MARKET WRAPS

Evening Wrap: ASX 200 steady as gold and base metals bloodbath sparks rush into big banks, WES and TLS

The S&P/ASX 200 closed 2.0 points higher, up 0.02%.

Lead Writer and Presenter
Fri 23 Oct 2026, 17:40 AEDT (1h ago)
∙11 min read

Mentioned

In this article

The ASX 200 barely held its ground as surging oil prices hammered mining and gold stocks, with the index rescued by a wave of buying in banks, utilities, and healthcare. Consumer discretionary stocks also surged on a standout trading update from Temple and Webster.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap. Also, I have detailed technical analysis on the Nasdaq Composite and the S&P/ASX 200 in today's ChartWatch.

Let’s dive in!


Today in Review

Name
Value
% Chg
Major Indices
ASX 2008,795.2
+0.02%
All Ords8,905.8
-0.13%
Small Ords3,066.5
-2.29%
All Tech2,822.7
-0.47%
Emerging Companies2,656.9
-2.66%
Currency
AUD/USD0.7012
-0.11%
US Futures
S&P 5007,699.75
-0.06%
Dow Jones52,947.0
-0.23%
Nasdaq29,179.0
+0.13%
Name
Value
% Chg
Sector
Consumer Discretionary3,772.4
+2.58%
Financials9,721.8
+2.21%
Communication Services1,598.9
+1.15%
Utilities10,809.2
+0.82%
Health Care34,549.7
+0.69%
Industrials8,194.6
+0.10%
Consumer Staples13,890.9
+0.10%
Energy10,904.5
-0.40%
Real Estate3,243.3
-0.54%
Information Technology1,600.4
-0.92%
Materials21,345.1
-3.85%

ASX 200 Intraday Chart

ASX 200 Intraday Chart

Markets

The S&P/ASX 200 (XJO) finished 2.0 points higher at 8,795.2, 0.50% from its session low and smack–bang on its session high. Sounds like a ripper come back, right? Well, consider that In the broader-based S&P/ASX 300 (XKO) advancers lagged decliners by a sizeable 118 to 171.

You might say: “Um, that’s a bid odd… how’s that possible?” 🤔

Okay, do you want the AFR-style "this went up that much and this went down that much" ASX market wrap? Or do the want the heavily biased, cynical "Well that's just how the Old Tin Pot works ladies and gentlemen" ASX market wrap?

I'll do both, because the cynical version only requires two charts (two pictures telling a thousand words!):

S&P-ASX 200 Financials Sector Index (XFJ) intraday chart_23 Oct.pngS&P-ASX 200 Materials Sector Index (XMJ) intraday chart_23 Oct.png
S&P-ASX 200 Financials Sector Index (XFJ) intraday chart (top), and S&P-ASX 200 Materials Sector Index (XMJ) intraday chart (bottom)

You all know what really happened today! Look at the pop in the banks in the closing price auction... Juicy! 🧃😉

Consumer Discretionary (XDJ) (+2.6%) was the session’s standout sector, driven almost entirely at the top by Temple & Webster (TPW) (+33.4%), which surged after its trading update revealed the online furniture retailer had returned to revenue growth. Nick Scali (NCK) (+5.2%) also rebounded sharply after yesterday’s heavy sell-off, while blue-chip retail stalwart Wesfarmers (WES) (+3.8%) added further ballast to the sector.

Financials (XFJ) (+2.2%) acted as the index’s safe-haven anchor, attracting capital withdrawn from the mining sector across the session. A closing auction surge helped consolidate the gains. Commonwealth Bank of Australia (CBA) (+4.3%) led the majors, with National Australia Bank (NAB) (+3.2%), Westpac Banking Corp (WBC) (+3.1%), and ANZ (ANZ) (+0.9%) all advancing.

Communication Services (XTJ) (+1.2%) was anchored by Telstra (TLS) (+1.9%), which also drew defensive flows as investors sought the reliability of a utility-style earnings profile amid the day’s broader risk-off tone.

