The Australian share market has drifted lower and is on track for a third straight day of losses, as the new financial year gets underway.
Shortly after midday, the benchmark S&P/ASX200 index was down 16.0 points, or 0.18 per cent, at 8,706.9, a three-week low and seven points below where it ended 2025.
The broader All Ordinaries had lost 21.4 points, or 0.24 per cent, at 8,910.0.
Nine of the ASX’s 11 sectors were lower while health care and financials were higher.
Utilities was the biggest loser, dropping three per cent as Origin Energy fell 4.2 per cent.
The consumer discretionary sector was the second-worst performer, falling 1.8 per cent as Wesfarmers retreated 3.7 per cent and Eagers Automotive dropped 2.8 per cent.
The big four banks were all higher, rebounding from Wednesday’s sharp sell-off.
NAB had climbed 3.5 per cent, Westpac had grown 2.1 per cent, ANZ had added 0.9 per cent and CBA was up 0.6 per cent.
Also, Macquarie was 1.5 per cent higher.
In the heavyweight mining sector, goldminers were higher as the precious metal rebounded to $US4,052 an ounce.
Northern Star had grown 3.6 per cent, Evolution had added 0.7 per cent and Newmont had climbed 1.8 per cent.
Elsewhere in the sector, BHP dropped 0.8 per cent, Rio Tinto had lost 0.5 per cent and Fortescue had retreated 1.6 per cent.
The Australian dollar was trading for 68.98 US cents, from 68.90 US cents at 5pm on Wednesday.