ASX 200 slips to 8,762.5 as a Rio Tinto downgrade drags miners and an oil surge lifts energy
ASX 200 close: 8,762.5 (-0.26%) Breadth: 135 advancers / 145 decliners (ASX 300) Sentiment: mixed
The S&P/ASX 200 closed at 8,762.5 on 9 July 2026, down 22.6 points or 0.26% in a fourth consecutive losing session, as Materials fell 1.48% after Morgan Stanley cut Rio Tinto to Underweight. RIO.AU lost 3.25% to $158.52, the single heaviest drag on the index. Energy rose 1.67% and offset most of that fall after ICE Brent surged 5.2% overnight, once President Trump declared the US and Iran ceasefire over and US Central Command struck Iranian coastal targets.
What moved the index
- Materials (-1.48%) took roughly 27 basis points off the benchmark, more than the 26 basis points it actually shed. Morgan Stanley downgraded RIO.AU to Underweight and cut its target to $149.00 from $171.50, citing stretched valuations and a weakening demand outlook. S32.AU fell 3.54%, DRR.AU 4.23%, FMG.AU 1.58% and BHP.AU 1.11%.
- Real Estate (-1.11%) cost about 7 basis points. The US 10-year Treasury yield rose 4 basis points to 4.569% as the oil move revived inflation pricing, and higher yields compete directly with trust distributions. SGP.AU -3.67%, CHC.AU -3.28% and LLC.AU -1.92% fell hardest.
- Financials (-0.15%) shaved about 5 basis points, smaller than its opening losses implied. NAB.AU -0.78% was the big-four laggard, CBA.AU finished flat, WBC.AU -0.14% and ANZ.AU -0.31%.
- Energy (+1.67%), Utilities (+1.28%) and Consumer Staples (+0.97%) added back about 13 basis points between them. NHC.AU +5.45% led after globalCoal Newcastle futures gained 2.7% to US$131.30/t, and STO.AU +2.00%, ORG.AU +1.84%, AGL.AU +1.55%, WDS.AU +1.49%, ALD.AU +1.47%, WOW.AU +1.35% and COL.AU +1.11% followed.
On approximate index weights the three losing sectors take about 39 basis points off the ASX 200 and the three winners add back about 13, which lands on the 26 basis point fall. Advancers trailed decliners 135 to 145 across the ASX 300.
Session highlights
Pantoro Gold PNR.AU fell 10.18% to $1.985 on 9 July 2026 after reporting FY26 production of 77,408 ounces, short of its 86,000 to 92,000 ounce guidance.
- PNR.AU cited labour shortages and contractor underperformance, and guided FY27 to 90,000 to 105,000 ounces at an all-in sustaining cost of $2,800 to $3,400 an ounce.
- AMC.AU -4.02% to $61.35 followed its New York line, where AMCR.US fell 5.62% overnight. RMD.AU -2.82% did the same after RMD.US lost 6.33%.
- Gold Sub-Index -1.2%: COMEX gold fell 1.8% overnight, then recovered to US$4,119.10 an ounce (+0.90%) by 18:00 AEST. NEM.AU -1.78%, EVN.AU -1.66%, CYL.AU -4.97%.
- GFEX lithium carbonate futures fell 3.3% to CNY 153,240/t. IGO.AU -2.45%, VUL.AU -2.03%, PLS.AU -1.91% and ELV.AU -1.63% all fell, while LTR.AU +0.68% closed higher.
- 4.569% on the US 10-year followed the Fed's June minutes, which showed a divided board and a dot plot tilted toward one 2026 hike.
