ASX 200 Closes Higher as AI Trade Woes Weigh on Mining Stocks
The S&P/ASX 200 finished 16.3 points higher at 8,908.1 on October 30, 2026, touching its session low at the close as a broader retreat in artificial intelligence trades pulled down mining and other stocks, Market Index reported. In the broader-based S&P/S&P ASX 300, advancers beat decliners by 163 to 126.
Consumer Discretionary Rebounds as Coles Slides
Consumer Discretionary staged the session’s strongest rebound, gaining 2.7% after a bruising week. According to Market Index, part of the move reflected bargain hunting while part stemmed from capital rotation as Coles Group fell 7.7% following a weak sales update, shaking loose cash that flowed into larger-cap discretionary stalwarts including JB Hi-Fi, which led the charge with a 6.2% gain, alongside Lovisa up 4.3% and Wesfarmers recovering 3.6%.
Energy Gains as Brent Crude Touches Cycle Highs
Energy advanced 1.0% for a second consecutive session. ICE benchmark Brent crude oil futures pushed 1.2% higher to US$112.11 per barrel in Asian trade, touching a fresh cycle high of US$114.07 intraday before easing back.
Uranium equities moved in the opposite direction. After surging nearly 10% earlier in the week alongside the AI trade, uranium stocks surrendered those gains as sentiment soured, driving Deep Yellow down 8.9%, Boss Energy down 7.6%, Bannerman Energy down 7.2%, and Paladin Energy down 5.4%.
Materials Sector Stumbles on AI Trade Sell-Off and Mine Suspension
Materials fell 0.9% as an overnight sell-off in AI-linked equities pulled capital away from critical minerals and copper plays. Base metals declined broadly on the London Metal Exchange, with aluminium and copper both down 1.0%, nickel dropping 1.4%, and tin sliding 2.5%, while rare earths prices extended weekly declines, with NdPr down 1.6% over the week.
WA1 Resources dropped 9.0%, Pantoro Gold fell 5.3%, Genesis Minerals lost 3.7%, Ramelius Resources dropped 3.4%, and Lynas Rare Earths fell 7.1%. Copper stocks also retreated, with Aurelia Metals down 5.9% and 29Metals dropping 5.6%. Rio Tinto slid 1.6% after an underground operations halt at its Oyu Tolgoi copper mine in Mongolia, following a rockfall triggered by a seismic event on Thursday that injured three workers, as reported by The Australian and SMH.com.au. BHP edged up 0.1%.
Lithium names continued a brutal sector re-rating. Liontown Resources fell 7.5%, Core Lithium dropped 6.7%, Elevra Lithium declined 5.6%, IGO lost 5.1%, and Pilbara Minerals retreated 4.0%, while Fortescue fell 2.2%.
Financials and Health Care Stocks Drive Market Gains
Financials finished the session up 0.1%, supported by insurers and fund managers rather than major banks. QBE Insurance gained 1.5% and AMP added 1.2%, while Suncorp and Insurance Australia Group both rose 0.6%. Meanwhile, most of the major banks advanced as Commonwealth Bank gained 0.2%, National Australia Bank gained 0.4%, and ANZ Bank closed 0.2% higher. Health Care extended its defensive bounce by 0.8%, driven by Sonic Healthcare up 2.6%, Healius up 2.1%, Australian Clinical Labs up 1.9%, and CSL up 1.6%. Communication Services also rose 0.8%, with Seek and REA Group leading online classifieds higher alongside defensive telcos Telstra and TPG Telecom, while Utilities rose 0.7% with Origin Energy up 0.8% and APA Group up 0.5%.
Technology Sector Mixed Amid US Market Pressures
Technology stocks were mixed, as WiseTech rose 0.5%, Xero lost 2.4%, Technology One fell 1.4%, and Codan rose 1 per cent. Wall Street turned decidedly sour as investors penalised tech heavyweights for aggressive spending and elusive pay-offs,
Moomoo chief market strategist Tapas Strickland said.