The Australian sharemarket opened lower on Thursday ahead of key jobs data for October as investors tech and energy stocks led broad falls across the index.
The S&P/ASX 200 index was down 9.6 points, or 0.1 per cent to 8789.90 at 10.15am AEDT, with materials the only sector firmly in the green, buoyed by further gains in gold.
Australia’s October labour force report is due at 11.30am AEDT, with markets forecasting the unemployment rate to fall from 4.5 per cent to 4.4 per cent and 20,000 jobs added.
Energy weighed on the index following a near 4 per cent decline in crude oil overnight as a key market gauge flashed weakness and OPEC said global crude supplies surpassed demand sooner than anticipated. Woodside fell 2 per cent and Santos by 1.4 per cent.
Tech continued to edge lower, tracking losses on the Nasdaq 100 as investors continued to rotate out of the sector. Xero tumbled 3.4 per cent after the ASX-listed accounting software company’s after tax profit rose 42 per cent in the first half of its financial year, reaching $NZ134.8 million ($116.75). NextDC fell 1.8 per cent ahead of its annual meeting.
Gold prices traded near $US4200 an ounce after continued strong gains as investors bet on weaker US economic data following the government shutdown, ANZ said. This helped Newmont rally 3.4 per cent, while Evolution Mining rallied 2 per cent.
Regis Resources soared 6.2 per cent as it extended the life of its Duketon North operation as the gold miner said it was cashing in on buoyant gold prices, which have rallied more than 50 per cent this year.
Stocks in focus
In company news, Orica rallied 2.6 per cent as it reported its strongest earnings in 13 years, with net profit after tax before significant items rising 32 per cent to $541 million in the 2025 financial year.
GrainCorp plunged 7.6 per cent as it reported a 35 per cent fall in net profit to $40 million for the 2025 fiscal year, as softer international grain margins offset strong volumes on Australia’s east coast.
Sandfire Resources fell 0.8 per cent as it signed a binding term sheet with Havilah Resources to acquire up to an 80 per cent interest in the Kalkaroo copper-gold project in South Australia and form a regional exploration alliance. Havilah rocketed 27.8 per cent on the deal.
Webjet Group tumbled 20.7 per cent as it warned that FY26 underlying EBITDA would be between $30 million to $32 million, down 9 per cent to 14 per cent year-on-year, reflecting one-off brand investment and continued weak demand.
