MARKET WRAPS

Evening Wrap: ASX 200 slides as mining bloodbath continues, copper, lithium and uranium stocks dumped

The S&P/ASX 200 closed 44.0 points lower, down 0.50%.

Lead Writer and Presenter
Fri 17 July 2026, 17:34 AEST (1h ago)
11 min read

In this article

The ASX 200 fell sharply on Friday as gold miners, base metals stocks, and technology all declined. This week's 11% oil price surge on escalating US-Iran strikes, and weakness in BHP as the big investment banks mulled its copper guidance downgrade, weighed. Banks and consumer staples proved to be rare places to hide.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap. Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let’s dive in!


Today in Review

Name
Value
% Chg
Major Indices
ASX 2008,796.7
-0.50%
All Ords8,978.8
-0.64%
Small Ords3,306.2
-2.24%
All Tech2,951.3
-1.68%
Emerging Companies2,752.8
-4.03%
Currency
AUD/USD0.6987
-0.15%
US Futures
S&P 5007,511.0
-0.88%
Dow Jones52,429.0
-0.68%
Nasdaq28,743.0
-1.65%
Name
Value
% Chg
Sector
Utilities9,536.5
+1.77%
Energy10,037.3
+1.66%
Communication Services1,639.5
+1.62%
Consumer Staples13,049.1
+1.06%
Real Estate3,583.8
+1.00%
Industrials8,362.4
+0.65%
Consumer Discretionary4,055.6
+0.48%
Financials9,688.2
-0.10%
Health Care26,729.4
-0.34%
Information Technology1,747.5
-1.61%
Materials22,350.9
-2.91%

ASX 200 Intraday Chart

ASX 200 Intraday Chart

Markets

The S&P/ASX 200 (XJO) finished 44.0 points lower at 8,796.7, 0.44% from its session low and 0.50% from its high. In the broader-based S&P/ASX 300 (XKO) the market breadth was abysmal, as advancers lagged decliners by 85 to 148.

For the week, the XJO finished down 9.3 points or 0.11% lower, 0.4% from its intraweek low and 0.9% from its intraweek high – a great deal of mucking about (FFS!?) for not much progress. 🤦

S&P-ASX 200 Financials Sector Index intraday chart_17 Jul.png
S&P-ASX 200 Financials Sector Index intraday chart

If not for the 2:30pm witching hour, things would have looked far worse for the Australian stock market today – and more precisely – not for the closing price auction where the big banks were the beneficiaries of a large buy order that spiked their closing prices.

The invisible hand was once again at work, averting a greater sell off, but strategically switching capital between ailing gold and base metals stocks and defensives in Financials (XFJ) (-0.1%), Consumer Staples (XSJ) (+1.1%), and of course this week's biggest winners: Energy (XEJ) (+1.7%) and Utilities (XUJ) (+1.8%).

Gold Futures (Front month, back-adjusted) COMEX chart_16 Jul.png
Gold Futures (Front month, back-adjusted) COMEX chart

The Gold Sub-Index (XGD) (-4.9%) was Friday's most savage sector decline and the culmination of a brutal week for precious metals stocks. COMEX gold futures fell 1.5% overnight to flirt with the psychologically significant US$4,000 level before recovering a modest 0.3% to US$4,005/oz in Asian trade. The overnight plunge reflected renewed US-Iran hostilities pushing oil higher, stoking inflation fears, and lifting US rate-hike expectations — all of which compress the appeal of non-yielding gold relative to bonds.

Ora Banda Mining (OBM) (-7.4%), Emerald Resources (EMR) (-4.8%), Evolution Mining (EVN) (-4.3%), and Northern Star Resources (NST) (-4.1%) all fell heavily. Regis Resources (RRL) bore the additional weight of a company-specific disappointment, with FY27 production guidance coming in below market expectations, amplifying the selling beyond the sector-wide dynamic.

