S&P/ASX 200 Falls 0.3% to 8,671.90 as CSL Drops 5% and BHP Hits Record

2 articles · Updated · The Australian Financial Review · May 12

29.90 points lower at 8,671.90, the S&P/ASX 200 slipped by mid-morning with eight of 11 sectors in the red despite strength in miners.
CSL sank another 5% after Monday’s 16% plunge, extending damage from its latest profit downgrade and a fresh $US5 billion impairment that triggered analyst rating and price-target cuts.
Healthcare and technology led the retreat: ResMed fell 4%, Cochlear 3.5%, while WiseTech Global and Xero dropped 5.4% and 5.3%; Life360 lost 5.9% despite beating revenue expectations and lifting guidance.
Materials rose almost 3% as copper neared record highs, lifting BHP 3.2% to a record A$60.20, with Rio Tinto up 2.7% and South32 2.6%.
Energy also edged higher as Brent crude traded at $US104.39 a barrel, but gains in miners and oil stocks were not enough to offset broad weakness in healthcare, tech and banks.

As miners soar while tech and healthcare plummet, is this a temporary market rotation or Australia's new economic reality?

With investor trust shattered, what will it take for biotech giant CSL to truly recover from its historic market collapse?

The AI boom is fueling a record copper surge. How long can supply keep up before the tech revolution hits a wall?