ASX rises as miners gain but banks fall

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Topic: Stock Market

The Australian share market is going up, with mining companies improving while banks are falling, as more company results are released.

Wall Street rose on Friday after a nervous week when shares fell sharply as traders feared higher US interest rates.

Follow today’s financial news and insights from our business reporters on the live blog.

Disclaimer: this blog is not investment advice.

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By Stephen Letts

Prices are current at about 10:15 am AEST

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By Daniel Ziffer

NAB CEO Andrew Irvine spoke to customers in Melbourne this morning.

His main focus is on AI.

He said AI is changing faster and is more complex here than in the US.

He explained that AI is the fourth industrial revolution, as important as steam, electricity and computers were to humanity.

He compared AI to steam power that linked people and markets, and to electricity and computers that saved time; AI will reduce friction in learning, creating and solving problems.

At its best, AI expands human ability by simplifying complexity and speeding results beyond imagination.

He noted that the most advanced AI tools are still just tools.

But AI is not a magic solution; it amplifies existing processes.

In strong companies with good culture, processes and governance, AI speeds productivity, trust and innovation, giving a competitive edge.

In weaker firms, AI reveals flaws, worsens problems and deepens distrust between staff and management.

Fortunes can be made… and lost…

Over the next years, business models and profit pools will shift faster, and fortunes will be made and lost as firms compete; those that do not adapt to AI will fall behind.

He also mentioned the impact on jobs, linking it to past industrial changes.

Just like past revolutions, some jobs will disappear, some will change, and new jobs will appear.

For example, in the early 1900s, 25 % of Australians worked in farming; today it is under 2 %. Farming still supports the economy, but most old jobs have been mechanised and replaced by jobs in new industries and innovations.

Decades ago, NAB had many bank tellers and clerks; today we employ more staff than then.

The point is the workforce always changes; we must help Australians use AI, not fear it, and teach skills for the future.

History shows economies that embrace technology and new industries do better than those that protect old industries and resist progress.

Don’t worry, there is still good news for people.

Finally, AI will not replace the human skills that matter in business and life.

By Daniel Ziffer

NAB CEO Andrew Irvine spoke to Melbourne customers this morning, focusing on how Australia can boost productivity.

After discussing the economy, he turned to the big picture.

Here are some key quotes:

“In the long run, Australia should be hopeful.”

“We have the world’s needed resources, plenty of energy, strong institutions, world‑class businesses and talented people, plus huge chances to grow in energy, farming, infrastructure, technology and housing.”

“The ingredients are there and the foundations are strong, but we are not using them fully.”

“Earlier this year I warned we were at Peak Australia; the economy was as good as it gets.”

“We were growing, but without real reform we would soon hit the limits of what the economy can deliver.”

“When demand exceeds supply, inflation rises and the RBA must raise rates to slow demand and growth.”

“That is largely what has happened.”

“The risk now is not that we are at the mountain’s peak, but that we slide down into a low‑productivity, low‑growth trap that has been slowly choking Australia for decades.”

“Without urgent action we will be stuck in a slow lane, watching other advanced economies surge ahead.”

“Consider the facts: Australian labour productivity grew about 2.25 % per year to 2005, then slowed to about 1.5 % to 2015.”

“The 2020 decade saw productivity at 1.1 %, the slowest in 60 years; it has worsened since. Today US productivity growth is twice Australia’s, Singapore’s more than three times.”

“These countries combine high capital use, business‑friendly rules, strong digital adoption and deep global value‑chain integration.”

“So I ask: is Australia ready to do what it takes to reach our nation’s ambition?”

“Australia will only prosper if we deliver broader reforms that encourage capital investment, risk‑taking and entrepreneurship.”

He cited reduced building regulation in WA as an example of needed change.

“Boosting productivity must be the top priority for all levels of government, businesses, regulators and unions. Our shared goal is higher living standards for all Australians.”

“Without a national effort across all regions, we will not make needed progress, and future Australians will suffer the consequences of inaction.”

