The S&P/ASX 200 (XJO) finished 3.2 points lower at 9,070, 0.40% from its session high and 0.17% from its low. Despite the benchmark index spending most of the session in the green, the performance of the broader-based S&P/ASX 300 (XKO) was far more telling: advancers lagged decliners by a dismal 97 to 183.
To say Health Care (XHJ) (+7.8%) was good today is the understatement of the year! Today was the sector’s fourth-best day on record and its strongest since the COVID market crisis of March 2020. It was driven by the rare alignment of three of its largest constituents all delivering standout results simultaneously.
CSL (CSL) (+17.3%) was the headline — the blood plasma giant reported a near $3.7 billion annual loss but guided for a return to earnings growth in FY27, and markets responded with relief and enthusiasm. Pro Medicus (PME) (+11.9%) reported a 22.9% jump in full-year revenue to $261.7 million and a 130.3% jump in net profit to $265.3 million — a genuine result rather than a managed consensus beat. Cochlear (COH) (+7.6%) reported full-year underlying net profit at the top end of guidance. Three major results, all positive, all on the same day. It happens perhaps once a decade.
S&P-ASX 200 Health Care Sector Index chart
Energy (XEJ) (+1.0%) caught the tailwind from ICE Brent crude futures rising 2.7% overnight before adding a further 0.9% to US$91.66/bbl in Asian trade — back above the psychological US$90 as a long-lasting solution in the Middle East remains elusive. Beach Energy (BPT) (+3.4%) and Karoon Energy (KAR) (+2.6%) led the oil and gas names, with Viva Energy (VEA) (+1.8%), Ampol (ALD) (+1.1%), Woodside Energy (WDS) (+0.9%), and Santos (STO) (+0.7%) all firmer.
Materials (XMJ) (+0.2%) finished fractionally positive but only because BHP (BHP) (+2.7%) — which announced its biggest dividend in four years on the back of booming copper prices — provided enough index weight to overcome broad-based weakness elsewhere in the sector.
The London Metals Exchange copper price surged 2.1% to a new record high on Monday, yet COMEX copper futures eased 0.5% to US$6.583/lb in Asian trade, and most copper-exposed ASX names actually fell — Sandfire Resources (SFR) (-2.0%), Capstone Copper (CSC) (-2.2%), and South32 (S32) (-2.0%) all declined.
Elsewhere, Sims (SGM) (-11.0%) fell despite net profit tripling to $289.1 million and Macmahon Holdings (MAH) (-8.6%) declined despite reporting its tenth consecutive year of meeting or exceeding guidance — both results suggesting the market had expected more.
S&P-ASX 200 Materials Sector Index chart
The Gold Sub-Index (XGD) (-1.6%) pulled back as COMEX gold futures dipped 0.5% to US$4,453/oz and COMEX silver futures declined 1.3% to US$65.40/oz. The higher oil price, and the sharply higher yields of benchmark global bonds that accompanied, likely a drag. Pantoro Gold (PNR) (-3.2%), Northern Star Resources (NST) (-3.1%), Capricorn Metals (CMM) (-2.7%), and Catalyst Metals (CYL) (-2.3%) were all lower.
Financials (XFJ) (-1.1%) suffered their seventh decline in eight sessions — a run that has seen the sector give up much of its early-August gains. The healthcare sector’s gravitational pull drew capital away, but the sector also had its own headwinds.
Bendigo and Adelaide Bank (BEN) (-5.3%) fell after APRA imposed licence conditions following a finding of “longstanding and pervasive weaknesses” in its risk management framework. HUB24 (HUB) (-7.3%) fell despite reporting a 42% jump in net profit to $120.2 million that beat analyst expectations — a continuation of the unsatisfying pattern where good results have been met with selling in the current environment.
Against the negative results tide, Judo Capital (JDO) (+16.9%) surged after reporting a 29% jump in full-year net profit to $111.1 million with net interest margin expanding 20 basis points to 3.13%. Elsewhere, Commonwealth Bank (CBA) (-1.4%), Westpac (WBC) (-1.2%), and Macquarie Group (MQG) (-2.0%) all retreated.
S&P-ASX 200 Financials Sector Index chart
Consumer Discretionary (XDJ) (-1.0%) and Consumer Staples (XSJ) (-1.2%) both extended the consumer confidence collapse that JB Hi-Fi’s result crystallised yesterday. The assessment that discretionary retail is “in a world of pain” echoed throughout the session. Breville Group (BRG) (-3.0%), Premier Investments (PMV) (-2.4%), and Temple & Webster (TPW) (-1.8%) continued lower within Discretionary. Endeavour Group (EDV) (-2.6%), Woolworths (WOW) (-1.8%), and Coles (COL) (-1.2%) were the Staples fallers.
Information Technology (XIJ) (-1.0%) split sharply. WiseTech Global (WTC) (+2.6%) and Xero (XRO) (+0.8%) both advanced, their recoveries continuing. But Iress (IRE) (-8.4%), Life360 (360) (-8.2%) — still unwinding from last week’s poorly received quarterly — and Megaport (MP1) (-2.8%) all fell, with hot money that had been returning to beaten-down SaaS names redirected by healthcare’s historic session.
In other commodities moves, Lithium stocks ran out of steam despite GFEX lithium carbonate futures gaining 1.2% to CNY 155,400/t. Liontown Resources (LTR) (-7.3%), Vulcan Energy Resources (VUL) (-6.4%), Elevra Lithium (ELV) (-5.5%), Wildcat Resources (WC8) (-4.7%), Mineral Resources (MIN) (-3.8%), and Pilbara Minerals (PLS) (-3.1%) were all lower.
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