ASX 200 dips amid ex-dividend fallout and healthcare sector decline

The Australia 200 trades 25 points (0.28%) lower at 8902 as of 2.25pm AEST.

Ex-dividend stocks drive ASX 200 lower

The Australia 200 (ASX 200) is on track for a third consecutive day of losses after dropping 36 points (0.40%) in early trading to a low of 8891.2, marking its first move below the 8900 level in almost two weeks.

Today's losses in the ASX 200 are primarily driven by several stocks going ex-dividend, including Santos, Wesfarmers, and Woolworths. Additionally, investors are retreating from the healthcare sector, which has declined more than 14% since CSL reported two weeks ago.

Aussie GDP release set to influence monetary policy

Tomorrow brings the eagerly anticipated Australian second-quarter (Q2) gross domestic product (GDP) release. The expectation is for a rise of 0.5% quarter-on-quarter (QoQ), lifting the annual growth rate to 1.6% (from 1.3% previously), in line with the Reserve Bank of Australia's (RBA) forecast for June 2025.

If this forecast proves accurate, it will support the case for further easing of RBA monetary policy, reaffirming the idea that the Australian economy is growing at a pace significantly below its potential growth rate of 2.5% - 3%.

The Australian interest rate market is pricing in 25 basis points (bp) of rate cuts for the RBA’s 4 November meeting and a cumulative 32 bp of rate cuts for the RBA’s 9 December meeting.

ASX 200 stocks

Financial sector

With funds moving out of the healthcare sector, the ASX 200 financial sector has provided some refuge. 

• National Australia Bank (NAB) gained 1.55% to $43.20
• Westpac added 1.54% to $38.84
• Commonwealth Bank of Australia (CBA) lifted 1.27% to $171.10
• Australia and New Zealand Banking Group (ANZ) edged 0.30% higher to $33.67
• Bendigo Bank fell 3.56% to $12.75 as it traded ex-dividend.

Mining sector

The big mining stocks had a mixed day.

• BHP adding 0.84% to $43.06
• Rio Tinto rising 0.46% to $114.52
• Mineral Resources adding 0.19% to $36.94
• Fortescue Metals slipped 0.62% to $18.40.

Gold stocks

It was a strong day for the gold miners as bullion hit a fresh record high of $3508, driven by investors flocking towards the safety of hard assets, including precious metals.

• Perseus Mining lifted 2.5% to $4.12
• Resolute Mining added 1.81% to $0.70
• Evolution Mining gained 1.10% to $9.20.

ASX 200 technical analysis

After spending the last two weeks of July consolidating its gains above 8600, the ASX 200 marched higher in August, hitting a fresh record high at 9054.5 last week, some 25% above its April low of 7169 and 105% above its Covid-19 crash low of 4402.

With the relative strength index (RSI) on the weekly chart at its most overbought level since August 2021 and the formation of a 'loss of momentum' type weekly candle last week, there is increasing caution about the ASX 200’s upside prospects from here.

If the ASX 200 were to close below short-term support around 8850 and then below support at 8770 - 8750, it would indicate that a medium-term high is in place at 9054.5, suggesting a deeper pullback initially towards 8620 - 8600 with potential to 8400. Until then, allow the uptrend to extend.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 2 September 2025. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}