Australian shares edge up on miners as ANZ slides on margin squeeze
The S&P/ASX 200 rose 0.1% as miners gained on copper prices, while ANZ fell 3.2% after its net interest margin shrank despite higher annual profit.
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what happened
Reuters reports that Australian shares edged higher as investors favoured commodity-linked stocks over the banks. ANZ, the country's fourth-largest lender by market value, dropped 3.2% and posted its weakest session in more than eight months. Its annual profit rose, but its net interest margin, a key measure of profitability, shrank. KCM Trade chief market analyst Tim Waterer called the reaction a classic case of selling on the news, since the market had already priced in a decent margin result.
The S&P/ASX 200 gained 0.1% to 9,029.70. Miners climbed 3.1% to nearly a one-month high as copper prices advanced, with BHP up 2.7% and Rio Tinto up 1.6%. Gold stocks rose 4.2% on higher bullion prices.
why it matters
For markets, the signal is that capital could rotate from banks into resource stocks if sentiment toward the sector keeps weakening. The 10-year Australian bond yield rose to about 5%, up from a two-and-a-half-month low reached on Friday, pointing to some pressure in the bond market.
market impact
Australian banks: weak margins weigh on ANZ; copper and gold support miners
- Copper pressure up — higher metal prices support mining company shares
- ANZ shares pressure down — a shrinking net interest margin is driving investors away
tags
instruments
sources
- Australian shares edge up as miners outshine banks; ANZ slides on margin squeeze — Reuters, 9 November 2026 at 05:34 UTC
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