Australian Stocks Opened Flat, Then Dipped Slightly At The Open

Australian shares started the final session of the financial year flat as a pullback in materials on weaker gold prices, offset a strong gain by the country’s biggest gains.

The S&P/ASX 200 Index was down 0.7 points to 8822.70 at 10.10am AEST, with five of the 11 sectors weaker. The benchmark is on track to return 3.3 per cent for the 2026 fiscal year.

The sluggish start to Tuesday followed a strong overnight session on Wall Street with the Nasdaq adding 2.1 per cent and Tesla surged 8.5 per cent after stronger-than-expected vehicle sales in the second quarter.

Investors are also awaiting the release of the Reserve Bank of Australia’s minutes from its June meeting, while the final session of the financial year and quarter is tipped to increase trading volumes.

Materials were the biggest drag on the index as gold reversed to be near $US4000 as the US and Iran agreed to stop attacking each other, following tit-for-tat strikes that tested a fragile truce in a war that has fuelled global inflationary pressures.

Northern Star fell 2.7 per cent, Greatland Resources by 5.2 per cent and Newmont by 1 per cent. Heavyweight BHP slid 0.4 per cent and lithium miner Liontown dived 5.8 per cent.

Capricorn Metals bucked the gold miner pullback to rise 2.9 per cent after it received federal environmental approval for its Mount Gibson Gold Project, clearing a key regulatory hurdle ahead of final state approvals in Western Australia.

Energy dipped as West Texas Intermediate slid 0.8 per cent to $US70.2 a barrel in opening trade. Woodside Energy eased 0.3 per cent and coal miner Whitehaven Coal dropped 2 per cent.

Financials were the strongest sector as Commonwealth Bank added 1.2 per cent, Westpac by 1.3 per cent, National Australia Bank 0.9 per cent and ANZ by 0.9 per cent.

Technology also rose with Xero up 0.7 per cent, Codan by 2.2 per cent and Life360 by 5.3 per cent.