The benchmark index rose 7.5 points, or less than 0.1%, to 8,765.30, with eight of its 11 sectors trading in the red after a modest 0.3% gain the day before when Wall Street’s AI rally lifted technology shares.
Mining heavyweights BHP Group and Rio Tinto added 1.4% and 0.8% respectively, helping to offset the broader market weakness; both companies trimmed earlier gains as copper prices retreated from near‑record levels while traders weighed the outlook for U.S. interest rates amid shifting oil prices and recent Federal Reserve commentary.
Energy stocks led the declines, mirroring Wall Street’s sell‑off. West Texas Intermediate for November fell below US$90 a barrel, extending a six‑day losing streak that has erased more than 9% of its value, while Brent settled around US$98.46. The slide was attributed to Saudi Arabia’s move to restart its critical East‑West pipeline and to reports that U.S. officials, including President Donald Trump, held “very productive” talks with Iranian envoys in New York, reviving fragile hopes of ending the US‑Iran conflict.
The Australian dollar slipped 0.3% to US$0.7096, and gold producers such as Northern Star Resources (+4%), Evolution Mining (+2.2%) and Newmont (+3%) rose as gold traded near US$4,340 an ounce, erasing a modest gain from the previous session.
Other market moves included Qantas Airways gaining 2.1% after chief Vanessa Hudson highlighted strong summer bookings and announced that its Project Sunrise non‑stop Sydney‑New York service will launch from mid‑2028. Meanwhile, Myer held steady after a 17% surge earlier in the week, despite scrapping its dividend; the retailer appointed billionaire Solomon Lew, its largest shareholder, to the board as it navigates a volatile retail environment.