Utilities (XUJ) (+0.8%) also attracted defensive buying, with AGL Energy (AGL) (+2.5%) the standout and Origin Energy (ORG) (+0.7%) also advancing.

Health Care (XHJ) (+0.7%) joined the defensive cohort, with Cochlear (COH) (+4.4%) the clear leader, followed by ResMed (RMD) (+3.2%) and Pro Medicus (PME) (+2.6%).

Consumer Staples (XSJ) (+0.1%) edged marginally higher, with Inghams (ING) (+0.9%) and Endeavour Group (EDV) (+0.9%) the modest gainers.

The Gold Sub-Index (XGD) (-5.6%) was the session’s worst performer as COMEX benchmark gold futures fell -2.2% overnight. A wave of September quarter updates compounded the damage, with the emerging theme of rising cost pressures weighing heavily. Ora Banda Mining (OBM) (-16.5%) and Black Cat Syndicate (BC8) (-15.8%) were the hardest hit, with Alkane Resources (ALK) (-10.9%) and Catalyst Metals (CYL) (-9.2%) also falling sharply.

Materials (XMJ) (-3.8%) suffered a broad sell-off as ICE benchmark Brent crude oil futures hit their highest level since the Iran conflict began, rising +1.2% to US$114.30/bbl in Asian trade after surging 4% overnight. A double headwind for miners: diesel is their largest direct cost input plus higher energy prices create a drag on global economic growth.

Capital rotated decisively out of the sector with South32 (S32) (-5.3%) the heaviest faller among the larger names. BHP (BHP) (-3.6%) and Rio Tinto (RIO) (-2.7%) were also lower.

Battery and specialty materials stocks were caught in the same sell-off. PLS Group (PLS) (-8.1%) and IGO (IGO) (-7.4%) led lithium names lower, while Lynas Rare Earths (LYC) (-5.9%) fell sharply and Mineral Resources (MIN) (-4.3%) dropped despite posting record lithium sales in the September quarter (a reminder that strong operational results offer little shelter on a day when the whole sector is being de-risked!)

In other commodities moves, COMEX benchmark copper futures fell -2.8% overnight — hitting their lowest level in more than five weeks as investors worried the AI infrastructure spending slowdown could crimp demand for key industrial metals — before partially recovering to US$6.469/lb, up +1.1% in Asian trade. COMEX benchmark gold futures rebounded +0.7% to US$4,034.10/oz in the Asian session after the overnight rout.


Today's best ASX Top 300 gainers

Company
Last Price
Change $
Change %
1mo %
1yr %
Zimplats Holdings (ZIM)$14.01+$1.01+7.8%-9.6%-25.0%
Nick Scali (NCK)$12.65+$0.62+5.2%-11.3%-43.1%
Cochlear (COH)$146.81+$6.22+4.4%+4.1%-49.6%
Commonwealth Bank of Australia (CBA)$164.00+$6.83+4.3%+7.7%-4.5%
Premier Investments (PMV)$13.93+$0.56+4.2%+24.3%-22.0%
Wesfarmers (WES)$80.29+$2.91+3.8%+9.5%-12.7%
Whitehaven Coal (WHC)$7.91+$0.26+3.4%+1.8%+12.8%
National Australia Bank (NAB)$41.31+$1.30+3.2%+7.0%-4.8%
Harvey Norman Holdings (HVN)$4.17+$0.13+3.2%+0.7%-42.7%
ResMed Inc. (RMD)$35.91+$1.10+3.2%+13.8%-12.9%
Westpac Banking Corporation (WBC)$36.79+$1.11+3.1%+5.4%-5.4%
Perpetual (PPT)$17.08+$0.49+3.0%+2.7%-11.5%
Amcor Plc (AMC)$65.99+$1.89+2.9%+11.6%+4.9%
Light & Wonder Inc. (LNW)$130.00+$3.54+2.8%+15.5%+9.0%
Bendigo and Adelaide Bank (BEN)$10.57+$0.27+2.6%+1.4%-16.7%
Charter Hall Group (CHC)$20.03+$0.51+2.6%+9.7%-12.9%
McMillan Shakespeare (MMS)$19.79+$0.50+2.6%-0.2%+12.4%
Pro Medicus (PME)$198.38+$4.96+2.6%+20.7%-29.6%
New Hope Corporation (NHC)$6.10+$0.15+2.5%+1.8%+56.0%
Dalrymple Bay Infrastructure (DBI)$5.74+$0.14+2.5%+5.7%+31.1%

