ASX today: Afternoon fade masks resources sell-off as Northern Star and Dateline surge

Monday, 28 September 2026 | Closing market wrap

The Australian share market surrendered much of its midday advance on Monday, finishing slightly higher as gains in healthcare and financial stocks offset a sharp retreat across resources.

The S&P/ASX 200 closed at 8,679.70, up 14.70 points or 0.17%, after reaching 8,709.30. The benchmark gave back almost two-thirds of its maximum gain, revealing a less convincing session than the positive finish suggested.

The All Ordinaries edged up 0.06% to 8,850.70, while the Small Ordinaries fell 1.30% to 3,312.00. Emerging companies suffered more heavily, with their index declining 2.31%.

Key highlights

• The ASX 200 faded into the close, retaining a modest gain.

• Materials fell 1.34%, with gold and battery-materials stocks under pressure.

• Northern Star Resources rose 6.15% following a rejected takeover approach.

• Dateline Resources jumped 47.62%, while Karoon Energy fell 12.89%.

• Oil climbed as metals and Bitcoin weakened, while London opened higher.

Gold stocks fall, but Northern Star breaks ranks

Gold producers were prominent among the day’s losers as bullion retreated.

Vault Minerals Limited (ASX:VAU) fell 5.83%, Genesis Minerals Limited (ASX:GMD) lost 5.75% and Capricorn Metals Limited (ASX:CMM) declined 3.83%. Ramelius Resources Limited (ASX:RMS) dropped 3.62%.

Northern Star Resources Limited (ASX:NST) moved against that trend, gaining 6.15% to A$23.47.

The company confirmed it had rejected a conditional proposal from Gold Fields comprising 0.3125 Gold Fields shares and A$7.25 cash for each Northern Star share. The board considered the approach inadequate, giving investors a company-specific development to assess alongside the weaker gold price.

Higher oil fails to lift the energy sector

Oil strengthened after renewed uncertainty over negotiations between the United States and Iran. An afternoon update placed Brent futures at US$107.16 a barrel, up 2.7%, and US crude futures at US$94.16, up 1.9%.

Nevertheless, Australian energy stocks collectively finished 0.22% lower.

Karoon Energy Limited (ASX:KAR) slumped 12.89% to A$1.555 after an equipment fault at its Brazilian operations prompted a production downgrade and higher expected unit costs.

The company-specific setback outweighed the stronger oil price, illustrating the importance of operating performance even when commodity markets appear supportive.

Dateline stands out amid smaller resources losses

Dateline Resources Limited (ASX:DTR) surged 47.62% to 9.3 cents, with more than 136 million shares traded.

US federal defendants have sought a stay of the injunction affecting its Colosseum project. A successful application could permit operations to resume, but the injunction has not yet been lifted.

Elsewhere, selling remained pronounced. Minbos Resources Limited (ASX:MNB) fell 17.65%, New Murchison Gold Limited (ASX:NMG) lost 12.66%, Minerals 260 Limited (ASX:MI6) declined 10.64% and Core Lithium Limited (ASX:CXO) dropped 8.70%.

Healthcare and financials provide support

Healthcare gained 1.49%, utilities rose 1.17% and financials advanced 1.16%. marketindex.com.au

CSL Limited (ASX:CSL) added 2.80%, Meridian Energy Limited (ASX:MEZ) climbed 5.35% and Macquarie Group Limited (ASX:MQG) gained 2.28%.