But his main point is about AI, which I will explore shortly.

Key Event

By Stephen Letts

The ASX 200 followed Wall Street higher.

At 11 am AEST the ASX 200 was up 0.6 % to 9,110 points; the All Ordinaries rose similarly.

Big miners in the materials sector led, while banks and insurers lagged.

Among miners, BHP rose 3.6 %, Rio Tinto 1.5 % and Fortescue 1.8 %.

Uranium miners were especially strong, most gaining over 10 %.

Lithium miners also rose after PLS posted a full‑year result and reinstated a dividend.

Oil and gas producers fell as oil prices dropped; Woodside fell 1.2 %.

Ampol rose after reporting a half‑year profit jump of over $1 billion, helped by higher margins from the Middle East conflict.

Retailers were generally weaker, though Harvey Norman made some gains ahead of its results.

The finance sector fell.

All four major retail banks fell; CBA down about 1 % and Bendigo Bank also down after reporting FY profit lift.

Insurers also fell, with IAG down 4.2 % and QBE down 2.7 % ex‑dividend.

NIB fell 8.4 % after a weak FY result, affecting Medibank Private, which fell 3.2 %.

The top mover on the ASX 200 was Data#3 after strong results.

The worst performer was health insurer NIB after its results.

Chorus, Endeavour Group, Aussie Broadband and Reece also reported earnings and fell.

Key Event

By Stephanie Chalmers

KPMG Australia will cut 27 partners and about 360 staff, and restructure, after lower revenue from lost contracts following the audit‑leaks scandal.

Revenue fell from $2.28 billion last year to $2.26 billion in FY 2026, and CEO John Sams expects further declines.

KPMG lost most government contracts after allegations that audit partners misused client data and mishandled a whistle‑blower complaint.

Read more from Nassim Khadem:

By Stephanie Chalmers

Many millennials (guilty!) still know Ben McKenzie as the troubled teen from the wrong side of the tracks adopted by the wealthy Cohen family.

The 47‑year‑old actor mentioned this in US Congress when he appeared before the Senate banking committee four years ago.

“You can also call me Ryan Atwood from The OC,” he joked.

His Senate appearance shows the career shift the Hollywood actor has made since roles in The OC and Gotham.

He now draws on his economics studies to publicly criticize a major financial trend of the past decade.

“In my view, the cryptocurrency industry is the biggest Ponzi scheme in history,” he told the US Senate.

Speaking to ABC News, McKenzie explained how he became a crypto skeptic and why he released a documentary calling the movement “stupid.”

You can read more from business reporter Emilia Terzon’s interview:

By Stephen Letts

Before we review individual stocks today, note that several are going ex‑dividend, so their prices will likely be lower than otherwise.

Stocks going ex‑div today include:

Key Event

By Stephen Letts

The ASX 200 opened slightly higher, up 0.1 % to 9,071 points at 10.15 am AEST.

A basic‑materials miner led, along with healthcare stocks.

Banks and insurers were the biggest drags by index weight.

Key Event

By Stephen Letts

Early trading saw oil slip about 1 % (≈US$1 per barrel) on key global benchmarks, while gold edged higher.

At 9:30 am AEST:

Key Event

By Stephen Letts

Regional lender Bendigo Bank reported full‑year profit of $375 million.

On the preferred cash earnings metric, profit rose modestly 3 % to $530 million.

Second‑half cash earnings grew 7 % to $274 million.

Residential lending fell slightly (‑0.4 %) to $66 billion for the year, but grew 1.9 % in the second half.

The final dividend of 33 cents per share matched the prior year, completing a full‑year payout of 63 cents.

Key Event

By Stephen Letts

Fuel refiner and retailer Ampol made a strong comeback to profit thanks to a large price rise from the Middle East conflict.

From a $25 million loss in H1 2025, Ampol posted an FY26 interim profit of $1.36 billion.

Pre‑tax earnings at the Lytton refinery jumped to $533 million in H1, up from $1 million a year earlier.