S&P-ASX 200 Materials Sector Index intraday chart_17Jul.png
S&P-ASX 200 Materials Sector Index intraday chart

Materials (XMJ) (-2.9%) was equally unsparing. The week's massive jump in crude oil will hurt mining sector margins acutely through diesel costs, and global fund flows appear to have decided that the sector needs to reprice for that reality — even on days when London Metals Exchange prices were flat to slightly higher. COMEX copper futures fell 1.8% to US$6.23/lb in the Asian session. Capstone Copper (CSC) (-5.4%) and Sandfire Resources (SFR) (-5.4%) led the copper cohort lower, with Sims (SGM) (-4.4%), South32 (S32) (-3.5%), Rio Tinto (RIO) (-2.4%), and BHP (BHP) (-2.7%) all extending the week's losses.

Lithium and uranium stocks extended what has now become a sustained and arguably structural correction for both sectors. GFEX lithium carbonate futures fell 1.0% to CNY 150,140/t — having now shed approximately 27% from the May peak — with Core Lithium (CXO) (-5.9%), Elevra Lithium (ELV) (-5.1%), Liontown Resources (LTR) (-4.7%), Vulcan Energy Resources (VUL) (-3.2%), and Pilbara Minerals (PLS) (-3.1%) all lower.

Sprott Uranium Miners ETF (NYSE URNM) chart_16 Jul.png
Sprott Uranium Miners ETF (NYSE: URNM) chart

Uranium stocks sustained another session of heavy losses driven primarily by a 4.2% plunge in the Sprott Uranium Miners ETF (NYSE: URNM) overnight — itself now down 8.5% for the week — demonstrating how sharply a move in a major offshore ETF can cascade into local constituent stocks on minimal fundamental news. Paladin Energy (PDN) (-8.3%), Bannerman Energy (BMN) (-6.7%), Boss Energy (BOE) (-6.2%), Deep Yellow (DYL) (-5.7%), and Silex Systems (SLX) (-4.5%) all fell.

Information Technology (XIJ) (-1.6%) fell in sympathy with US tech peers, no single sector-specific catalyst was apparent beyond the broad risk-off tone of the day. Weebit Nano (WBT) (-10.4%), Megaport (MP1) (-8.5%), Catapult Sports (CAT) (-6.7%), Siteminder (SDR) (-4.2%), and Life360 (360) (-3.4%) were all sharply lower.

Energy (XEJ) (+0.7%) was the week's only consistent winner and Friday was no exception — oil's fifth consecutive daily advance, with ICE Brent crude futures adding 0.2% to US$84.35/bbl in Asian trade and globalCoal Newcastle Coal futures gaining 1.1% to US$132.85/t, kept energy names well supported. Woodside Energy (WDS) (+3.3%) and Ampol (ALD) (+1.7%) were the standout gainers as the US struck an oil tanker near Iran's main export terminal for the first time since the restart of the blockade.


Today's best ASX Top 300 gainers

Company
Last Price
Change $
Change %
1mo %
1yr %
AMP (AMP)$2.02+$0.12+6.3%+27.0%+32.0%
Brambles (BXB)$19.44+$0.65+3.5%+3.9%-17.5%
Woodside Energy Group (WDS)$30.46+$0.97+3.3%+1.4%+26.1%
L1 Gold Fund (LGF)$1.995+$0.06+3.1%+5.3%-1.7%
Coles Group (COL)$23.21+$0.65+2.9%-0.9%+13.5%
Amcor Plc (AMC)$63.77+$1.76+2.8%+9.3%-12.9%
Telstra Group (TLS)$5.04+$0.13+2.6%-1.6%+1.6%
Bega Cheese (BGA)$6.10+$0.15+2.5%+7.0%+17.8%
Domino's Pizza Enterprises (DMP)$17.62+$0.43+2.5%+11.0%-3.7%
Mercury NZ (MCY)$5.79+$0.14+2.5%+3.8%+3.4%
Ingenia Communities Group (INA)$4.29+$0.10+2.4%+1.4%-19.2%
Generation Development Group (GDG)$3.56+$0.08+2.3%-7.0%-32.3%
APA Group (APA)$10.29+$0.23+2.3%-4.2%+24.0%
News Corporation (NWS)$46.60+$0.98+2.1%+12.8%-12.7%
Mirvac Group (MGR)$1.74+$0.035+2.1%-0.9%-22.3%
GPT Group (GPT)$4.97+$0.10+2.1%-2.5%-2.0%
Santos (STO)$7.68+$0.14+1.9%+3.1%-1.2%
Computershare (CPU)$39.86+$0.71+1.8%+10.1%-3.3%
Stockland (SGP)$4.15+$0.07+1.7%-2.6%-24.4%
Ampol (ALD)$37.55+$0.62+1.7%+10.7%+38.7%