These gains helped sustain the benchmark ahead of Tuesday’s RBA decision. Early Monday market pricing implied approximately a 90% chance of a 25-basis-point increase to 4.60%. The decision is scheduled for 2.30pm AEST on September 29. RBA

Metals and Bitcoin weaken; London opens higher

Later indicative prices showed gold around US$4,163 an ounce, down 2.85%, and copper near US$6.60 a pound, down 1.54%. Weaker selling prices alongside elevated energy costs present an uncomfortable combination for miners. Trading Economics

Bitcoin traded near US$83,121 at 4.33pm AEST, down 1.65% over 24 hours. Goodreturns

Asian markets were mixed in the available late-session readings: Japan and South Korea were lower, mainland Chinese stocks weakened and Hong Kong advanced. Confirmed final closes were unavailable in the retrieved feeds. indexes.nikkei.co.jp

London opened positively. The FTSE 100 rose 35.06 points, or 0.33%, to 10,730.31 at 8am BST. Google Finance

Samso concluding comments

The closing numbers reveal a selective market. Larger healthcare and financial companies provided support, while resources faced weaker metals prices and substantial selling.

Northern Star and Dateline demonstrated that specific corporate developments could still attract buyers. Karoon showed the reverse: operational setbacks can overwhelm a favourable commodity move.

ASX Today: Samso Market Update | Monday, September 28, 2026 | 3 pm AEST

Australian small caps extended their losses on Monday afternoon as investors weighed an anticipated Reserve Bank interest-rate increase, elevated global bond yields and unsettled commodity markets.

At 3:04 pm AEST, the S&P/ASX Small Ordinaries was down 40.10 points, or approximately 1.20%, at 3,315.40. The index had recovered from a session low of 3,301.80, but remained below its morning level.

The decline contrasted with the S&P/ASX 200, which was 0.25% higher at 8,686.80 at the same time.

Selected smaller companies attracted strong buying, particularly Dateline Resources Limited (ASX) following US government support for its Colosseum project. However, those gains came against a continuing retreat in the small-cap benchmark.

Key Highlights

• Small Ordinaries falls approximately 1.20%, while the ASX 200 remains positive.

• The index has lost approximately 3.14% since Wednesday’s close, reversing its earlier recovery.

• An expected RBA rate increase on September 29 adds to concerns about borrowing and funding costs.

• Dateline Resources advances 48.41% on turnover exceeding 124 million shares.

• Materials and technology remain weaker, while financials and healthcare support the broader market.

The recovery reversed on September 24

The latest decline followed a brief recovery during an already volatile September.

The Small Ordinaries gained 0.75% on Tuesday, September 22, then added 0.14% on Wednesday, September 23, closing at 3,422.90 after reaching an intraday high of 3,445.10.

Selling resumed on Thursday, September 24, when the index fell 0.62% to 3,401.70. Friday brought a further 1.36% decline to 3,355.50.

By Monday afternoon, the index was approximately 3.14% below Wednesday’s close and 3.76% below Wednesday’s intraday peak.

September had already produced sharp setbacks, including declines of 1.77% on September 2 and 1.62% on September 11. The latest selling therefore extended a difficult month in which recoveries had repeatedly failed to hold.

RBA decision adds a domestic pressure point

Investors were positioning ahead of the Reserve Bank’s September 29 policy decision, with early Monday market pricing indicating approximately a 90% probability of a 25-basis-point increase.

Such a move would lift the cash rate from 4.35% to 4.60%. The decision is scheduled for 2:30pm AEST on Tuesday.

An increase would add to borrowing costs for businesses with variable-rate debt or upcoming refinancing requirements. Consumer-facing companies could also face pressure if higher household repayments constrain discretionary spending.

For smaller companies still developing projects or building revenue, the concern extends to their next funding round. Investors may demand clearer evidence of progress, tighter spending and a shorter path to positive cash flow before committing additional capital.

The anticipated decision provides relevant context for the retreat, although it does not explain every individual share-price movement.

Global bond yields interrupted the recovery

The timing of Thursday’s decline also coincided with a sharp deterioration in the overseas interest-rate outlook.

During the US session on September 23, stronger business-activity figures pushed Treasury yields higher and increased expectations of another Federal Reserve rate rise. The US 10-year yield reached its highest level since 2007, while oil prices climbed almost 4%.

Wall Street declined, providing a weaker lead for Australian trading on September 24.

