ASX Midday Sector Update: Material Stocks Buck Downward Trend, Real Estate Leads Decline

MT Newswires Live
2025/07/11

The materials sector advanced almost 2% at midday Friday, bucking the downward trend, with iron ore futures hitting a two-month high at almost $100 per tonne.

Carawine Resources (ASX:CWX) received notice from IGO (ASX:IGO) of its intention to exit the Fraser Range joint venture (FRJV) in Western Australia. IGO has advised it will relinquish exploration licence E39/1733, the last remaining tenement in the FRJV, effectively terminating the joint venture.

On the other hand, the real estate sector led the decline, shedding more than 1%. US President Donald Trump said he plans to increase blanket tariffs on most trading partners to between 15% and 20% from 10% currently.

Cromwell Property Group (ASX:CMW) signed a 15-year lease with an Australian government tenant for a new sustainable office in Barton, Australian Capital Territory, while refinancing debt to reduce its credit margin to 1.3% from about 1.8% after exiting Europe.

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