Today's worst ASX Top 300 losers

Company
Last Price
Change $
Change %
1mo %
1yr %
4DMedical (4DX)$3.20-$0.59-15.6%-14.0%+1180.0%
Sunrise Energy Metals (SRL)$14.49-$2.45-14.5%-14.1%+909.8%
Aura Consolidated Group, Inc. (AXQ)$4.69-$0.74-13.6%-31.5%-31.5%
Mesoblast (MSB)$2.44-$0.33-11.9%+25.1%+36.3%
SKS Technologies Group (SKS)$8.36-$1.01-10.8%-6.6%+280.0%
Weebit Nano (WBT)$5.84-$0.68-10.4%-21.5%+169.1%
EQ Resources (EQR)$0.22-$0.025-10.2%-8.3%+494.6%
Brazilian Rare Earths (BRE)$3.55-$0.35-9.0%-32.3%+44.9%
Megaport (MP1)$18.23-$1.69-8.5%-6.2%+30.8%
Regis Resources (RRL)$5.64-$0.52-8.4%-15.7%+27.6%
Paladin Energy (PDN)$8.42-$0.76-8.3%-18.1%+7.1%
Elsight (ELS)$6.66-$0.59-8.1%-18.7%+280.6%
DroneShield (DRO)$2.14-$0.18-7.8%-25.7%-39.0%
Electro Optic Systems Holdings (EOS)$7.03-$0.59-7.7%-19.6%+90.0%
IperionX (IPX)$3.27-$0.27-7.6%-30.3%-38.8%
Southern Cross Electrical Engineering (SXE)$4.35-$0.35-7.4%-9.8%+145.1%
Ora Banda Mining (OBM)$1.00-$0.08-7.4%-24.2%+56.3%
Genesis Minerals (GMD)$5.56-$0.43-7.2%-4.8%+40.8%
Westgold Resources (WGX)$4.35-$0.33-7.1%-15.9%+58.8%
Arafura Rare Earths (ARU)$0.20-$0.015-7.0%-25.9%-2.4%

Chartwatch

Nasdaq Composite Index

Nasdaq Composite Index chart

Analysis

A bit zebra 🦓

+ A bit chop-chop 🪓

+ A lot equilibrium ⚖️

= 1/2RP is a very sensible place to be!

It ain’t rocket science 🚫🚀

It’s just trend following (at it’s finest! 💪)

Don’t get me wrong: sitting on the fence can be an uncomfortable experience. But it does allow one to make far more rational and calm decisions compared to being all-in or all-out!

Have a fantastic and stress-free weekend everyone! 🧘

View

I am at 1/2RP on my US portfolio (RP = Risk Position — it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100% 🪣).

Key Levels

Dead simple! 26789-27191 is the key zone of supply vs 24980-25015 is the key zone of demand. In between = 1/2RP vs >= FRP and <= 1/3RP.


S&P/ASX 200 (XJO)

S&P/ASX 200 (XJO) chart

Analysis

Average investor to so-called 'Expert':

Tell me what to buy... BUY BUY BUY BUY!!! 🤑

Well, I'm glad you asked... It's ALWAYS a good time to BUY stocks... Stocks ALWAYS go up in the LONG RUN... We have 289 stocks on our BUY list.

