Australian shares fell on Tuesday, dragged lower by the big banks and major miners. The S&P/ASX200 index closed 28.8 points lower at 8816.9, after recovering from an early drop of as much as 98 points. BHP shares fell 1.6 per cent to $59.50 after its quarterly copper output dropped 19 per cent to around 400,000 tonnes, below analyst expectations. NAB shares fell 1.8 per cent after the bank announced plans to cut 2500 jobs over 2026/27. Ingenia Group rose 9.7 per cent after its takeover talks with Warburg Pincus were extended, and Cochlear gained 5.2 per cent.
Australian shares started the week higher after shrugging off volatility in the artificial intelligence sector. The S&P/ASX200 rose 0.44 per cent to 8845.7 on Monday, while the All Ordinaries gained 0.39 per cent. Energy stocks rose more than two per cent after Middle East supply disruptions pushed Brent crude as high as US$110 a barrel over the weekend. Banks and other financial stocks kept recovering from August's sell-off, acting as a safe haven after tech and chip stocks fell last week. The Australian dollar was buying 69.75 US cents, up from 69.42 US cents on Friday.
Australian shares dipped on Wednesday after a sharp sell-off in the major banks. The S&P/ASX200 fell 0.64 per cent to 8727.9, while the All Ordinaries dropped 0.59 per cent to 8869. The financials sector tumbled 1.6 per cent as the big four banks lost ground. Investors were unimpressed by earnings from US banks, and a shareholder address from CommBank boss Matt Comyn pointed to several economic headwinds. Miners also fell, with gold under pressure and iron ore futures lingering at two-year lows. The Australian dollar rose to 70.02 US cents from 69.77 US cents on Tuesday.