Higher yields affect equity valuations as well as financing costs. When investors apply a higher discount rate to future earnings, businesses whose expected profits sit several years away can become more vulnerable to valuation adjustments.

For explorers and developers, this can mean a lower market valuation even when the underlying resource or development plan has not changed.

Commodity movements complicate the outlook

Resource shares were already showing weakness before Monday.

During Friday’s early trading, Bannerman Energy Limited (ASX) fell 3.65%, Boss Energy Limited (ASX) declined 3.57%, and NexGen Energy Limited (ASX) lost 3.39%. The simultaneous declines showed that pressure extended across several uranium companies.

Monday’s commodity backdrop remained unsettled. In the 10:50am AEST market report, Brent crude was approximately US$106 a barrel, up 1.6%, while spot gold was around US$4,262 an ounce, down 0.5%. Oil rebounded after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.

For mining businesses, higher fuel prices can increase operating and transport costs. Where commodity selling prices also weaken, expected margins can come under pressure from both directions.

By 3:13pm AEST, materials and information technology were lower in the broader ASX sector snapshot. Financials, healthcare and utilities remained positive, helping explain why the headline benchmark held its gains while smaller companies weakened.

Dateline Resources rallies on US government support

Dateline Resources Limited (ASX) was the standout small-cap gainer, advancing 48.41% in the afternoon gainers snapshot on volume exceeding 124 million shares.

The company announced that the US government had filed its own motion seeking to suspend the preliminary injunction preventing operations at the Colosseum Gold and Rare Earth Project while an appeal proceeds.

The application was supported by a declaration citing the national-security importance of rare-earth exploration. It followed Dateline’s earlier application for a stay.

The motions are scheduled to be heard on October 26. If granted, a stay would allow operations to resume under the approved plan while the appeal continues. The announcement did not mean the injunction had already been lifted.

ASX Today: Samso Market Update | Monday, September 28, 2026 | 11:00 am AEST

Australian shares advanced modestly on Monday morning, supported by financials, healthcare and a sharp rise in Northern Star Resources following confirmation of a rejected takeover approach from Gold Fields.

However, smaller companies continued to weaken, while an operational setback at Karoon Energy highlighted the importance of company announcements alongside movements in oil, gold and interest-rate expectations.

At 11:00am AEST, the S&P/ASX 200 was up 22.30 points, or 0.26%, at 8,687.30, after reaching 8,692.50.

The All Ordinaries gained 17.10 points, or 0.19%, to 8,862.70. The Small Ordinaries fell 23.80 points, or 0.71%, to 3,331.70, remaining close to its session low of 3,329.60.

Key Highlights

• Northern Star rises 8.41% after confirming it rejected a conditional Gold Fields takeover proposal.

• Karoon Energy falls 12.75% following an electrical fault and reduced production guidance.

• Financials and healthcare support the ASX, while energy and technology lag.

• Small Ordinaries declines 0.71%, despite substantial gains in individual smaller stocks.

• Tuesday’s RBA decision remains the next major domestic event.

Northern Star’s rally has a takeover catalyst

Northern Star Resources (ASX) led the large-cap gainers after confirming that Gold Fields had approached it with a conditional, non-binding proposal to acquire the company.

The proposal offered A$7.25 cash and 0.3125 Gold Fields shares for each Northern Star share. It initially implied a value of A$27 per share, or approximately A$38.7 billion, using Gold Fields’ September 11 share price.

By September 25, movements in Gold Fields’ shares had reduced the implied consideration to A$25.19 per Northern Star share.

Northern Star’s board unanimously rejected the approach, arguing that it undervalued the company and exposed shareholders to additional operational and jurisdictional risks through the substantial share component. It also pointed to the approaching commissioning and ramp-up of the Fimiston Mill.

The announcement provides a specific catalyst for Northern Star’s 8.41% advance, distinguishing it from the broader gold sector.