Ooh ooh... WHICH ONES!?

Listen to Kenny, partners! He knows what he's talkn about!

View

I'm 1/2RP on my Aussie portfolio ⚖️ (i.e., my personal allowable capital allocation limit for my investments in Australian stocks is 50%).

Key Levels

8984-9022 is the key zone of supply, while demand is at 8708-8656.

(Glossary of acronyms! Old Tin Pot (OTP): S&P/ASX 200 | MOTN: More Often Than Not | FOMO: Fear Of Missing Out | HOFU: Holding On For Upside | BTD: Buy The Dip | NUTE: No Urgency To Enter | FOHO: Fear Of Holding On | STR: Sell The Rally | RP: Risk Position | FFS: Fund Flow Shenanigans!)

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Learn more about technical analysis and trend following through real case studies on ASX stocks. Australia's premier technical analyst, Carl Capolingua, shares his unique insights on stocks as requested by viewers. Ask about a company in your portfolio or anything related to trading and investing and get Carl's expert opinion.

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Economy

Today

  • There weren't any major economic data releases in our time zone today...

Friday

  • 23:15 USA June Building Permits & Housing Starts (1.4 million and 1.31 million forecast vs 1.41 million and 1.18 million in May)

  • 23:15 USA June Industrial Production (+0.2% m/m forecast vs 0.1% m/m in May)

Saturday

  • 00:00 USA July Prelim UoM Consumer Sentiment (51.0 forecast vs 49.5 (revised up from 48.9) in June)


Interesting Movers

Trading higher

  • Global X Ultra Short Nasdaq 100 Hedge Fund (SNAS) $11.51
    +7.5%

    Rose on no news; as a short US stocks ETF it is designed to rise when the prices of US stocks fall — like they did overnight.

  • AMP (AMP) $2.02
    +6.3%

    Rose in a continued positive response to yesterday's FY26 earnings upgrade on China partnerships and strong group investment income.

  • Fleetwood (FWD) $2.31
    +6.0%

    Rose after it announced Dimensional Entities has become a substantial shareholder with a 5.01% stake.

  • Woodside Energy Group (WDS) $30.46
    +3.3%

    Rose on no news, performance reflected general weakness in the broader energy sector.

  • Coles Group (COL) $23.21
    +2.9%

    Rose after it announced it has ceased discussions with TPG Capital regarding the potential acquisition of Greencross Pet Wellness Company; management said Coles applies a disciplined approach to acquisitions.

Trading Lower

  • 4DMedical (4DX) $3.20
    -15.6%

    Fell as investors reacted to the company's announcement regarding a US House bill to establish a pilot program using advanced 4D functional lung imaging for US military veterans; possibly investors had expected something more substantial.

  • European Lithium (EUR) $0.29
    -10.9%

    Fell on no news, performance reflected general weakness in the broader lithium sector.

  • Larvotto Resources (LRV) $1.02
    -10.9%

    Fell on no news, reflected weakness in the broader critical minerals sector and prevailing short and long term downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Weebit Nano (WBT) $5.84
    -10.4%

    Fell on no news, performance reflected general weakness in US technology stocks on Thursday.

  • AIC Mines (A1M) $0.61
    -9.7%

    Fell as investors reacted to the company's announcement that June quarter profitability was hit by higher diesel costs; Bell Potter described costs as a "negative surprise" and cut earnings forecasts for FY26-FY28.

  • Hillgrove Resources (HGO) $0.06
    -9.2%

    Fell after it announced a change of company name to Kantra Copper Limited and a 15-to-1 share consolidation; board approved commencement of Emily Star development as the third underground mining front at Kanmantoo Copper Mine.

