ASX 200 Edges Higher as Miners Rally and Paladin Soars While Bank Stocks Slide After ANZ's $7.3 Billion Profit

SYDNEY — Australian shares edged higher on Monday afternoon as a rally in mining stocks offset losses in banks, property and technology. Uranium producer Paladin Energy led the market's top gainers.

The S&P/ASX 200 was up 17.5 points, or 0.19%, at 9,038.3 at 2:21 p.m. AEDT, after swinging between gains and losses through the session.

Volatile start

The market had been expected to open higher. SPI futures pointed to a 20-point gain at the open, despite a mixed session on Wall Street on Friday.

It slipped instead. The ASX 200 fell across the morning to be 0.4% lower at 8,982 points by 11:30 a.m. AEDT before recovering in the afternoon.

The benchmark is coming off a weak finish to last week. On Friday, the index fell 0.5% to 9,020.8 points. Still, the ASX ended last week 1.3% higher after a volatile stretch.

Miners lead

Resources stocks drove the recovery. The S&P/ASX 200 Materials index rose 1.8% in the morning after falling 2.5% on Friday, with gold and lithium miners among the top gainers.

BHP gained 1.7% and helped support the market.

The top gainers included uranium producer Paladin Energy, up 10.86% at A$8.27; scandium developer Sunrise Energy Metals, up 10.19%; gold developer Minerals 260, up 7.67%; building materials maker James Hardie, up 6.63%; and gold miner Ora Banda Mining, up 6.6%.

Banks under pressure

Financials weighed on the index. The S&P/ASX 200 Financials sector was 1.4% lower after ANZ released its FY26 results.

ANZ itself held up better than its peers. The bank's FY26 result was generally well received, with its shares up 0.2% in the morning, the only Big Four retail bank to gain. ANZ posted a $7.3 billion profit. The market consensus had expected cash profit of around $7.5 billion.

Property and tech fall

The S&P/ASX 200 Real Estate index fell 2.3%, declining for a second session after a 4% rise last week. Tech stocks were also weaker, with the Information Technology index down 1.3% after a 10% gain last week.

Global backdrop

Asian markets were broadly stronger. The MSCI Asia Pacific index rose 1.7%, led by Japan's Topix, up 3.4%.

Australia's market has benefited from concerns over U.S. technology stocks. The ASX 200 rose 1.3% last week while the S&P 500 fell 2.7%, as investors sought safety in major banks, retailers and local telecommunications companies amid worries about potential restrictions on AI and data centers in North America.

Commodities

Gold fell 0.42% to US$4,070.41 an ounce, and iron ore slipped 0.45% to US$92.70 a tonne.