Australian shares extend losses as miners, Woolworths slump

Woolworths

30/04/2026 02:49

April 30 (Reuters) - Australian equities slipped for an eighth consecutive session on Thursday, dragged down by miners and a drop in Woolworths' shares after the top grocer scaled back its annual food earnings growth forecast.

The S&P/ASX 200 index .AXJO was down 0.5% at 8,643.40 points, as of 0007 GMT. The benchmark has gained nearly 2% so far this month, rebounding from a 7.8% plunge in March, as Middle East tensions sapped risk appetite.

Markets rebounded earlier this month on hopes of a U.S.-Iran breakthrough, but an energy-driven first-quarter CPI print pushed inflation further from the Reserve Bank of Australia's target and kept rate-hike expectations alive.

Traders now see a 78% chance of a 25-basis-point hike to 4.35% at the RBA meeting, due on Tuesday, with rates expected to climb to 4.60% by September, levels last seen in late 2011.    0#AUDIRPR

Woolworths WOW.AX, the biggest grocer in Australia, said its fiscal 2026 domestic food segment earnings growth would no longer reach the upper end of the range due to fuel price pressures.

Shares of Woolworths slipped as much as 9.8% in early trade, driving consumer staples sub-index .AXSJ down 4.9% and emerging as one of the top losers in the benchmark.

Mining stocks .AXMM fell 2.1%, tracking lower base metal prices overnight. The sub-index, however, was on track to log a monthly gain of more than 5%. MET/L

Shares of BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX lost between 1.4% and 1.6%.

Mineral Resources MIN.AX rose as much as 9.6% to a nearly two-year high, the top performer in the mining sub-index, after the miner upgraded its production volume outlook for 2026.

Energy firms .AXEJ rose 0.6% on rising crude prices. O/R

Oil majors Woodside WDS.AX and Santos STO.AX advanced as much as 3% and 1.9%, respectively.

Financials .AXFJ rose 0.54%, limiting losses on the benchmark, with "Big Four" banks rising between 0.3% and 1.1%.

In contrast, gold stocks .AXGD slipped 3.8% as dollar-priced bullion extended overnight losses after the U.S. Federal Reserve kept its rate unchanged. GOL/

New Zealand's benchmark S&P/NZX 50 index .NZ50 edged 0.1% higher to 12,779.7 points.

ASX sectors rebound, but inflation risks temper gains https://tmsnrt.rs/4cQPghP

 (Reporting by Sruthi Narasimha Chari and Kumar Tanishk in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Sruthinarasimha.chari@thomsonreuters.com))

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