AU Morning Wrap: ASX Drops; Gold Miners Take a Hit

By the maket close, the $S&P 500 Index (.SPX.US)$ gained 0.26%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.18%, and the $Nasdaq Composite Index (.IXIC.US)$ rose 0.35%.

The $S&P/ASX 200 (.XJO.AU)$ dropped 1.1% to 7771.30, with only the energy sector showing gains. Materials and real estate sectors led the losses. The All Ords also fell by 1.1%. All four of the big banks dropped, while $Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$, and $Fortescue Ltd (FMG.AU)$ also lost value. $West African Resources Ltd (WAF.AU)$, $Ramelius Resources Ltd (RMS.AU)$, and $St Barbara Ltd (SBM.AU)$, which are gold miners, experienced significant drops of 11%, 8%, and 8%, respectively.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.03¢, an decrease of 0.11%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $69,521, down by 0.03% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,669, down by 0.87% in the past 24 hours.

$Beach Energy Ltd (BPT.AU)$ has announced that it expects a non-cash impairment charge of $365 million to $400 million before tax in its FY24 full-year results. The charge is a result of issues faced in its Taranaki and Bass basins.

Automotive parts retailer $Bapcor Ltd (BAP.AU)$ has confirmed receiving an unsolicited offer from Bain Capital to purchase 100% of its shares at $5.4 in a scheme of arrangement.

$AGL Energy Ltd (AGL.AU)$ has signed a partnership with OVO's Kaluza smart energy platform and will invest $300 million over the next four years. As part of the agreement, AGL Energy will also take a 20% stake in Kaluza.

$Woodside Energy Group Ltd (WDS.AU)$ has achieved its first oil production from the Sangomar field offshore Senegal, marking the country's first offshore oil project.

$Mercury NZ Ltd (MCY.AU)$, a New Zealand electricity retailer, has announced the appointment of Stew Hamilton as its new chief executive. The appointment follows the retirement of Vince Hawksworth from the role on August 31.