Today's worst ASX Top 300 losers

Company
Last Price
Change $
Change %
1mo %
1yr %
Zip Co (ZIP)$1.46-$0.61-29.5%-34.8%-63.6%
Ora Banda Mining (OBM)$1.11-$0.22-16.5%-27.0%-13.3%
WIA Gold (WIA)$0.395-$0.065-14.1%-14.1%+17.9%
Sunrise Energy Metals (SRL)$12.68-$2.01-13.7%-38.1%+166.9%
Alkane Resources (ALK)$1.475-$0.18-10.9%-24.4%+37.9%
Minerals 260 (MI6)$0.66-$0.075-10.2%-26.3%+112.9%
Benz Mining Corp (BNZ)$3.88-$0.44-10.2%-24.4%+135.9%
Southern Cross Gold Consolidated (SX2)$8.98-$0.94-9.5%-31.2%+7.5%
FireFly Metals (FFM)$1.225-$0.125-9.3%-31.0%-20.6%
Catalyst Metals (CYL)$4.75-$0.48-9.2%-17.8%-32.0%
Metals X (MLX)$1.475-$0.145-9.0%-28.7%+71.5%
PLS Group (PLS)$2.62-$0.23-8.1%-36.6%-11.5%
Kingsgate Consolidated (KCN)$3.94-$0.34-7.9%-25.8%+1.8%
Capricorn Metals (CMM)$12.39-$1.06-7.9%-20.0%-4.8%
PDI Gold (PDI)$3.54-$0.30-7.8%-26.4%+24.2%
Genesis Minerals (GMD)$6.16-$0.52-7.8%-18.4%+2.3%
GR Engineering Services (GNG)$6.25-$0.50-7.4%-16.9%+72.7%
IGO (IGO)$4.77-$0.38-7.4%-29.7%-11.5%
Liontown (LTR)$0.64-$0.05-7.2%-37.3%-42.1%
Pantoro Gold (PNR)$2.58-$0.20-7.2%-9.5%-53.9%

Chartwatch

Nasdaq Composite Index

Nasdaq Composite Index chart

Analysis

Oof!

That was not the candle I was expecting. I assume you found yourself with at least one elevated eyebrow when you check the chart this morning! 😯

But, I wouldn’t say I’m surprised. As much as we respect the Comp as a beast, the technicals are the technicals. And all of the analysis we’ve done this week pointed to an equilibrium market.

Demand and supply roughly equally matched in terms of size and motivation. ⚖️

This means either was likely to throw and land the next punch.

That was quite a punch: Gap down. Open roughly the high. Long black candle from there. Close near the low. Close below the 16-Oct point of demand. ⚠️⚠️⚠️⚠️⚠️

And check out the OTR: a very decent punch landed by the supply side. Volume was above average, too.

Let’s add:

  • Lower peak now formed (Weds high of 26779 compared to 27723)

  • Short term trend ribbon confirmed as a point of dynamic supply (can I say… like bloody clockwork = how good are my ribbons!? 💪)

It looks like short term supply side control to me. Long term remains demand side control. But we’re now so definitive on the short term trend… compared to the rest of this week’s previous assumption of equilibrium.

Fortunately, through great luck or great judgement — I’m already at 1/2RP on my US portfolio.

And ST Trend ⬇️ vs LT Trend ⬆️ = ⚖️ = No change required.

