ASX 200 afternoon report: 7 July 2026

The ASX 200 trades 37 points (-0.42%) lower at 8793 as of 2.50pm AEST.

Samsung sell-off and Strait of Hormuz tensions weigh on ASX 200

The ASX 200 is poised for a second consecutive session of falls as a disappointing earnings update from Korean giant Samsung and new attacks on shipping in the Strait of Hormuz offset a positive lead from Wall Street.

While Samsung reported a preliminary second-quarter (Q2) operating profit of 89.4 trillion won that beat estimates of 87.3 trillion won, its shares still slid 9.04% while compatriot SK Hynix fell 8.75%. The declines were triggered by profit-taking and ongoing uncertainty around the sustainability of the artificial intelligence (AI) capital expenditure (capex) build-out that has been fuelling demand for the memory chips manufactured by the Korean electronics giants.

ASX 200 stocks

Financials sector

The financials sector continued its post-federal budget recovery, hitting its highest level in eight weeks. The sector has found support following the carve-outs in the federal budget and as the market increasingly comes to the view that the Reserve Bank of Australia (RBA) has tightened enough. Gains were led by the big four banks:

• National Australia Bank up 1.30% to $39.15
• Westpac climbing 1.28% to $35.74
• Commonwealth Bank lifting 1.01% to $166.32
• ANZ Group adding 0.71% to $35.25.

Health care sector

The health care sector has lifted today and is on track for an eighth straight week of gains, now up around 25% from its recent lows.

• ResMed rose 2.38% to $31.61
• Sonic Healthcare gained 1.21% to $21.80
• CSL lifted 0.98% to $125.33.

IT sector

Despite those concerns, the local information technology (IT) sector has been the ASX 200’s best performer today:

• WiseTech Global lifted 8.03% to $38.20. The move came after Richard White resigned as chair with immediate effect, noting that recent media attention had become an ‘unnecessary distraction’
• SiteMinder rose 3.21% to $3.03
• NextDC gained 3.19% to $13.75
• DroneShield gave back most of yesterday’s gains, falling 4.37% to $2.41.

Materials sector

The heavyweight materials sector has been the day’s biggest drag following reports that two commercial ships were fired upon while transiting the Strait of Hormuz.

• Mineral Resources slipped 5.18% to $61.16
• Rio Tinto dipped 2.11% to $167.56
• BHP Group slid 1.78% to $58.93
• Fortescue edged 0.03% lower to $18.51.

The latest test of the fragile Middle East ceasefire saw gold fall 0.90% today to $4127.

• Resolute Mining fell 5.28% to $0.94
• Catalyst Metals dropped 5.11% to $5.76
• Evolution Mining dipped 4.64% to $12.05
• Capricorn Metals slid 4.02% to $13.62.

Media and sports-related stocks

• Sports analytics company Catapult Group jumped 9.03% to $3.38
• Nine Entertainment fell 0.82% to $0.90 after it won the National Rugby League (NRL) and National Rugby League Women’s (NRLW) broadcast rights for seven years from 2028 through to 2034.

ASX 200 technical analysis

The rejection from the mid-June high of 8983.8 has seen the ASX 200 remain confined to the broad 9000 – 8500 trading range it has occupied over the past 14 weeks.

Looking ahead, we see scope for the ASX 200 to continue to trade sideways within this range for a few more weeks yet – while remaining open-minded as to the direction of any eventual breakout. 

ASX 200 daily chart

The figures stated are as of 7 July 2026. 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.