Mid-Market: S&P/ASX 200 Trading Lower; Rare Earth Stocks Are Declining

Source: Kapitales Research

On 29 January 2026, at AEDT 12:45 PM, the benchmark index S&P/ASX 200 is trading lower today, declining 47.70 points or 0.53%, and is currently trading at 8,886.20 levels. Out of 11, 10 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy sector is the only gaining sector, gaining 0.33% in its index value. On the other hand, Consumer Discretionary and Information Technology sectors are the top 2 declining sectors, declining 1.38% and 1.38% in their index values.

Deep Yellow Limited (ASX: DYL) and ASX Limited (ASX: ASX) are the top-gaining stocks, gaining 9.459% and 4.786% in their stock prices. On the other hand, Ora Banda Mining Ltd (ASX: OBM) and Iluka Resources Limited (ASX: ILU) are the top-losing stocks and are declining by 13.135% and 12.539% in their stock prices.

Factors influencing the market-

• The Australian share market is heading for its steepest fall of the year, dragged lower by interest rate-sensitive stocks and a sell-off in miners after reports US President Donald Trump may scrap a rare-earth price floor. The benchmark is now on track for its sharpest decline of 2026, surpassing the 0.6% drop recorded on January 20.
• Shares in rare earths producers have tumbled following unverified reports from the United States indicating that the Trump administration may scrap plans to establish price floors for rare earths. Lynas saw a sharp drop of 7.2%, while Iluka Resources plummeted by 12.0%. Iluka also warned of a $565 million pre-tax hit for its financial year ending December 31.
• Energy was the only sector to post gains, with oil prices hitting a four-month high after President Trump threatened further action against Iran, calling for renewed nuclear deal negotiations. This lifted Woodside by 0.45%. The sector also received a boost from Whitehaven Coal, which rose 2.9% after reporting stronger production and sales in the December quarter, driven by higher metallurgical coal prices and reduced unit costs.
• Appen jumped 25% after posting fourth-quarter revenue of $73.4 million, a 10% increase compared to the same period last year and a 33% rise from the previous quarter, fueled by growth in its China and global operations.
• Meanwhile, IGO dropped 6% despite reporting higher lithium production and prices in the December quarter, which boosted underlying earnings and supported its strong balance sheet.
• The Dow Jones closed up by 0.02%, S&P 500 declined by 0.01% and Nasdaq was up by 0.17% in the previous session.
• Hang Seng is up by 2.58%, and FTSE 100 is down by 0.52%.

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