  • Brazilian Rare Earths (BRE) $3.55
    -9.0%

    Fell on no news, reflected weakness in the broader critical minerals sector and prevailing short and long term downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Regis Resources (RRL) $5.64
    -8.4%

    Fell after it guided 2027 production of 360,000–400,000 ounces with forecast AISC $2,990–$3,390/oz (up from prior guidance) and corrected a reporting error reducing June 30 cash and bullion to $1.184 billion from $1.210 billion; regular in the ChartWatch ASX Scans Downtrends List.

  • PMET Resources Inc (PMT) $0.44
    -8.4%

    Fell on no news, reflected weakness in the broader lithium sector and prevailing short and long term downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • DroneShield (DRO) $2.14
    -7.8%

    Fell on no news, reflected weakness in the broader defence sector and prevailing downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Electro Optic Systems Holdings (EOS) $7.03
    -7.7%

    Fell on no news, reflected weakness in the broader defence sector and prevailing downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Ora Banda Mining (OBM) $1.00
    -7.4%

    Fell on no news, reflected weakness in the broader gold sector and prevailing short and long term downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Bannerman Energy (BMN) $3.18
    -6.7%

    Fell on no news, reflected weakness in the broader uranium sector and prevailing downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Boss Energy (BOE) $1.22
    -6.2%

    Fell on no news, reflected weakness in the broader uranium sector and prevailing downtrends; regular in the ChartWatch ASX Scans Downtrends List.

  • Zip Co (ZIP) $2.98
    -5.1%

    Fell after it announced it will wind down its New Zealand operations, saying the market no longer fits its strategic priorities as it focuses on faster-growing Australian and US businesses.


Broker Moves

Company
Broker
Action
Rating
Price Target
A11Atlantic Lithium
MacquarieRetained
Neutral
$0.35
A1MAIC Mines
Bell PotterRetained
Buy
$0.90
Shaw and PartnersRetained
Buy
$1.10
AEMAdvanced Engineered Materials
Ord MinnettRetained
Speculative Buy
$0.90
AFGAustralian Finance Group
MacquarieRetained
Outperform
$2.26
AMPAMP
CitiRetained
Buy
$2.15
Ord MinnettDowngraded
Accumulate
$2.00
UBSRetained
Buy
$2.19
BHPBHP Group
CitiRetained
Neutral
$63.00
CLSARetained
Hold
$60.00
Goldman SachsRetained
Buy
$63.50
MacquarieRetained
Neutral
$55.00
Morgan StanleyRetained
Overweight
$67.50
Ord MinnettRetained
Hold
$61.00
RBC Capital MarketsRetained
Sector Perform
$57.00
UBSRetained
Neutral
$59.00
CBACommonwealth Bank of Australia
MorgansRetained
Sell
$117.63
COHCochlear
RBC Capital MarketsDowngraded
Sector Perform
$117.00
ELVElevra Lithium
MacquarieRetained
Outperform
$14.50
GHMGolden Horse Minerals
Shaw and PartnersRetained
Buy
$1.25
GL1Global Lithium Resources
MacquarieRetained
Outperform
$0.80
HVNHarvey Norman Holdings
Bell PotterRetained
Buy
$6.00
IGOIGO
MacquarieRetained
Outperform
$10.50
UBSRetained
Buy
$9.65
IMBIntelligent Monitoring Group
MorgansRetained
Speculative Buy
$1.20
LTRLiontown
MacquarieRetained
Outperform
$2.30
MorgansUpgraded
Accumulate
$1.70
UBSRetained
Buy
$2.50
MAPMicroba Life Sciences
Bell PotterDowngraded
Hold
$0.05
MorgansRetained
Speculative Buy
$0.12
MINMineral Resources
MorgansRetained
Accumulate
$68.00
NCKNick Scali
CitiRetained
Neutral
$14.15
NGINavigator Global Investments
MacquarieRetained
Outperform
$3.28
Ord MinnettRetained
Buy
$3.65
UBSRetained
Buy
$3.85
NWLNetwealth Group
Bell PotterRetained
Buy
$30.00
E&PRetained
Positive
$35.30
JardenRetained
Neutral
$24.70
MacquarieRetained
Outperform
$32.25
Morgan StanleyRetained
Overweight
$31.00
Ord MinnettRetained
Accumulate
$26.00
OBMOra Banda Mining
Euroz HartleysRetained
Buy
$2.00
Moelis AustraliaRetained
Buy
$1.40
UBSRetained
Buy
$1.45
PLSPLS Group
MacquarieRetained
Outperform
$6.25
MorgansUpgraded
Hold
$4.80
UBSRetained
Neutral
$5.60
PMTPMET Resources Inc
MacquarieRetained
Outperform
$0.70
UBSRetained
Buy
$0.90
REAREA Group
Bell PotterRetained
Sell
$137.00
CitiRetained
Buy
$182.75
TLXTelix Pharmaceuticals
RBC Capital MarketsDowngraded
Sector Perform
$18.00
WC8Wildcat Resources
MacquarieRetained
Outperform
$0.90
WDSWoodside Energy Group
MacquarieUpgraded
Outperform
$32.80

