Australia shares retreat as CSL drags on delaying vaccine division spinoff

Csl

28/10/2025 24:06

Oct 28 (Reuters) - Australian shares slipped on Tuesday, dragged by biotech major CSL CSL.AX weighing down the broader healthcare sub-index as the firm hit a near seven-year low after delaying its vaccine division spinoff.

The S&P/ASX 200 index .AXJO slipped 0.3% to 9,032.40 points by 2353 GMT. The benchmark closed 0.4% higher on Monday.

Shares of biotech giant CSL tanked as much as 16.6% to A$176.23 to their lowest since December 24, 2018, after the firm said it no longer expects to complete the spinoff of CSL Seqirus in fiscal 2026, citing heightened volatility in the U.S. influenza vaccine market.

The firm was the top loser on the benchmark index as well, and caused the broader healthcare sub-index .AXHJ to dip as much as 7.9% to its lowest level since November 2, 2023.

Technology stocks .AXIJ fell around 3.6%, weighed down by logistics software maker WiseTech Global WTC.AX, the shares of which fell as much as 16.3% to A$71.17, hitting their lowest level since April 7 and positioning them among the top losers on the benchmark.

The firm is currently facing an inquiry from Australia's corporate regulator and the federal police, as they executed a search warrant for documents related to alleged trading in shares by founder Richard White and three other employees.

Meanwhile, gold stocks .AXGD declined 5.6% as bullion prices fell on signs of a thaw in U.S.-China trade tensions, reducing the bullion's safe-haven appeal. GOL/

Gold miners Evolution Mining EVN.AX and Northern Star Resources NST.AX fell 4.3% and 3.8%, respectively.

However, losses were capped on the benchmark by a 1.6% gain in banks .AXFJ, with the "Big Four" lenders gaining between 1.2% and 2.4%.

Local investors now await Australia's third-quarter CPI data, due on Wednesday, to gauge the country's central bank's interest rate trajectory.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was largely flat at 13,392.44 points.

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)

 ((shivangi.lahiri@thomsonreuters.com))