ASX 200 slips as major banks and miners fall in early trade

Australia’s sharemarket started the trading week in the red, as falling mining and banking stocks offset gains across the market.

The benchmark ASX 200 slipped 13.40 points, or 0.15 per cent, to 8831, while the broader All Ordinaries slid 11.30 points, or 0.12 per cent, to 9037.

Australia’s dollar traded flat, buying 69.32 US cents.

On a relatively quiet day of trading — largely due to the US Independence Day public holiday — six of the 11 sectors finished in the green.

Leading the gains was healthcare, with the defensive sector up 1.50 per cent on a strong Monday.

Vaccines giant CSL rallied 1.99 per cent to $124.23, Sigma Healthcare jumped 1.08 per cent to $2.82 and Pro Medicus climbed 1.97 per cent to $213.77.

It was also a strong day for Australian technology stocks as Xero added 1.81 per cent to $73.56, while WiseTech soared 7.31 per cent to $35.37 and Life360 finished 1.20 per cent higher at $27.29.

Offsetting the gains in health stocks was falls across the two biggest sectors as both materials and banks fell.

On a mixed day for the major iron ore miners, BHP shares dropped 0.79 per cent to $60.02, Rio Tinto traded flat at $171.17 and Fortescue added 0.87 per cent to $18.52, despite it warning of a class action into allegations relating to workplace matters including sexual harassment and sexual discrimination.

Shares in Commonwealth Bank slid 0.22 per cent to $164.66, Westpac slumped 1.12 per cent to $35.29 and ANZ fell 0.74 per cent to $35.

National Australia Bank bucked the trend as it eked out a 0.21 per cent gain to $38.65.

IG senior market analyst Tony Sycamore said despite Monday’s slow start, July was usually the strongest month for investors.

“After a wobble at the start of the week as FY26 ended with a whimper, the ASX200 found its mojo, supported by fresh buying as investors got to work at the start of the new financial year,” he said.

“This is a yearly phenomenon that historically makes July the strongest month of the year, with an average return of 2.73 per cent over the past ten years — narrowly edging out April’s 2.44 per cent average gain.”

This rally is expected to be supported by a softer US jobs market which alleviates concerns the US Federal Reserve would be forced into rate hikes.

Domestically, Mr Sycamore said the Australian market would be supported by three of the big four banks paying dividends to shareholders, giving investors a cash injection.

In company news, shares in Vault Minerals surged 11.62 per cent to $5.09 after Genesis Minerals entered into a bidding war with Regis Resources to take over the gold miners.

Shares in Genesis Minerals dropped 4.13 per cent to $6.03 and Regis Resources jumped 1.06 per cent to $6.70.

Helia shares also fell 2.11 per cent to $5.58 despite telling the market it had secured a new four-year exclusive lenders mortgage insurance contract with challenger bank ING.