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The benchmark ASX 200 dropped 73.30 points or 0.83 per cent to 8,745.20 while the broader All Ordinaries fell 64 points or 0.70 per cent to 9,030.90.
Australia’s dollar slumped 0.51 per cent and is now buying 66.18 US cents.
On a negative day for the market, 10 of the 11 sectors dropped, with only information technology finishing higher.
Shares in Technology one gained 0.59 per cent to $37.52, NextDC is up 1.35 per cent to $17.99 and Life360 gained 1.39 per cent to $50.26.
Energy stocks led the market fall after a failed $36bn takeover offer of Santos collapsed with the share price tumbling throughout Thursday’s trading.
Santos shares plunged 11.90 per cent to $6.74 to be the worst performing share on the ASX, while Woodside slumped 6.26 per cent to $23.06 and Ampol fell 1.27 per cent to $30.21
The XRG consortium – the Abu Dhabi state-owned oil and gas operator ADNOC and US private equity firm Carlyle – undertook months of due diligence before pulling the pin overnight Australian time.
“The XRG-led consortium announced today that it has withdrawn its indicative offer and will not proceed with a binding offer for Santos,” a group spokesperson said in a statement.
Weaker oil prices also added to Thursday’s falls in energy stocks.
Healthcare shares also continued their slump.
CSL shares dropped a further 1.36 per cent to $198.34, Sigma Healthcare is down 1.01 per cent to $2.95 and Cochlear fell 0.34 per cent to $295.07.
“The beleaguered ASX200 Health Care sector is on track for a fifth consecutive week of losses and today hit its lowest level since November 2023,” IG market analyst Tony Sycamore said.
It was mixed news for the big four banks.
Commonwealth Bank slumped 2.27 per cent to $164.33, NAB slipped 0.14 per cent to $43.36 and ANZ closed marginally in the red down 0.09 per cent to $32.86.
Westpac finished marginally higher, up 0.10 per cent to $38.68.
In Thursday’s economic news, employment fell by 5,400 jobs in August, short of expectations of 20,000 jobs created.
Betashares chief economist David Bassanese said the weak jobs data was unlikely to force the central bank into an earlier than expected rate cut.
“All up, although today’s employment number was weaker than expected, it is not likely to be weak enough to force the RBA’s hand into a rate cut at this month’s policy meeting,” he said.
In company news Endeavour shares were up 0.55 per cent to $3.67 after announcing former Woolworths executive Jeanette Fenske will head its BWS liquor chain.
Domino’s shares gained slightly up 0.21 per cent to $14.51 after non-executive director Lynda O’Grady stepped down, effective immediately after more than a decade with the pizza maker.