Russell 2000 Index (RUT) chart_22 Oct.png
Russell 2000 chart

(The RUT fared far better than the Comp, which is a good sign... but it doesn't change the overall analysis or view here...)

View

I am 1/2RP on US stocks (RP = Risk Position – it reflects my personal allowable capital allocation limit for my investments in US stocks. So 1/2RP is 50%, 2/3RP is 67% and FRP is 100%).

Key Levels

26779 is the closest key point of supply, but the short term trend ribbon will also likely act as a dynamic zone of supply (presently 26690-26727). 25803 as the closest key point of demand, then it's the long term uptrend ribbon (presently 24836-25712).


S&P/ASX 200 (XJO)

S&P/ASX 200 (XJO) chart

Analysis

For the week, the XJO finished down 11.5 points or 0.13% lower, roughly in the middle of its intraweek range, 0.6% from its intraweek high/low. Looking at the above chart... roughly in the middle seems like an appropriate result of a frustrating week where (probably) half your portfolio went up quite a bit and half of it went down quite a bit.

"I'm trying to make some sense of it all... but I can see it makes no sense at all... clowns to the left... jokers to the right..." 🎶🎵

And here we are... stuck in the middle with the OTP! 🤦

View

I am 1/3RP on Australian shares (i.e., 67% cash vs 33% invested, with some of the invested portion allocated to shorts).

Key Levels

8935-8940 is the closest zone of supply vs 8613-8641 is the critical zone of demand.

(Glossary of acronyms! Old Tin Pot (OTP): S&P/ASX 200 | MOTN: More Often Than Not | FOMO: Fear Of Missing Out | HOFU: Holding On For Upside | BTD: Buy The Dip | NUTE: No Urgency To Enter | FOHO: Fear Of Holding On | STR: Sell The Rally | RP: Risk Position | FFS: Fund Flow Shenanigans!)

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Economy

TODAY

  • 09:00 AUS Flash October Purchasing Managers Index ("PMI")

    • Manufacturing: 49.7 vs 49.6 previous (revised up from 49.3)

    • Services: 47.8 vs 51.9 previous (revised up from 51.4)

    • Reader: PMI readings below 50 indicate contraction in a sector / above 50 indicate expansion. So, manufacturing contracted at a slightly slower rate this month compared to September. Services is the big surprise — it tanked, moving into contraction.

LATER THIS WEEK

SATURDAY

  • 09:00 USA Flash October PMI's

    • Manufacturing: 55.5 forecast vs 55.9 previous (revised down from 57.0)

    • Services: 58.0 forecast vs 58.8 previous (revised up from 58.7)


Interesting Movers

Trading higher

  • Temple & Webster Group (TPW) $5.43
    +33.4%

    Issued a trading update at its AGM held today. Management reaffirmed FY27 EBITDA guidance of $33m–$40m (midpoint above consensus). Contribution margin dollars rose 16% despite an 8% revenue decline. Now expects return to revenue growth from mid‑February and plans NZ AI‑led site launch.

  • Commonwealth Bank of Australia (CBA) $164.00
    +4.4%

    No news. Which bank is the biggest of a very JUICY Financials sector today? 🧃 The cash bleeding from the mining sector had to find a home today, and CBA and Co. were major beneficiaries.

  • Whitehaven Coal (WHC) $7.91
    +3.4%

    Released September quarter results. Ramped up production (11Mt q/q vs +22% y/y) and earned $226/t vs $188 previous corresponding period on strong coal prices. Management maintained full-year production, sales and cost guidance despite port disruptions and higher inventories.

Trading Lower

  • Zip Co (ZIP) $1.46
    -29.5%

    Issued a September quarter results and trading update. Management maintained FY27 cash EBTDA guidance of $340m despite a $10.1m hit from a US fraud incident. However, net bad debts rose to 1.97% and analysts questioned onboarding controls after the US fraud event.

