Australian shares turned lower on Friday afternoon after trading modestly higher earlier in the session, with losses in materials, information technology and utilities pushing the market into negative territory. The S&P/ASX 200 was down about 0.3 per cent by around 1pm, reversing earlier gains, as miners extended losses with gold continuing to retreat from recent record highs. Healthcare outperformed, up about 1.7 per cent, supported by end-of-month portfolio rebalancing and strength in large-cap names. Despite the late pullback, the market remains higher over the shortened trading week and is up about 0.47 per cent overall.
On Tuesday, the index rose 0.9 per cent to a three-month high as gold and silver surged to record levels, lifting major miners and allowing BHP to reclaim its position as Australia’s most valuable listed company. Investors largely looked through renewed tariff threats from US President Donald Trump and growing expectations of a Reserve Bank of Australia rate hike.
Midweek sentiment became more cautious after stronger-than-expected inflation data reinforced the case for higher interest rates, weighing on rate-sensitive sectors such as technology. On Thursday, the market fell as miners sold off following unconfirmed reports that the US may abandon rare-earths price floors, while a stronger Australian dollar added pressure. Despite the late-week volatility, gains in energy and resources earlier in the week left the market higher overall, with investors balancing commodity strength against rising interest rate expectations.
In Friday’s company news,
ResMed lifts margins and earnings as device demand accelerates
ResMed (ASX:RMD) reported an 11% increase in second-quarter FY26 revenue to US$1.4bn, alongside a 320 basis point lift in gross margin to 61.8% and a 15% rise in diluted earnings per share to US$2.68. Growth was driven by strong demand for sleep and respiratory devices, masks and accessories across global markets, with operating income up 18% and operating cash flow of US$340m for the quarter. The company also declared a quarterly dividend of US$0.60 per share and highlighted continued investment in digital health, including recent FDA clearance for an AI-enabled device designed to improve patient adherence.
Etherstack posts record revenue, lifts FY26 growth outlook
Etherstack (ASX:ESK) reported record FY2025 revenue of US$10.1m, up 70% on the prior year, alongside US$3.2m in operating cash flow and its eighth consecutive year of positive operating cash generation. The company also disclosed a record order book of more than US$40m, driven primarily by AT&T FirstNet in the US and the UK Home Office’s Emergency Services Network, with revenues to be realised mainly over FY26 and subsequent years. Management reaffirmed FY2026 revenue guidance of US$16.2m–US$17.5m, implying further growth of more than 60%, underpinned by its mission-critical MCX/IWF technology and the early ramp-up of Communications-as-a-Service revenues.
Chilwa advances Malawi project, lifts resource confidence and pushes US listing
Chilwa Minerals (ASX:CHW) reported steady progress at its Lake Chilwa Critical Minerals Project in Malawi during the December quarter, underpinned by drilling, resource upgrades and steps toward a proposed US Nasdaq listing. The company completed more than 2,500m of sonic drilling across its heavy mineral sands deposits and reported an upgraded Mineral Resource Estimate at Mposa of 25.65Mt, with 83% now classified as Measured, improving confidence for mine planning. Chilwa also confirmed rare earth element mineralisation associated with a carbonatite intrusive system at the Mpyupyu target, supporting its dual-track strategy across heavy mineral sands and rare earths. During the quarter, the company completed an $8m equity raising to fund development and advanced preparations for a US dual listing, including appointing US advisers and engaging with US government agencies on critical minerals support.
4DMedical expands US footprint with fifth elite academic centre
4DMedical (ASX:4DX) has expanded its partnership with University of Chicago Medicine to include commercial deployment of its CT:VQ™ lung imaging technology, making it the fifth leading US academic medical centre to adopt the product since FDA clearance less than five months ago. The agreement includes a renewed imaging analysis platform contract and an initial prepaid CT:VQ™ scan package, with the hospital already using 4DMedical’s functional imaging tools in complex lung disease and procedural planning. While the initial scan volume is not financially material, management said the adoption by a major opinion-leading centre strengthens its US commercialisation strategy and provides scope for scaling as clinical workflows are embedded.
