Daily Market Update: 23 June, 2025
The key takeaways from the last 24 hours
Australian market edges lower amid banking sector drag
The Australian share market declined for a fourth consecutive session, with the S&P/ASX 200 Index (ASX: XJO) falling 18.2 points, or 0.2 per cent, to close at 8505.5 — its lowest level since early June. The retreat came as investors adopted a cautious stance amid escalating geopolitical concerns, particularly regarding potential US involvement in the conflict between Israel and Iran. Six of the 11 market sectors closed in negative territory, leading to a modest weekly drop of 0.5 per cent for the benchmark index. The financial sector weighed heavily, with Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC), and Australia and New Zealand Banking Group Limited (ASX: ANZ) all recording losses.
Healthcare gains and mining divergence
In contrast, defensive sectors saw renewed investor interest. Healthcare stocks performed strongly, with Pro Medicus Limited (ASX: PME), ResMed Inc. (ASX: RMD), and Cochlear Limited (ASX: COH) all posting gains, the latter climbing 2.5 per cent to $295.64. The mining sector delivered mixed results following a Citi downgrade of lithium price forecasts. Liontown Resources Limited (ASX: LTR) rebounded slightly despite initial losses, while Pilbara Minerals Limited (ASX: PLS) and Mineral Resources Limited (ASX: MIN) fell sharply. In corporate developments, Betr rose 5.3 per cent after submitting an all-share bid to acquire PointsBet Holdings Limited (ASX: PBH), while Bowen Coking Coal Limited (ASX: BCB) plunged 48.6 per cent after warning of potential mine suspensions due to market conditions and state royalties.
US markets decline amid war fears
On the global front, the US500 Index (CBOE: SPX), the primary benchmark for US equities, fell to 5948 points on June 22, marking a 0.32 per cent decline from the previous session. The downturn was driven by rising geopolitical instability following reports that the United States carried out airstrikes on Iranian nuclear facilities, stoking investor concerns over a broader regional conflict. Despite the short-term dip, the index has climbed 2.21 per cent over the past month.
Market movements
