarter, saying development activity is set to accelerate into the second half as demand for data centres and logistics facilities grows.
Nanosonics fell 3.5 per cent after it announced an on-market share buyback of up to $20 million this fiscal year.
Vault Minerals dropped 3.2 per cent as it will transition load and haul operations at its King of the Hills open pit to an owner-operator model from January 1, 2027, after the current mining services contract expires.
