ASX 200 Live Today - Friday, 6th February
Welcome to our live ASX coverage for Friday, February 6. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better (https://surveys.hotjar.com/58578fe2-a49e-4faf-9594-3a926a54cd03).
ASX 200 Smashed, All Sectors Red
[11:23 am]
ASX 200 trading sharply lower, down 1.59% and still pushing intraday lows. Every sector is red, with a number of moving pieces sending stocks and sectors lower.
- Tech obliteration continued, with S&P/ASX 200 Tech Index now trading at the lowest since December 2023, having tumbled 13% in the last three sessions. US tech stocks continued to fall overnight, with the selling now spreading to the broader tech sector as opposed to just software.
- Materials (-2.7%) is in the midst of a sharp pullback, with pretty much all commodities trading lower. Coal stocks are down 3-6%, Sandfire down 3.0%, gold is in a sea of red with names down 1-6%, PLS Group down 3.1% and uranium names all down around 4-6%.
- Small end of town also getting smashed, with the S&P/ASX Emerging Companies index down 5.1% and now down 15% since 23-Jan.
- Healthcare (-0.1%), Staples (-0.5%), Financials (-0.8%) and Utilities (-0.8%) continue to outperform on a relative basis.
Analysts Take on Beach Energy H1 Earnings
[11:04 am]
Beach’s H1 result on Thursday was broadly in line to modestly ahead on costs, but the softer interim dividend sharpened concerns that cash returns are being deferred to preserve balance sheet optionality.
- Interim dividend missed expectations, reinforcing a capital allocation pivot toward flexibility and potential growth spend, even with guidance maintained.
- Broker views split on whether the lower payout fits the dividend framework or signals a more flexible policy going forward, with M&A seen as the swing factor for equity support.
- UBS cut its target to $1.05 from $1.15 and downgraded to Sell, citing deferred cash returns and a demanding valuation.
Capstone Copper Ends Mantoverde Strike
[10:49 am]
Capstone Copper announced a new three-year collective bargaining agreement with Union #2 has removed a major operational overhang at its Mantoverde mine in Chile. The stock is down about -9% in the last two sessions.
- Capstone Copper says Mantoverde operated at about 55% of normal production during the strike, pointing to scope for a near-term lift as the site ramps back up.
- Union #2 represents about 22% of the total workforce, and Capstone now has three-year agreements in place with all four unions at Mantoverde, lowering any future disruption risk.
- The resolution follows recent operational stress tied to a water supply interruption after interference at the desalination plant that supports Mantoverde, which temporarily halted sulphide operations.
Top ASX 200 Gainers and Losers
[10:26 am]
Defensives like Utilities, Healthcare and Staples are holding up relatively well, while momentum, tech and resources opened sharply lower.
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