AU Evening Wrap: ASX Falls to Two-Week Low as Banks Weigh

The $S&P/ASX 200(.XJO.AU)$ fell to a two-week low on Thursday in broad losses as troubles with US lender First Republic Bank weighed on sentiment and revived fears of a recession.

Investors gave the financial sector a wide berth with the major banks edging lower, all closing down less than 1 per cent. Regional lenders suffered the most with $Bank of Queensland Ltd(BOQ.AU)$ down 2.7 per cent to $5.78 and $Suncorp Group Ltd(SUN.AU)$ off 1.1 per cent to $12.40.

Natural health company $Blackmores Ltd(BKL.AU)$ hit a 15-month-high, soaring 22.7 per cent to $94.26, after Japanese beverages giant Kirin made a $1.9 billion takeover bid that has been endorsed by the board and major shareholder Marcus Blackmore.

It was a good day for gold miners with the price of the precious metal back at the $US2,000 mark. $Evolution Mining Ltd(EVN.AU)$ rose 1.1 per cent, $St Barbara Ltd(SBM.AU)$ jumped 2.5 per cent and $Regis Resources Ltd(RRL.AU)$ rallied 1.9 per cent.

But $Newcrest Mining Ltd(NCM.AU)$ receded 2.1 per cent to $28.51 after reporting a production slump of the precious metal in the third quarter.

Elsewhere, takeover target $United Malt Group Ltd(UMG.AU)$ slumped 34.7 per cent to $4.43 after downgrading its first-half earnings guidance. Cement maker $Adbri Ltd(ABC.AU)$ tumbled 6.1 per cent to $1.535 after costs of its Kwinana upgrade project more than doubled, and lithium company $Syrah Resources Ltd(SYR.AU)$ sank nearly 10 per cent to $1.28 after announcing a $539 million expansion of its Louisiana-based facility which has yet to be fully funded.