Australian shares experienced a downturn near midday AEDT, reversing gains from Thursday’s trading session. The decline was primarily driven by significant drops in Iluka Resources and EROAD after both companies withdrew their financial guidance. Gold miners bucked the trend, showing positive movement amidst the broader market slump.
Iluka Resources experienced a notable decline following its announcement. EROAD, a transport technology company, faced even steeper losses, plunging 35 per cent after flagging a $132 million impairment. EROAD provides technology solutions to the transportation industry, helping businesses manage fleets, track assets, and comply with regulations. The company’s software and hardware offerings aim to improve efficiency and safety for its clients.
In other news, Treasurer Jim Chalmers has rejected a call from the United States to “decouple” from China, amidst growing economic tensions between the two global powers. Super Retail is rallying behind chairwoman Judith Swales before a crucial vote on her re-election, as proxy advisor firms recommend shareholders vote against her. Meanwhile, Forager is selling down some small cap winners and boosting its cash reserves, signalling caution amid signs of market exuberance.
