The Closing Bell: Banks keep ASX afloat as technology and small caps retreat

Monday, September 21, 2026 | 4:30 pm

Australian shares finished virtually unchanged on Monday as gains across the major banks offset weakness in technology, resources and smaller companies.

The S&P/ASX 200 closed 0.70 points higher at 8,731.90, recovering from an early decline of almost 0.6%. The All Ordinaries eased to around 8,917, while the Small Ordinaries fell 14 points, or 0.41%, to 3,398.50.

Key Highlights

• ASX 200: Finishes marginally higher after recovering early losses.

• Banks advance: All four major lenders gain.

• Technology weakens: Sector touches its lowest level since April.

• Ramelius rallies: Shares rise 6.2% following an upgraded production outlook.

• Perpetual tumbles: Shares fall 15% as EQT negotiations end.

• Oil retreats: WTI falls below US$100 a barrel.

Banks and healthcare provide support

Financials helped stabilise the benchmark. ANZ gained 0.9%, NAB rose 0.7%, Westpac added 0.6% and Commonwealth Bank advanced 0.4%. Macquarie Group climbed 1.2%.

Healthcare also provided support, with CSL gaining 1.5% to $178.30.

The recovery came despite Australia’s 10-year government bond yield remaining near 5.29% in late-afternoon trading, keeping borrowing costs and the prospect of another RBA increase in focus.

Technology and resources remain under pressure

Xero fell 4.3%, extending its five-session decline beyond 11%, while the technology sector touched a five-month low.

Resources also weakened. BHP declined 0.4% to $60.78 and Lynas Rare Earths lost 2.6%. Resolute Mining remained under pressure after reducing its production guidance following operational constraints at Syama in Mali.

Ramelius moved against the trend, closing 6.2% higher at $3.80. Its updated plan forecasts FY2030 production of 560,000–610,000 ounces, 11% above its previous outlook. The company said its expansion plans were fully funded.

Corporate deals dominate company news

Perpetual fell 15% to $16.66 after rejecting EQT’s revised $22.50-a-share proposal. The board cited undervaluation and execution risks, bringing negotiations to an end.

Telix also declined after announcing its agreement to acquire Germany’s ITM for US$1.65 billion upfront, plus potential milestone payments of US$700 million. The proposed transaction includes issuing 105.8 million shares.

Elsewhere, Helloworld agreed to acquire Crown Currency Exchange for $135 million. Among smaller companies, Orthocell reported its first commercial Remplir sales in Thailand.

Oil falls, copper strengthens

Late-afternoon commodity indications put Brent around US$102 a barrel and WTI near US$98.24 as expectations improved for restored Saudi supplies.

Copper gained approximately 0.7% to US$6.66 a pound, while gold retreated towards US$4,352 an ounce. Iron ore futures were around 714 yuan a tonne. The Australian dollar traded near US71.29 cents.

Monday, September 21, 2026 | Midday update

Australian shares recovered their opening losses by midday, with financials and real estate providing support while takeover developments drove sharp falls in Perpetual and Telix.

Key Highlights

• ASX 200: Edges higher to 8,732.00 after recovering from early losses.

• Small Ordinaries: Falls 0.35% to 3,400.70.

• Sector support: Financials, property and healthcare among five sectors advancing.

• Corporate moves: Perpetual drops 13.72%; Telix falls 6.55%.

• Resources standouts: Ramelius gains 6.56%; White Cliff jumps 21.74%.

• Commodities: Brent eases towards US$103.68; gold trades near US$4,370.

Financials and property steady the market

The S&P/ASX 200 was up 0.80 points at 12.10pm AEST, recovering from around 8,683 shortly after the open. The Small Ordinaries remained weaker, down 11.80 points at 12.12pm.

Financials, real estate, healthcare, consumer staples and industrials traded higher. Technology, energy, materials, consumer discretionary, communication services and utilities declined.

Bendigo and Adelaide Bank gained 1.54%, ASX Ltd rose 1.28% and AMP added 1.19%. Cochlear advanced 3.02%, while JB Hi-Fi climbed 2.26%.

Technology remained under pressure, with Xero down 3.73%, WiseTech Global losing 2% and NextDC falling 1.58%.