Sector scorecard
- Best: Energy (+1.67%)
- Worst: Materials (-1.48%)
- Dispersion (best minus worst): 3.15 pts
- Materials also carried the widest internal spread, from EQR.AU +3.77% to BRE.AU -5.62%, a 9.4 point range, with 25 of 34 large-cap materials names lower.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| FBU.AU | +7.55% | Raised FY26 EBIT guidance to NZ$400m to NZ$403m |
| MP1.AU | +5.56% | Unannounced, likely flow-driven |
| NHC.AU | +5.45% | Newcastle coal futures +2.7% to US$131.30/t |
| TEA.AU | +4.59% | Unannounced, likely flow-driven |
| MGH.AU | +4.55% | No news; contractors bid, SXE.AU +3.55%, SRG.AU +2.56% |
| MFG.AU | -5.70% | Macquarie cut its target to $7.00, UBS to $10.40 |
| BRE.AU | -5.62% | No announcement; Strategic Metals ETF -1.74% overnight |
| MI6.AU | -5.51% | UBS cut its target to $0.90 from $1.15 |
| CYL.AU | -4.97% | Gold Sub-Index -1.2% after bullion's overnight fall |
| DRR.AU | -4.23% | Morgan Stanley cut to Underweight, target $3.95 |
Notable announcements
- FBU.AU lifted FY26 continuing-operations EBIT to NZ$400m to NZ$403m from NZ$378m to NZ$380m on stronger property sales, and flagged that macro uncertainty may delay commercial projects into H1 FY27.
- EQR.AU +3.77% posted its highest quarterly production since Q1 FY2024 at 13,050 mtu, up 175% quarter on quarter, with record sales of A$79m.
- JIN.AU +10.46% revised FY26 underlying EBITDA for the 8.5-month period to £7.0m to £7.3m, an annualised 20% to 25% above the prior period.
- BHP.AU faces an 8-hour stoppage on 16 July by about 250 of 450 employees at the Port Hedland Bulk Export Terminal, under a union coalition plan.
- GEM.AU -3.33% after the Fair Work Ombudsman began legal action alleging underpayments, seeking more than $2m for over 1,400 workers.
- FDC.AU closed its ASX debut at $3.37, 12.33% above the $3.00 IPO price that capped a $400m raising for the construction group.
- Morgans cut JHX.AU to Trim with a $36.00 target from $39.00; JHX.AU fell 3.09%. Goldman Sachs raised WHC.AU to Neutral from Sell at $8.10; WHC.AU rose 1.93%.
At the AU close (18:00 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 futures | 7,557.25 | +0.38% | Cash closed -0.28% at 7,482.71 |
| Nasdaq futures | 29,701.50 | +0.79% | Nasdaq Composite closed +0.20% |
| Dow Jones (cash) | 52,348.39 | -1.09% | Equal-weight S&P 500 closed -1.18% |
| Nikkei 225 | 67,743.85 | +1.38% | Closed, rebounding from -2.11% |
| Hang Seng | 24,030.49 | -0.70% | Still trading |
| Shanghai Composite | 4,036.59 | +1.65% | Closed; China CPI landed 11:30 AEST |
| Brent | US$77.00 | -1.31% | Easing after a 5.2% overnight surge |
| Gold | US$4,119.10/oz | +0.90% | Recovered from a 1.8% overnight fall |
| Copper | US$6.206/lb | +1.61% | Recovered from a 1.9% overnight fall |
| AUD/USD | 0.6941 | +0.12% | US dollar index 100.92 |
| US 10-year | 4.569% | +4 bp | Yields rose with oil |
Next 24h catalysts (AEST)
- Thu 22:30 US weekly jobless claims, 218,000 forecast against 215,000 prior
- Fri 00:00 US June existing home sales, 4.20 million forecast against 4.17 million in May
- Fri DN1.AU trades ex-dividend at $0.598
- Sat, time TBC Fed Monetary Policy Report and Fed Chair Kevin Warsh's Senate address
- Mon 13 Jul CKF.AU trades ex-dividend at $0.15, BCN.AU at $0.255
- Tue 14 Jul MTS.AU trades ex-dividend at $0.095
- Thu 16 Jul BHP.AU stoppage at the Port Hedland Bulk Export Terminal
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