ASX Midday Sector Update: Materials Stocks Gain, Health Care Struggles

MT Newswires Live

May 11

Materials stocks advanced around 0.6% in midday trading on Monday, as oil prices spiked after President Donald Trump said Iran's response to a US conflict resolution proposal was "totally unacceptable."

Rio Tinto Group (ASX:RIO) shares gained less than 1% after it signed a 30-year power purchase agreement with Yindjibarndi Energy for the first stage of the Jinbi solar project in Western Australia's Pilbara region.

Meanwhile, a sharp decline for CSL (ASX:CSL) weighed on health care stocks, which fell 8%.

CSL shed more than 18% after it lowered its guidance for fiscal year 2026 and said it expects to recognize about $5 billion of additional non-cash, pre-tax impairments across fiscal year 2026 and fiscal year 2027.

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