Genesis Minerals fell 2.22%, Vault Minerals declined 2.20%, Ramelius Resources lost 1.16% and Capricorn Metals eased 1.04%.

Oil rebounds, but Karoon faces an operational setback

Monday’s commodity trading had reversed part of Friday’s oil decline. In the 10:50am AEST market report, Brent was 1.6% higher at US$106 a barrel, while US crude rose 1.1% to US$93.47, after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.

That followed Friday settlements of US$104.32 for Brent and US$92.41 for WTI. The distinction matters: Friday’s weaker oil prices were no longer an adequate explanation for Monday’s energy-sector performance.

Karoon Energy (ASX) fell 12.75% after identifying an electrical cable fault affecting the downhole pump at its SPS-92 well in Brazil’s Baúna project.

The company expects approximately 3,500 barrels per day of production to be deferred until the cable is replaced. It reduced total 2026 production guidance from 7.2–8.2 million barrels of oil equivalent to 6.6–7.2 million, while increasing unit production-cost guidance to US$15–16 per barrel of oil equivalent.

Karoon said the deferred output was not currently expected to affect Baúna’s reserves. Potential insurance recoveries remain subject to policy terms and confirmation.

Elsewhere, Viva Energy fell 1.26%, although Whitehaven Coal gained 2.10%, showing that energy-related shares were moving in different directions.

Gold and industrial metals offer mixed signals

Spot gold was 0.5% lower at approximately US$4,262 an ounce in Monday’s 10:50am AEST report.

That followed a 0.5% rise in gold futures to US$4,321.20 on Friday. These are different instruments and trading periods; Friday’s futures gain should not be presented as Monday’s live gold performance.

The softer Monday spot price provides context for weakness across several gold producers, while Northern Star’s takeover news explains its contrasting performance.

Friday’s industrial commodity settlements were mixed:

• Copper futures: Down 0.3% to US$6.6955 a pound.

• Aluminium futures: Up 0.2% to US$3,435 a tonne.

• Iron ore futures: Down 0.1% to US$97.06 a tonne.

Those prices offered a subdued starting point for resources shares. Sandfire Resources fell 1.03%, while Brazilian Rare Earths declined 4.82% and Sunrise Energy Metals lost 7.46%. The individual declines cannot be attributed to commodity prices alone.

Healthcare and financials support the benchmark

The 10:59am AEST sector snapshot showed healthcare and financials among the strongest areas, alongside gains in real estate, utilities and industrials.

Telix Pharmaceuticals rose 2.64% and Cochlear gained 1.91%, while Brambles advanced 2.13%.

Technology performance was mixed. WiseTech Global gained 1.88%, but NEXTDC fell 1.34%, leaving the sector weaker despite Friday’s positive US technology lead.

The RBA’s decision is due at 2:30pm AEST on Tuesday, September 29, with the cash rate currently 4.35%.

For property and growth companies, the outlook for financing costs remains important even when their shares recover over an individual session.

Small-cap gains remain selective

The Small Ordinaries’ decline contrasted with several substantial individual advances.

DTR rose 34.13% on volume exceeding 62 million shares, while ATC gained 33.33%, RWL advanced 26.23%, WIN added 24.32% and BOA climbed 23.81%.

Among mid-caps, Nine Entertainment rose 2.67% and a2 Milk gained 2.41%, while Electro Optic Systems fell 5.21%.

Samso Concluding Comments

Monday’s market is being shaped by both macroeconomic pressure and company-specific developments. Northern Star’s takeover approach and Karoon’s production downgrade explain more about their respective moves than a general description of stronger gold or weaker oil.

The broader recovery remains limited. Financials and healthcare are supporting the benchmark, but continued weakness in smaller companies suggests investors remain selective ahead of the RBA decision.

Samso Morning Update | Monday, 28 September 2026

Australian shares are set for a subdued opening on Monday, with a positive Wall Street lead offset by caution ahead of tomorrow’s Reserve Bank interest-rate decision.