  • Ora Banda Mining (OBM) $1.11
    -16.5%

    Released September quarter results. Sold 33,939 oz and produced 33,305 oz at an AISC of A$4,214/oz. Unit costs were elevated due to an extended mill shutdown and weather impacts. Management maintained FY27 guidance. Closing cash of $207.0 million, with $83.3 million in operating cash flows.

  • Black Cat Syndicate (BC8) $0.59
    -15.8%

    Released September quarter results. Gold production 19,153 oz at an AISC of $3,735/oz. Realised price of $6,065/oz, resulting in positive operating cashflow of $39 million. Cash and liquid investments decreased from $105 million to $78 million. Management said that committed toll treating expected to cease in Dec-2026, after which processing 100% of own ore is expected to materially uplift operating cash flow in H2 FY27.

  • Mineral Resources (MIN) $42.36
    -4.3%

    Released September quarter results. Cut debt by $200m to $4.1bn in the Sept quarter on record lithium sales (170,000t) and stronger mining activity. Management maintained full‑year production and cost guidance.


Broker Moves

Company
Broker
Action
Rating
Price Target
A1MAIC Mines
Bell PotterRetained
Buy
$1.20
MorgansRetained
Buy
$1.20
Ord MinnettRetained
Buy
$1.00
ALLAristocrat Leisure
CitiRetained
Buy
$61.00
UBSRetained
Buy
$69.40
ALXAtlas Arteria
Ord MinnettRetained
Hold
$3.40
APAAPA Group
Morgan StanleyRetained
Equal Weight
$10.46
BAPBapcor
Morgan StanleyRetained
Underweight
$0.28
MorgansRetained
Hold
$0.94
Ord MinnettRetained
Hold
$0.80
BPTBeach Energy
CitiRetained
Sell
$0.80
BXBBrambles
Ord MinnettRetained
Buy
$24.10
UBSRetained
Buy
$24.50
CTMCentaurus Metals
Canaccord GenuityRetained
Speculative Buy
$1.05
EDVEndeavour Group
Ord MinnettDowngraded
Sell
$2.30
UBSRetained
Neutral
$3.25
FMGFortescue
MacquarieRetained
Outperform
$18.00
Morgan StanleyRetained
Underweight
$14.55
Ord MinnettRetained
Accumulate
$17.50
UBSRetained
Neutral
$14.90
GDGGeneration Development Group
Bell PotterRetained
Buy
$5.00
MacquarieRetained
Outperform
$3.90
Morgan StanleyRetained
Overweight
$5.20
MorgansRetained
Buy
$5.98
GMDGenesis Minerals
Bell PotterRetained
Buy
$9.30
Canaccord GenuityRetained
Buy
$9.75
UBSRetained
Buy
$10.55
HMYHarmoney Corp
Ord MinnettRetained
Buy
$1.40
KARKaroon Energy
MacquarieDowngraded
Neutral
$1.75
Morgan StanleyRetained
Overweight
$1.85
LNWLight & Wonder Inc.
UBSRetained
Buy
$210.00
MAFMA Financial Group
MorgansRetained
Buy
$8.47
MGHMAAS Group Holdings
MorgansRetained
Buy
$5.90
MGRMirvac Group
Morgan StanleyRetained
Equal Weight
$2.05
UBSRetained
Neutral
$1.99
MINMineral Resources
MacquarieRetained
Outperform
$75.00
MMAMaronan Metals
Bell PotterRetained
Speculative Buy
$0.77
NCKNick Scali
Bell PotterRetained
Buy
$16.00
MorgansRetained
Accumulate
$13.89
Ord MinnettUpgraded
Hold
$13.00
NEMNewmont Corporation
MacquarieRetained
Outperform
$190.00
NXTNEXTDC
Morgan StanleyDowngraded
Equal Weight
$6.70
UBSRetained
Buy
$18.50
PNRPantoro Gold
Canaccord GenuityRetained
Speculative Buy
$4.55
Ord MinnettRetained
Buy
$5.05
UBSRetained
Buy
$4.60
REAREA Group
CitiRetained
Neutral
$165.00
SEKSEEK
CitiRetained
Buy
$19.00
SOLWashington H. Soul Pattinson and Co.
MorgansRetained
Hold
$44.00
SPZSmart Parking
Shaw and PartnersRetained
Buy
$1.40
STOSantos
CitiRetained
Buy
$9.80
Morgan StanleyRetained
Overweight
$9.31
Ord MinnettRetained
Hold
$8.40
UBSRetained
Buy
$9.50
TAHTabcorp Holdings
UBSRetained
Buy
$1.07
TLCThe Lottery Corporation
UBSRetained
Buy
$6.00
TTTTitomic
Ord MinnettRetained
Hold
$0.17
TWETreasury Wine Estates
UBSRetained
Buy
$6.50
VEAViva Energy Group
MacquarieRetained
Outperform
$3.75
Ord MinnettRetained
Buy
$3.40
UBSRetained
Neutral
$3.00
WC8Wildcat Resources
Ord MinnettRetained
Buy
$0.90
WZRWisr
Shaw and PartnersRetained
Buy
$0.07
ZIPZip Co
UBSRetained
Buy
$4.40

