These are the ASX companies and sectors making headlines in afternoon trade.
The S&P/ASX 200 is trading 1.9% lower after Trump's tariff blitz on Mexico, Canada and China sent global equity markets and risk assets sharply lower. There are currently 184 ASX 200 stocks (92%) trading lower.
Alterity Therapeutics (ASX: ATH) – Shares in the biotechnology company rallied 16.6% after successfully raising $2.1 million in the US via its at-the-market facility. In addition to the raise, the company expects to receive approximately $5.69 million in rebates from the Australian Taxation Office under the Australian Government’s Research and Development Tax Incentive (R&DTI) Scheme. This represents a substantial amount of cash for the $75 million market cap company.
Westgold Resources (ASX: WGX) – Shares in the gold miner dipped 12.0% after the company downgraded its full-year gold production guidance due to delays at Beta Hunt and Bluebird-South Junction. The key numbers include:
Full-year AISC of A$2,400-2,600 vs. prior A$2,000-2,300 an ounce (16% downgrade)
Growth capital of $200 million vs. prior $235 million
Gold production between 330-350,000 ounces vs. prior 400-420,000 ounces (17% downgrade)
Resolute Mining (ASX: RSG) – Shares dipped 7.2% after the company's CEO Terry Holohan announced his resignation, with immediate effect. The company's acting CEO Chris Eger will formally assume the role of CEO and join the Board of Directors. While acting CFO Dave Jackson will assume the role of CFO.
Magellan Financial (ASX: MFG) – Shares fell another 6.6% and now down 21% in the last three sessions. On Thursday, 30 January, Magellan announced the departure of its Head of Investments Gerald Stack.
Healthcare stocks are facing steep losses as several names have either manufacturing facilities in the tariffed countries and/or a high percentage of earnings from the Americas. Stocks leading the decline include Fisher & Paykel (-6.6%), ResMed (-3.4%), Pro Medicus (-2.6%) and CSL (-1.6%).
Banks are broadly lower on Monday, with NAB (-2.2%), CBA (-2.0%), Westpac (-1.9%), ANZ (-1.9%) and Macquarie (-1.6%) all pulling back from record levels.
Iron ore stocks are selling off amid concerns that Trump's tariffs could weigh on China's already struggling economy. Stocks like Champion Iron (-6.3%), Fortescue (-4.6%), Rio Tinto (-3.1%) and BHP (-2.2%) are trending lower.
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