ASX 200 futures finished the overnight session three points higher at 8,720, suggesting little change at the open. The local benchmark finished Friday at 8,665 points, leaving investors looking for signs that overseas technology gains can translate into renewed buying locally.

ASX Today: Key highlights

• ASX futures: Up three points, pointing to a broadly flat opening.

• Wall Street: Dow gains 0.9%; S&P 500 and Nasdaq rise about 0.5%.

• RBA: Early Monday market pricing implies a 90% chance of a quarter-point increase.

• Oil: Brent settles Friday 2.1% lower at US$104.32 a barrel.

• Gold: Futures gain 0.5% to US$4,321.20 an ounce.

• Australian dollar: Around US70.08 cents in the early Monday market snapshot.

AI stocks lift Wall Street

US equities finished Friday higher as artificial intelligence investment continued to support technology shares.

The Dow Jones Industrial Average added 478.64 points to 51,828.62, while the S&P 500 gained 39.28 points to 7,743.41. The Nasdaq Composite advanced 129.34 points to 27,068.72.

Across the week, the S&P 500 rose 1.2% and the Nasdaq gained about 2%, having reached a record closing high on Tuesday.

Microsoft climbed 3.7% after introducing new Copilot capabilities, including coding functionality and an always-on AI agent. Qualcomm gained 4%, while Dell advanced 5%.

Akamai Technologies rose 3.2% following an US$11.6 billion cloud-services agreement with Anthropic. The arrangement includes a warrant that could give Anthropic an ownership interest of up to 5%.

Meta Platforms fell 3.3% on Friday, although its shares gained approximately 13% over the week following the reception to its Muse AI assistant.

RBA decision dominates the local outlook

Tomorrow’s RBA announcement is the principal domestic event, with the early Monday briefing putting the market-implied probability of a 25-basis-point increase at approximately 90%.

Such a move would lift the cash rate from 4.35% to 4.60%. The RBA will announce its decision at 2:30 pm AEST on Tuesday, September 29.

With an increase heavily anticipated, investors will also scrutinise the accompanying statement for indications about the likelihood of further tightening.

Property, consumer spending and growth-stock valuations remain particularly sensitive to the outlook for borrowing costs.

Oil retreats and Treasury yields ease

Friday’s decline in crude provided some relief from inflation concerns.

Brent futures settled 2.1% lower at US$104.32 a barrel, while West Texas Intermediate fell 2.3% to US$92.41, as reports of an Iranian proposal to end the conflict encouraged hopes of a truce.

US government bonds also recovered. The 10-year Treasury yield declined four basis points to 5.16%, while the two-year yield fell seven basis points to 4.86%.

Nevertheless, stronger-than-expected US capital-goods orders pointed to continued business investment, leaving investors balancing resilient activity against persistent inflation risks.

Gold improves; industrial metals mixed

Gold futures gained 0.5% to US$4,321.20 an ounce on Friday, providing a firmer overseas lead for Australian gold producers.

Copper futures declined 0.3%, while aluminium rose 0.2% to US$3,435 a tonne. Iron ore futures eased 0.1% to US$97.06 a tonne.

In the early Monday snapshot, the Australian dollar traded around US70.08 cents, while Bitcoin was approximately US$84,618.

Europe advances; dividends on the local calendar

European equities ended Friday higher, with the FTSEurofirst 300 gaining 0.3% and Britain’s FTSE 100 rising 0.1% to 10,695.25.

Banks led the advance, while lower oil prices supported airlines and weighed on energy shares.

Locally, Newmont, Iress and Insurance Australia Group are scheduled to pay dividends today. Viva Leisure trades ex-dividend.

Samso’s concluding comments

The overseas lead offers some encouragement for technology stocks, but tomorrow’s RBA decision could keep broader buying restrained.

For the ASX today, the key test is whether improving sentiment extends beyond a handful of large companies. A broader recovery, including smaller stocks, would provide a stronger indication that investors are regaining confidence.