20.08.202501:10:37UTC+00Australian Shares Extend Losses

The S&P/ASX 200 slipped by 0.2% to just under 8,880 on Wednesday, continuing its downturn from the previous day. The decline was driven by cautious trading, as investors closely monitored corporate updates. The healthcare sector persisted in dragging down the index, reaching its lowest point since late April, with CSL Limited leading this downward trend. The biotechnology giant saw a 5.6% drop, hitting a six-year low due to looming tariff threats affecting its medium-term outlook. The situation worsened with the announcement of plans to cut 3,000 jobs and separate its vaccine unit, despite a 14% increase in annual profit. Further downward pressure was exerted on major mining companies after a court halted a critical land transfer required for Rio Tinto and BHP's Resolution Copper project in Arizona. Energy stocks also decreased by nearly 1%, with Woodside Energy declining 1.2% following its announcement to sell a 20–30% stake in its Louisiana LNG unit. However, major banks were a bright spot, outperforming the market with Westpac, NAB, and ANZ each rising between 1% and 1.5%. Investors are now looking forward to the release of PMI figures later today for insights into the economic trajectory.