ASX 200 falls a fourth day as gold and tech sell off, banks rally: 23 June 2026
ASX 200 close: 8,787.0 (-0.33%) Breadth: 57 advancers / 168 decliners (large-cap universe) Sentiment: mixed
The S&P/ASX 200 closed at 8,787.0 on 23 June 2026, down 29.1 points or 0.33%, a fourth straight decline, as a hawkish Fed read lifted US yields and the dollar and weighed on gold miners and high-multiple tech. The single biggest move was Iluka Resources (ILU.AU), down 10.82% to $7.25 on the day it confirmed the full A$1.65 billion government loan for its Eneabba rare earths refinery. Financials rose 0.64%, the sector's strongest close since before the Federal Budget, after the government softened small-business capital-gains rules.
What drove the move
Materials and Information Technology stripped roughly 40 basis points between them, financials added about 22 back, and the rest of a mostly lower board took the index to a 33 basis point loss.
- Materials -1.38%: the biggest drag, worth about 28 bps. Spot gold fell 1.64% to US$4,134/oz on a stronger USD, pulling NST.AU down 2.74%, EVN.AU 2.47% and NEM.AU 2.06%, with juniors harder hit (RSG.AU -5.68%, GMD.AU -5.52%, PNR.AU -6.09%). Iron ore futures in Asia slid to about US$97.65/t, a four-month low on expected Simandou supply, and BHP.AU eased 0.70% with FMG.AU off 1.68%.
- Information Technology -4.04%: the worst sector, worth about 12 bps. TNE.AU -7.10%, CAT.AU -6.10%, SDR.AU -5.96% and XRO.AU -5.28% all fell hard, while WTC.AU -4.39% extended its weekly slide to roughly 21% after reports the AFP is investigating founder Richard White. The sector tracked an overnight Nasdaq drop of 1.32% on AI-spending concerns, with live Nasdaq futures down 2.09%.
- Financials +0.64%: added about 22 bps back and capped the loss. ANZ.AU +1.39%, NAB.AU +1.21%, WBC.AU +1.03% and CBA.AU +0.49% drove the sector to its best close since before the Federal Budget, after the government's revised tax package lifted the small-business CGT turnover threshold from $2 million to $10 million.
Together, materials and tech stripped about 40 bps while financials added about 22 bps back; the rest of the decline came from the seven of eleven sectors that fell, with 168 of 240 large-caps in the red.
Session highlights
The S&P/ASX 200 closed at 8,787.0 on 23 June 2026, a fourth straight fall, with the index fading from an intraday high of 8,844.8 to settle near the session low.
- ILU.AU -10.82% to $7.25, the day's biggest move, after confirming the full A$1.65 billion Export Finance Australia loan and a Civmec construction contract for the Eneabba refinery; the stock opened at $8.60 and reversed as investors weighed the A$1.7 to 1.8 billion capital bill.
- TNE.AU -7.10% to $27.73, the worst large-cap in the technology selloff, handing back almost all of last week's 8% rally.
- ANZ.AU +1.39%, NAB.AU +1.21% and WBC.AU +1.03% drove the financials sector to a 0.64% gain, the only sector with a material rise.
- 168 of 240 large-caps fell, a 0.34 advance-decline ratio, even as the headline index lost only 0.33%.
- The All Ords closed down 0.48% at 8,988.3, lagging the ASX 200 as small-caps took the heavier hit.
Sector scorecard
- Best: Financials (+0.64%)
- Worst: Information Technology (-4.04%)
- Dispersion (best minus worst): 4.68 pts
- Seven of eleven sectors closed lower; Materials (-1.38%) was the heaviest by index weight, with the gold and lithium names accounting for most of the internal spread.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| TLX.AU | +2.46% | Telix firmed as health held up better than tech |
| TPW.AU | +4.77% | Bounce after a 57% slide this year; leaves the S&P/ASX 200 this week |
| ILU.AU | -10.82% | Sold despite confirming the full A$1.65 billion Eneabba loan; capital bill in focus |
| TNE.AU | -7.10% | Worst large-cap in a 4.04% technology selloff; gave back last week's 8% run |
| IGO.AU | -5.29% | Lithium and nickel name marked down on a stronger USD and weak metals |
Notable announcements
- ILU.AU confirmed access to the full A$1.65 billion Export Finance Australia loan for the Eneabba rare earths refinery and awarded Civmec the construction contract; the capital estimate holds at A$1.7 to 1.8 billion, with commissioning targeted for mid-2027.
- A4N.AU -10.43% fell with the battery-materials complex on a firmer USD, with no company announcement.
- IGO.AU -5.29% and the lithium names tracked weaker base metals, with copper off 2.29% overnight.
At the AU close (16:00 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 futures | 7,447 | -1.25% | Points to a soft US open tonight |
| Nasdaq futures | 30,014 | -2.09% | AI-spending concerns persist |
| Gold | US$4,134/oz | -1.64% | Hawkish Fed read, stronger USD |
| Brent | US$76.78 | -1.44% | WTI slipped below US$74 |
| AUD/USD | 0.6960 | -0.61% | USD firmer on higher US yields |
| US 10-year | 4.51% | +6 bp | Yields repriced on the hawkish read |
Next 24h catalysts (AEST)
- Wed 11:30: ABS May Consumer Price Index, the week's key domestic print for rate expectations.
- Tue night (US): S&P and Nasdaq futures down 1.25% and 2.09% point to a tech-led open, with the AI-spending narrative in focus after Alphabet fell about 5% overnight.
- Ongoing: the ASX 200 is testing the 8,800 to 8,780 support band after four straight declines; the WiseTech AFP matter remains live.
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