Miners weigh on Australian shares as metals dip

Résumé détaillé

Mining stocks have dragged the ASX lower after oil prices ticked higher on fading hopes of a timely de-escalation of conflict in the Middle East.

Australian shares are retreating from a recent upswing as sluggish miners and consumer discretionary stocks weigh on the major indices.

The S&P/ASX200 fell 48.8 points by midday on Thursday, down 0.53 per cent, to 9104.4, as the broader All Ordinaries lost 52.7 points, or 0.57 per cent, to 9238.6.

The local market shrugged off a tech-led lead from Wall Street overnight after oil prices jumped on reports that Iran would keep all of its enriched nuclear material, taking a key US deal demand off the table.

Energy supply disruptions due to the war, interest rates, AI earnings and US midterm elections had been the main drivers of market volatility in recent weeks, Capital.com senior market analyst Kyle Rodda said.

"Barring a big, new surprise, this combination of factors will likely remain the main driver of global markets to end 2026," he said.

"With market participants searching for earnings resilience, visibility about the peak in global rates and an improvement in the US domestic and foreign political situation."

Local energy stocks were mixed, the sector down 0.2 per cent with varying performances across fossil fuel producers, refinery operators and uranium stocks.

The heavyweight raw materials sector fell 1.6 per cent as precious metals miners tumbled, tracking a drop in spot prices as bets narrowed on imminent US interest rate hikes.

Gold tumbled to $3994 an ounce, dragging the local sub-index 2.7 per cent into the red.

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