ASX 200 falls 0.43% to 8,793.2 as Nick Scali drops 15.3% and Fortescue leads miners lower
ASX 200 close: 8,793.2 (-0.43%) Breadth: 104 advancers / 110 decliners Sentiment: bearish
The S&P/ASX 200 closed at 8,793.2 on 22 October 2026, down 38.1 points or 0.43%, as materials fell 1.96%, energy 2.42% and consumer discretionary 1.72%, while financials gained 0.44%. NCK.AU lost 15.34% to $12.03 after guiding to first-half underlying net profit of $28m to $32m, with Australian and New Zealand written sales orders down 15% on the year (Market Index). FMG.AU fell 4.52% to $14.57 after its September quarter showed 3.9 Mt of shipped iron ore left unsold during its price talks with China Mineral Resources Group.
What moved the index
Materials took about 41 bps from the ASX 200 on 22 October 2026, and financials returned about 15 bps.
- Materials: -1.96%, worth about 41 bps of the 43 bps fall. BHP.AU fell 2.41% to $57.13 and RIO.AU 1.47% to $150.30; FMG.AU warned operations may be affected if the China Mineral Resources Group talks run past year-end (Market Index). The All Ords Gold index lost 1.95% as December gold fell 0.81% to US$4,116.30/oz.
- Consumer discretionary: -1.72%, worth about 13 bps. WES.AU fell 3.11% to $77.38 and HVN.AU 2.88% after NCK.AU reported store traffic down about 10% in the September quarter.
- Energy: -2.42%, worth about 8 bps, with December Brent up 2.57% to US$111.62. WDS.AU fell 3.50% to $32.77 and STO.AU 1.29% to $9.19 after Santos narrowed 2026 production guidance to 99 to 102 mmboe from 99 to 105 mmboe.
- Financials and industrials: +0.44% and +0.90%, together worth about 21 bps. ANZ.AU rose 1.20% to $39.69, WBC.AU 0.42% and CBA.AU 0.10% to $157.17; BXB.AU gained 3.16% to $21.23.
Together, these drivers account for about 41 bps of the 43 bps fall; the residual reflects breadth, with decliners ahead of advancers 110 to 104 across the 228-name sweep and 14 names unchanged.
Session highlights
- 8,798 was the opening level, down 0.4%, after ASX 200 futures pointed to 8,854 before 7:15am (ABC). The index spent the session between 8,770.6 and 8,806.9 on hourly Yahoo data.
- 11.15 was the ASX volatility index close, up 4.67%, as Nasdaq futures fell 1.59% and S&P 500 futures 0.83% after Meta and Tesla results.
- NXT.AU rose 7.48% to $5.75, recovering part of Wednesday's 41.72% fall, after Macquarie said the company does not need to raise capital despite the M3 Melbourne power delay (Market Index).
- MFG.AU fell 9.52% to $7.70 after reporting September quarter assets under management down 8% to $38.0bn and Financial Markets revenue "materially lower" than the first-half FY26 run rate.
- 4.85% is the cash rate UBS expects after a 25 bp November RBA rise, citing deputy governor Andrew Hauser's comments; the bank said timing depends on next week's September quarter CPI (Market Index).
Sector scorecard
- Best: Industrials (+0.90%)
- Worst: Energy (-2.42%)
- Dispersion (best minus worst): 3.32 pts
- Materials had the widest internal spread, 17.24 pts, from WGX.AU +1.57% to BTR.AU -15.67%.
- A-REITs +0.76%, Communication Services +0.52%, Financials +0.44%, Consumer Staples +0.36%, Health Care +0.08%, Utilities +0.05%, Information Technology +0.01%, Consumer Discretionary -1.72%, Materials -1.96%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| NXT.AU | +7.48% | Partial rebound from Wednesday's 41.72% fall on its FY27 guidance cut. |
| TUA.AU | +6.32% | Unannounced, likely flow-driven. |
| SDR.AU | +4.83% | Unannounced, likely flow-driven. |
| MP1.AU | +4.39% | Unannounced, likely flow-driven. |
| IPH.AU | +4.00% | Unannounced, likely flow-driven. |
| BTR.AU | -15.67% | Reported 305m at 1.33g/t gold below the Two Mile Hill resource. |
| NCK.AU | -15.34% | First-half underlying profit guided to $28m to $32m; ANZ orders down 15%. |
| MFG.AU | -9.52% | September quarter AUM down 8% to $38.0bn; trading revenue lower. |
| FRS.AU | -7.14% | Zenith takeover offer declared unconditional; Tumblegum ore purchase deal signed. |
| TLX.AU | -5.92% | Second day lower after third-quarter revenue fell 1% on the quarter. |
Notable announcements
- FMG.AU: September quarter shipments of 46.8 Mt, 6% lower on the year; hematite C1 cash costs rose 21% to US$21.98/wmt, above FY27 guidance of US$20.50 to US$21.75/wmt; FY27 shipment guidance of 197 to 207 Mt held.
- STO.AU: record September quarter production of 26.3 mmboe, up 14% on the quarter, and sales revenue up 49% to US$2.01bn; Pikka held at about 70,000 barrels a day before its ramp to 80,000.
- BXB.AU: FY27 guidance reaffirmed at the AGM, with sales revenue growth of 2% to 4% and underlying profit growth of 2% to 6%, after adding 40 US pallet repair benches.
- APA.AU: final investment decision on the $700m Bulloo Interlink Pipeline, backed by a five-year Origin Energy contract from January 2028; shares fell 0.78% to $11.48.
- ASX.AU: FY27 expense growth guidance of 18% to 21% and capex of $180m to $200m reaffirmed at chief executive Anthony Attia's first AGM; shares rose 1.62% to $65.29.
- CSL.AU: shareholders filed a class action over FY26 disclosures in the Supreme Court of Victoria; CSL denies liability and the shares closed at $196.14, up 0.03%.
At the AU close (16:15 AEDT)
| Asset | Level | Change | Context |
|---|---|---|---|
| Nikkei | 63,256.01 | -2.11% | Closed |
| KOSPI | 5,527.51 | -3.63% | Closed |
| Hang Seng | 22,980.00 | -2.84% | Trading |
| Brent | US$111.62 | +2.57% | December contract; attacks on Saudi Arabia's Shaybah field and Dammam airport |
| Gold | US$4,116.30/oz | -0.81% | December contract |
| AUD/USD | 0.7013 | -0.23% | Below Wednesday's 0.7029 |
Next 24h catalysts (AEDT)
- Thu 23:30: US weekly initial jobless claims
- Fri 09:00: Australia flash October manufacturing and services PMIs (prior 49.6 and 51.9, Market Index)
- Fri 23 October: FRS.AU starts hauling Tumblegum ore to its Edna May mill
- 3 November: RBA rate decision and updated forecasts
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