Australian ASX 200 slides as miners and banks feel pressure
The S&P/ASX 200 closed down 0.12% at 8,630.8, marking a 1.4% weekly decline. Materials stocks fell more than 3% as weaker commodity prices and concerns that higher prices were dampening Chinese demand pushed copper off record highs and eased gold after firmer U.S. inflation data. Mining giants BHP and Rio Tinto retreated from recent record highs, while smaller miners such as Evolution Mining, Liontown Resources and Mineral Resources were also pressured; Mineral Resources’ share price weakened after managing director Chris Ellison sold 1.75 million shares worth $122.5 million, his first on‑market disposal in nine years.
Technology shares recovered, with Xero bouncing back from a sharp sell‑off and WiseTech Global and Megaport extending recent gains. The major banks regained some ground: Commonwealth Bank rebounded after a record one‑day loss, and ANZ, Westpac and National Australia Bank edged higher.
Company updates included Racura Oncology receiving safety‑review clearance to increase the dose of its RC220 candidate in a Phase 1 trial for advanced metastatic solid tumours, with the next cohort set to receive 80 mg/m² and screening underway in Australia, Hong Kong and South Korea. AVITA Medical reported first‑quarter 2026 revenue of US$19.3 million, a 4% year‑on‑year increase, reaffirmed full‑year guidance of US$80‑85 million and disclosed a BARDA agreement worth up to US$25.5 million for U.S. burn‑emergency preparedness. Archer Materials moved its biosensor platform from an alpha to a beta prototype, aiming for pre‑clinical validation and future clinical trials, including lithium‑monitoring applications.