The Australian sharemarket nudged lower at the open on Friday, as a rally in miners was offset by a retreat in health stocks, tracking another weak session on Wall Street.
The S&P/ASX 200 Index eased 0.2%, or 20.4 points, to 8752.2 at the start of trade, with eight out of the 11 sectors in the red as investors re-adjusted hopes of rate cuts from the Federal Reserve this year following upbeat economic data in the United States.
On the ASX, health stocks led losses after the White House announced a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a pharmaceutical company is building a manufacturing plant in the US. The news hit biotech giant CSL, which fell 2.5%. Imaging group Pro Medicus lost 2.4%. Both fell hard at the start of trade.
Elsewhere, miners rose with both Rio Tinto and BHP up more than 1%. Lithium and uranium also advanced, with Liontown up 7%, trailed by Lake Resources which jumped 3.5%. There was less joy in copper and gold.
The big banks were mixed with National Australia Bank, Westpac and ANZ down 0.3%. Commonwealth Bank was unchanged.
Renewable energy producer Vulcan Energy leapt nearly 8% after signing a $179 million contract with a consortium of Turboden and ROM Technik to develop and build a geothermal power plant near Landau, Germany.
Iron ore giant Fortescue edged up 0.2% following partnership agreements with four green energy companies: electric vehicles and battery manufacturer BYD, solar technology giant Longi, mining equipment maker XCMG, and wind and energy storage provider Envision Energy.
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