Convenience‑store sales rose 12 %.

Ampol CEO Matt Halliday said he is proud of the company’s resilience in securing supplies and limiting impact on customers amid market disruption from the war.

Ampol will pay an interim dividend of $1.85 per share, more than four times last year’s interim dividend.

Key Event

By Stephen Letts

Endeavour Group, a hotel and alcohol retailer, reported a sharp profit drop despite a slight sales rise.

Net profit fell almost 90 % to $52 million, mainly due to a $372 million pre‑announced impairment.

On an underlying basis, stripping one‑off costs, FY profit fell 15 % to $363 million.

Group sales, including Dan Murphy and BWS, rose 1.3 % to $12.2 billion.

The full‑year dividend was cut 36 % to 12 cents per share.

CEO Jane Hrdlicka said the new strategy and restructure are progressing, with sales momentum building as customers respond positively to a renewed focus on value and price leadership.

Key Event

By Stephen Letts

Plumbing supplier Reece Group posted a slight FY profit fall of 2.8 % to $308 million.

Revenue rose 7 % to $9.4 billion and the FY dividend increased marginally to 18.84 cents per share (fully franked).

After disappointing shareholders last year, chair and CEO Peter Wislson said 2026 showed improved momentum in the Australia/New Zealand business.

US sales rose 6.5 % despite a soft housing market.

Key Event

By Stephen Letts

Lithium miner PLS reported FY profit of $526 million after an almost $200 million loss the previous year.

Revenue jumped 150 % to nearly $2 billion, helped by a 120 % rise in realised prices.

Costs stayed low and PLS will pay a FY dividend of 5 cents per share, after skipping a payment last year.

By Stephen Letts

We are entering the final week of the August reporting season; while not disastrous, analysts may trim earnings forecasts.

Discretionary‑spending stocks have struggled particularly.

This week will see more releases that depend on consumer spending.

Wesfarmers, Harvey Norman, Qantas and Domino’s Pizza could cause big share‑price moves.

Coles is also reporting, but non‑discretionary retail looks stable.

Mon: Adairs, Ampol, Bendigo & Adelaide Bank, Chorus, Data#3, Endeavour, Monash IVF, NIB, Nuix, PLS, Reece, Ventia Services

Tue: Ansell, ARB, AUB, Coles, G8 Education, Ingenia Communities, Monadelphous, Scentre, Viva Energy, Woodside

Wed: Domino’s Pizza, DroneShield, Flight Centre, HMC Capital, Lovisa, Netwealth, Nickel Industries, Nine Entertainment, Perseus Mining, Polynovo, Sandfire Resources, Steadfast, Tabcorp, WiseTech Global, Woolworths, Worley

Thu: Atlas Arteria, Appen, Articore, Bapcorp, Cromwell Property, Coventry, Karoon, Magellan Financial, Mineral Resources, Perpetual, Qantas, South32, Smartgroup, Star Entertainment, Wesfarmers

Fri: Articore, McMillan Shakespeare, Pexa, Virgin Australia

By Stephen Letts

Australia:

Tue: RBA minutes

Wed: CPI inflation (Jul), Construction work done (Q2)

Thu: Household spending indicator (Jul) Capex (Q2)

International:

Tue: US — House prices

Wed: US — PCE inflation (Jul), GDP (Q2), Nvidia earnings Q2, Consumer confidence (Aug)

Thu: CN — Industrial profits (Jul)

Fri: US — Fed chair Kevin Warsh speech at Jackson Hole

It is an interesting week for data, with many releases that affect monetary policy decisions.

Wednesday’s July CPI data will be closely watched.

Inflation is expected to fall further, from 3.8 % to about 3.2 %, as last year’s sharp July rise drops out of the calculations.

The RBA’s trimmed‑mean CPI measure should also ease to around 3.5 %.

The ABS household spending indicator is expected to show consumers still active despite slower income growth.

July HSI forecasts predict 0.3 % growth, taking the annual rate to a solid 5.7 %.

