Australian equities retreated across the board over the latest month, with the ASX100 falling 2% amid widespread sector weakness. The broader ASX300 also declined by 2%, and the Small Ordinaries slipped 1.8%, according to a market review.
Within that downturn, energy was the only sector to post a gain, advancing 1.9%. The review identified Woodside Energy, Ampol and Santos as the principal contributors to the energy sector's positive performance.
At the other end of the spectrum, healthcare was the weakest sector, contracting 6.1% over the period. The healthcare decline was led in part by Cochlear, CSL and ResMed, which the review cites as contributors to the sector's fall.
Valuation and earnings figures reflected the softer backdrop. The market price-to-earnings ratio for June 2026 eased to 18.3 times, while the December 2026 PER declined to 17.2 times. On an earnings growth basis, market earnings per share are estimated to grow 10.9% for June 2026 and 13.7% for December 2026.
Measures of analyst sentiment on earnings also showed pressure. The four-week rolling FactSet Australian earnings net revisions were negative, indicating that downward revisions outnumbered upward revisions over that window. Within that revisions landscape, Block topped the table of positive revisions, while Cochlear led the list of negative revisions.
International markets diverged, with the S&P 500 rising 1.6% and the Dow Jones Industrial Average up 0.2% over the same span.
Contextual observations
- The market-wide decline in Australia was broad-based across large-cap and small-cap indices, while energy stocks bucked the trend and posted modest gains.
- Healthcare names were a notable source of downside, with several large constituents cited as drivers of the sector's underperformance.
- Valuation measures and short-term analyst revisions both point to a tempering of expectations for corporate earnings growth in the near term.
The data and commentary above summarize the recent monthly performance and the backdrop for Australian equities, including sector-level winners and losers, shifts in valuation multiples, and changes in earnings revision activity. Together, the figures sketch a market where sector dispersion increased as energy outperformed and healthcare lagged, while aggregate earnings momentum showed signs of moderation.