Australian shares experienced a dip near midday AEDT, marked by contrasting performances across various sectors. James Hardie, a global building materials company that focuses on fibre cement products and systems, saw a surge in its stock value following improved sales figures. Glencore is a diversified natural resource company producing and trading commodities. It announced it paid $1.9 billion in levies in 2023-24 before receiving government support for its Mount Isa copper smelter.
Conversely, gold stocks faced a downturn as investors engaged in profit-taking activities. Retail and IT stocks also contributed to the overall market decline, while Apiam Animal Health stood out with a notable jump in its stock price. In other news, telecommunications provider Optus admitted to sending initial messages regarding a Triple Zero outage to an incorrect and “redundant” government inbox, raising concerns about communication protocols during critical incidents.
Adding to the economic landscape, the federal and state governments are set to inject $600 million into Glencore’s Mount Isa smelter to ensure its continued operation for the next three years. Meanwhile, Qantas is reportedly dealing with a ransom demand after a cyber criminal group claimed to have accessed sensitive Frequent Flyer data, threatening a potential leak.
In international trade developments, Australian steelmakers are bracing for increased pressure as the European Union considers doubling tariffs on metal products, mirroring similar measures implemented by the United States to protect domestic industries from cheap Chinese imports.