Perpetual and Telix fall on deal announcements

Perpetual dropped 13.72% after rejecting EQT’s revised $22.50-a-share proposal and ending negotiations. The board cited undervaluation and unacceptable transaction execution risks.

Telix fell 6.55% following its agreement to acquire Germany’s ITM Isotope Technologies Munich for US$1.65 billion upfront, with potential milestone payments of US$700 million. The transaction requires shareholder approval.

New Hope declined 7.13%, partly reflecting its shares trading ex-dividend for a 30-cent distribution.

Resources offer gains and setbacks

Ramelius Resources rose 6.56% and Capricorn Metals added 1.99%, while Resolute Mining fell 9.04% and Bellevue Gold lost 3.87%.

Among smaller companies, Energy Transition Minerals jumped 42.22%, Altech Batteries gained 33.33% and Corazon Mining advanced 26.32%.

White Cliff Minerals rose 21.74% on almost 69.7 million shares traded after reporting visually identified copper mineralisation at Bornite Hills in Canada. Laboratory assays remain pending.

Wildcat Resources fell 12.50%, with about 10.4 million shares changing hands.

Oil retreats as supply prospects improve

Oil surrendered its early gains as investors assessed prospects for restored Saudi supplies. Monday’s Asian trading update put Brent near US$103.68 a barrel and WTI around US$100.02, while gold eased towards US$4,370 an ounce.

Friday’s indicative copper and iron ore prices were US$6.62 a pound and US$97.57 a tonne.

Samso Concluding Comments

The benchmark’s recovery has steadied the session, but weaker small caps and six declining sectors show that buying remains selective. Company announcements continue to explain some of the day’s largest moves.

Monday, September 21, 2026 | 9 am

Australian shares face a cautious start after renewed Middle East tensions pushed oil higher, adding to pressure from rising bond yields and expectations of further interest-rate increases.

The latest available SPI indication points to a 57-point, or roughly 0.7%, decline. That would take the S&P/ASX 200 towards 8,674, close to last Tuesday’s three-month low. The Australian dollar was around US71.11 cents.

ASX Smaller stocks enter the week ahead

The ASX 200 finished Friday at 8,731.20, losing 0.17% across its third consecutive declining week. The All Ordinaries slipped 0.05% to 8,922.70.

The Small Ordinaries gained 1.28% to 3,412.50. Whether that buying interest survives another weak opening will be worth watching, particularly among smaller resources companies.

Saudi attacks reverse oil’s retreat

Oil’s Friday decline has given way to renewed supply concerns after Houthi missile and drone attacks on Riyadh over the weekend.

In early Monday trading, Brent rose 0.78% to US$104.68 a barrel and West Texas Intermediate gained 0.76% to US$101.06.

The rebound changes the immediate outlook for Woodside and Santos, potentially cushioning energy shares while maintaining cost pressure on transport, manufacturing and consumers. Saudi Arabia’s share market fell 0.3% on Sunday, although Aramco gained 1.3%.

Higher yields keep Wall Street divided

The US 10-year Treasury yield returned to 5% on Friday. The S&P 500 gained 0.2% to 7,650.50, and the Nasdaq added 0.4% to 26,522.54, while the Dow fell 0.2% to 51,682.64. Most S&P 500 companies declined.

Coinbase jumped 11.66%, Robinhood gained 9.12%, and SanDisk advanced 10.99%. Nucor fell 6.32% after disappointing profit guidance. Bitcoin traded near US$80,300 during the weekend.

Gold firms as regional markets diverge

Gold futures rose about 0.6% on Friday to US$4,386 an ounce, recording a 0.5% weekly gain. Silver gained 3.1% across the week, while indicative Friday prices put copper near US$6.62 a pound and iron ore around US$97.57 a tonne.

Europe retreated, with the FTSE 100 and CAC 40 each losing 1.5% and Germany’s DAX falling 1.6%. Japan’s Nikkei gained 1.4%, Shanghai rose 0.9%, and Hong Kong added 0.6%.

Bullock warning sharpens the domestic focus

RBA governor Michele Bullock warned on Friday that inflation risks were materialising, including pressure from the Middle East conflict and the global AI investment boom. Further tightening remains under consideration.

China has kept its one-year and five-year loan prime rates at 3% and 3.5%. Australia’s August employment report follows on Thursday, September 24, providing another test of the domestic interest-rate outlook.