We will also see the first look at Q2 GDP partials.

Construction work done (Wednesday) is expected to be flat, with residential construction covering softer public‑sector spending.

Private‑sector capital spending (Thursday) is also expected to be flat after strong Q1 growth.

The RBA minutes from this month’s meeting (Tuesday) will confirm that rates stayed on hold despite ongoing inflation concerns.

Key US data will be personal consumption expenditure, the Fed’s preferred inflation gauge.

Expect a 0.2 % rise, keeping inflation well above the Fed’s target.

Fed chair Kevin Warsh will debut at the global central‑banking festival in Jackson Hole, Wyoming.

Warsh does not give forward guidance, but rising bond yields are the current focus.

Global markets will look for clarity on Fed plans but should not expect much beyond the usual “we will bring rates down” statements.

“How?” remains unanswered.

In equity markets, Nvidia’s Q2 earnings are the key event as they act as a proxy for the broader AI ecosystem.

Key Event

By Stephen Letts

The ASX is set to rise this morning after Wall Street regained some momentum in a nervous week’s trading.

When futures closed Saturday morning, the ASX 200 was set to rise about 0.5 %, recouping much of the 0.6 % it lost last week.

The three main Wall Street indexes rose.

However, over the week the S&P 500 fell 1.4 %.

The tech‑heavy Nasdaq’s rise ended a five‑day losing streak.

All week, equity investors followed US government‑bond yields, as higher borrowing costs dampened risk appetite.

Nerves frayed as 30‑year Treasury yields hit near‑20‑year highs.

US Treasury Secretary Scott Bessent tried to calm markets, saying the government could increase Treasury repurchases after a surprise Wednesday announcement to double bond buybacks.

Northlight Asset Management CIO Chris Zaccarelli told Reuters that after a volatile week, Friday felt calmer on Wall Street.

“Mid‑week, equity investors feared yields could keep rising,” Zaccarelli said.

“With the Treasury announcement, investors are less worried now.”

So far, US Treasury actions have done little to curb rising rates but have weakened the US dollar against most major currencies.

The Aussie dollar closed higher last week at 71.74 US cents, its best weekly close in three months.

US dollar turmoil also pushed gold to a three‑month high, above US$4,600 per ounce for the first time since May.

There was some comforting US economic news, with data showing the strongest services‑sector growth in nearly two years, driving a sharp rise in overall business activity in August.

However, this was offset by slower manufacturing growth, constrained by lower inventory builds and supply disruptions from the Iran war.

Earlier, UBS Global Wealth Management raised its year‑end S&P 500 target to 8,100, citing a stronger earnings outlook and solid corporate profit growth.

Adding to inflation worries, oil futures rose for a sixth straight day after US President Donald Trump threatened sanctions on Iran’s trading partners, raising expectations of tighter supply.

Iran responded with threats of a “devastating” response to any US action, as disruptions continue to affect oil shipments through the Strait of Hormuz.

Seven commodity ships sailed the Strait on Thursday, half the number from the previous day, according to ship‑tracker Kpler.

For the week, Brent futures rose 6.4 % while US West Texas Intermediate futures rose 5.7 %.

With Reuters

By Stephen Letts

Good morning and welcome to another day on the ABC markets and finance blog.

I am Stephen Letts from the ABC business team, ready to give a blow‑by‑blow of today’s events; every post aims to be helpful but is not financial advice.

Wall Street closed the week positive, with the S&P 500 making a solid gain, though not enough to erase the 1.4 % weekly loss.

The ASX also appears to be recovering from recent losses.

When trading closed Saturday morning, ASX 200 futures pointed to a 0.5 % rise today.

It will be a busy day with results expected from Adairs, Ampol, Bendigo & Adelaide Bank, Chorus, Data#3, Endeavour, Monash IVF, NIB, Nuix, PLS, Reece and Ventia Services.

As always, the game is on, so let’s start blogging.

By Stephen Letts

Prices are current at about 7 am AEST

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