URGENT UPDATE: The ASX closed down 27.2 points at 8,735.50 today, marking a troubling start to the final trading week of 2025. This drop comes as both technology and energy stocks faced significant declines, pushing the index below its 125-day moving average.
Today’s trading was marked by volatility. An early rally in mining stocks quickly fizzled out as energy giants faltered. Despite rising oil prices driven by tensions in the Middle East, shares of Santos and Beach Energy fell by 1.5% and 1.3%, respectively. Meanwhile, Woodside Energy remained stable despite announcing a landmark nine-year agreement with Turkey to supply 0.5 million tonnes of liquefied natural gas (LNG) annually starting in 2030.
In technology, NextDC experienced a drop of over 2%, while DroneShield plummeted nearly 5%. Initially, miners like Rio Tinto surged to an all-time high due to record copper prices but ultimately slipped 0.5% by market close. Fellow miner BHP ended the day down 0.4%.
However, not all was bleak. Silver prices soared past $80 USD an ounce, the highest price recorded to date. This surge, fueled by global supply shortages and the recent designation of silver as a critical mineral by the U.S., propelled silver miners significantly. Investigator Silver skyrocketed by 36.4%, while Silver Mines and Sun Silver rose 18.4% and 14.5%, respectively.
In contrast, gold mining stocks took a hit following a meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy. Both leaders expressed optimism about nearing a peace deal in Ukraine, prompting investors to sell off gold. Northern Star lost 0.7%, while St Barbara saw a 0.8% decline after initially performing well. Conversely, Evolution Mining managed to close 0.5% higher.
Other notable winners today included Star Entertainment, which rose 7.7% following the appointment of Bruce Mathieson Jr. as CEO, and buy-now-pay-later company Zip, which increased by 2.2%. The big four banks had mixed performances, with ANZ up 0.3% and NAB down 0.6%. Both Westpac and Commonwealth Bank dropped 0.5%.
Amid these fluctuations, the Australian dollar reached a 14-month high at US67.27 cents, adding another layer of complexity to the market landscape. As trading continues throughout the week, investors will be watching closely for further developments, especially regarding geopolitical tensions and their impact on commodity prices.
Stay tuned for more updates as this story develops.
