ASX 200 Retreats as Tech and Gold Slump Offset Energy Gains

The S&P/ASX 200 declined 70.40 points, or 0.88%, to trade at 7,891.90, recovering slightly from early session lows of 7,818.30. The broader All Ordinaries Index mirrored this downward trend, dropping 1.07% to 8,103.80. The decline follows a negative lead from U.S. markets overnight, erasing the modest gains seen in the previous session. Technology stocks faced heavy selling pressure, with Block falling nearly 8% and Xero dropping over 5%. Gold miners also struggled significantly; Evolution Mining and Gold Road Resources both slid approximately 4%, while Newmont tumbled more than 3%. Conversely, the energy and financial sectors offered a buffer against the slide. Woodside Energy, Santos, and Beach Energy each gained nearly 1%, while Origin Energy added more than 1%. Among the major banks, ANZ and Westpac rose more than 1%, and National Australia Bank edged up 0.5%. Individual corporate news drove extreme volatility for specific tickers. Nickel Industries plummeted nearly 18% following reports that the Indonesian government is considering a major overhaul of its mining royalty system. In the gaming sector, Star Entertainment remains under a trading halt as U.S.-based Bally's seeks a controlling stake in the operator. Additionally, PolyNovo shares fell 8% following the immediate resignation of CEO Swami Raote. In the currency markets, the Australian dollar was trading at $0.628.