Scans

Top Gainers

Code
Company
Last
% Chg
AHNDAAthena Resources Ltd$0.09+76.47%
JCSJcurve Solutions Ltd$0.04+33.33%
LUXLUX Copper Corp. Ltd$0.315+26.00%
TATTartana Minerals Ltd$0.025+25.00%
AIVActivex Ltd$0.022+22.22%
View all top gainers

Top Fallers

Code
Company
Last
% Chg
PFMPlatformo Ltd$0.019-24.00%
MHMMount Hope Mining Ltd$0.12-17.24%
BTNButn Ltd$0.015-16.67%
GNMGreat Northern Minerals Ltd$0.035-16.67%
XRAXenora Minerals Ltd$0.18-16.28%
View all top fallers

52 Week Highs

Code
Company
Last
% Chg
AHNDAAthena Resources Ltd$0.09+76.47%
LUXLUX Copper Corp. Ltd$0.315+26.00%
ORPOrpheus Uranium Ltd$0.10+6.38%
AMPAMP Ltd$2.02+6.32%
FZRFitzroy River Corporation Ltd$0.225+2.27%
View all 52 week highs

52 Week Lows

Code
Company
Last
% Chg
REERAREX Ltd$0.011-15.39%
AXQAura Consolidated Group, Inc$4.69-13.63%
ARNAldoro Resources Ltd$0.26-13.33%
RMYRma Global Ltd$0.022-12.00%
BRLBathurst Resources Ltd$0.445-11.88%
View all 52 week lows

Near Highs

Code
Company
Last
% Chg
WVOLiShares MSCI World Ex Aust Minimum Volatility ETF$45.04+0.07%
IAGPFInsurance Australia Group Ltd$106.00+0.22%
GCIGryphon Capital Income Trust$2.08+0.48%
VVLUVanguard Global Value Equity Active ETF$80.00+0.82%
IHDiShares S&P/ASX DIV Opportunities Esg Screened ETF$17.05-0.47%
View all near highs

Relative Strength Index (RSI) Oversold

Code
Company
Last
% Chg
COVCleo Diagnostics Ltd$0.365-9.88%
MCCLMunro Climate Change Leaders Fund Active ETF$18.15-1.04%
ARUArafura Rare EARTHS Ltd$0.215-2.27%
MAETMunro Global Growth Fund Complex ETF$5.55-1.42%
FUTRJanus Henderson Global Sustainable EQ Active ETF$35.76+0.17%
View all RSI oversold

ABOUT THE AUTHOR

Lead Writer and Presenter

Carl brings more than 30 years of investing experience and a track record of helping thousands of investors navigate every kind of market. A highly regarded commentator on global macro trends and their impact on Australian and US equities, he is also one of Australia's most recognised educators in technical analysis — having taught his distinctive price-action trend following methodology to two generations of investors.

17/07/2026