ASX dips on first day of trading; miners and info tech firms fall
The Australian sharemarket dropped in the first session of the new year as shares in gold companies plunged.
By Staff writers
January 2, 2026 — 8.54am
The Australian sharemarket has opened the new year by trading lower as mining companies and info tech sectors weigh on investors.
A slow start was expected. Futures were pointing to a marginal drop, and lower trading volumes are anticipated because of the holiday season. Five of the ASX’s 11 industrial sectors were in the green about 11am AEST, with the index down 6.4 points or 0.07 per cent.
The Australian dollar is up slightly at US66.77¢ mid-morning.
The S&P/ASX 200 closed down 2.8 points at 8714.30 on Wednesday as the market finished trade early for New Year’s Eve. It remained closed on New Year’s Day.
The Australian sharemarket is expected to open lower in its first day of trade for 2026.Credit: Louie Douvis
Energy and financial companies pushed upwards but not enough to offset the downward momentum from materials and information technology.
Mining giant BHP, about 10am AEST, had lost ground (0.2 per cent), while rival Rio Tinto gained 0.48 per cent. Gold miner Northern Star slumped 8.16 per cent and Evolution Mining shed 0.51 per cent.
Northern Star’s slump echoes gold and silver prices’ fall on the last trading day of 2025, though both precious metals remain on track for their best year since 1979, supported by strong demand for haven assets amid mounting geopolitical risks and by interest-rate cuts by the US Federal Reserve. The so-called debasement trade – triggered by fears of inflation and swelling debt burdens in developed economies – has helped supercharge the scorching rally.
In gold, the bigger market by far, those factors spurred a rush by investors into bullion-backed exchange-traded funds, while central banks extended a years-long buying spree. Spot gold hovered about $US4320 ($6473) an ounce, while silver slid toward $US71.
Fuel supplier Ampol gained on the back of a slight lift in crude prices. It was up 0.6 per cent. Crude rose to $US57.51 a barrel Thursday. Over the past month, crude’s price has fallen 1.92 per cent and is down 21.35 per cent compared with the same time last year, according to Trading Economics.
The big banks recorded only slight movements, with the sector up just 0.05 per cent mid-morning. Life360 led the info tech sector lower, falling about 4.09 per cent. WiseTech Global was down marginally and NEXTDC came off 0.88 per cent.