The Australian Securities Exchange (ASX) ended the session lower with the energy sector taking a hit today (5 May).
The S&P/ASX200 slid 80.2 points, or 0.97%, to 8,157.8 points by the closing bell. The index is up 2.38% over the past five sessions.
All 11 sectors ended in the red, with energy leading the charge down on a 2.89% retreat after crude oil prices tumbled on further proposed production hikes by the Organization of the Petroleum and Exporting Countries.
ANZ Economist Madeline Dunk says reports emerged last week that Saudi Arabian officials have been telling allies that the kingdom can endure a sustained period of depressed prices.
“This comes after its recent decision to raise output by 411,000 barrels per day in May, compared with its planned increase of 138,000 barrels per day,” Dunk notes.
“The higher production hikes appear to be in response to a lack of compliance by some members of the group.”
Santos (ASX:STO) slumped 3.95% to $5.84, Karoon Energy (ASX:KAR) retreated 3.77% to $1.41, Beach Energy (ASX:BPT) fell 3.75% to $1.16 and Woodside Energy (ASX:WDS) wiped off 3.59% to end the session at $19.87.
The financial sector witnessed the next biggest loss of 1.56% today after Westpac’s (ASX:WBC) interim earnings for the first half of 2025 failed to impress.
Materials dropped 0.57%, with coal miner Stanmore Resources (ASX:SMR) among the losers, sliding 5.83% to $1.94.
Gold Road Resources (ASX:GOR), however, held onto its top spot to close up 9.43% at $3.25 on the news of the $3.7 billion all-cash takeover bid from Gold Fields (JSE:GFI).
Fellow gold plays Vault Minerals (ASX:VAU) and Bellevue Gold (ASX:BGL) also made advances today. Vault rose 3.53% to $0.44 and Bellevue climbed 2.22% to $0.92.
Industrials was the best performing sector with a five-day rally of 2.57%.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