Scans

Top Gainers

Code
Company
Last
% Chg
TPWTemple & Webster Group Ltd$5.43+33.42%
ONEOneview Healthcare Plc$0.14+33.33%
ARCARC Funds Ltd$0.042+23.53%
KALKalgoorlie Gold Mining Ltd$0.018+20.00%
TALTalius Group Ltd$0.05+19.05%
View all top gainers

Top Fallers

Code
Company
Last
% Chg
TSRTurnstone Resources Ltd$0.016-33.33%
ZIPZIP Co Ltd$1.46-29.47%
PM1Palisade Metals Ltd$0.05-24.24%
IAMIncome Asset Management Group Ltd$0.013-23.53%
RB6RUBIX Resources Ltd$0.097-22.40%
View all top fallers

52 Week Highs

Code
Company
Last
% Chg
LCELondon City Equities Ltd$0.90+5.88%
CGFChallenger Ltd$11.92+2.41%
OOOBetashares Crude Oil INDEX Currncy HDG Complex ETF$10.92+1.49%
ASXASX Ltd$66.06+1.18%
DRUGBetashares Global Healthcare Currency Hedged ETF$9.49+1.17%
View all 52 week highs

52 Week Lows

Code
Company
Last
% Chg
ZIPZIP Co Ltd$1.46-29.47%
IAMIncome Asset Management Group Ltd$0.013-23.53%
NSMNorth Stawell Minerals Ltd$0.018-18.18%
BC8Black Cat Syndicate Ltd$0.585-15.83%
SNMSentinel Metals Ltd$0.24-15.79%
View all 52 week lows

Near Highs

Code
Company
Last
% Chg
BEARBetashares Australian Equities Bear Complex ETF$7.48+0.40%
RHCRamsay Health Care Ltd$54.79-0.20%
OZBDBetashares Australian Composite Bond ETF$43.17+0.54%
AN3PIAustralia and New Zealand Banking Group Ltd$102.72-0.16%
PCIPerpetual Credit Income Trust$1.07-0.47%
View all near highs

Relative Strength Index (RSI) Oversold

Code
Company
Last
% Chg
RACRacura Oncology Ltd$1.560.00%
FFMFirefly Metals Ltd$1.35+0.75%
CSCCapstone Copper Corp$11.66-3.88%
BRNBrainchip Holdings Ltd$0.11-4.35%
TLGTalga Group Ltd$0.2050.00%
View all RSI oversold

ABOUT THE AUTHOR

Lead Writer and Presenter

Carl brings more than 30 years of investing experience and a track record of helping thousands of investors navigate every kind of market. A highly regarded commentator on global macro trends and their impact on Australian and US equities, he is also one of Australia's most recognised educators in technical analysis — having taught his distinctive price-action trend following methodology to two generations of investors.

23/10/2026