ASX Plunges 1.3%: Earnings Disappointments Batter Fortescue and Magellan
2025-02-20
Stockhead
The Australian share market suffered a significant decline on Thursday, with the ASX plummeting 1.3% as investors were left reeling from a string of disappointing earnings reports. Fortescue and Magellan were among the hardest hit, while Whitehaven and Telstra managed to buck the trend. The sell-off was driven by a combination of soft earnings and a jobs miss, which has sparked concerns about the health of the Australian economy. Key sectors such as banking and retail were also caught in the downdraft, with Super Retail among the major losers. As the market continues to navigate a period of uncertainty, investors will be closely watching for signs of a rebound.