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ANALYSIS

Market Analysis

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POPULAR ETFs	Close($)	+/-	%
A200 ASX 200	146.76	0	0
SSO ASX Small Caps	13.22	0	0
IVV S&P 500	72.64	0	0
NDQ Nasdaq	60.10	0	0
F100 FTSE 100	15.35	0	0
ASIA Asia Tech	17.95	0	0
IEU Europe	94.96	0	0
IEM Emerging Markets	88.80	0	0
Gold Gold	52.30	0	0
ACDC Battery Tech	99.92	0	0

COMMODITIES	Close($)	-/+	%
Gold	4,000.15	4.63	0.12
Silver	54.03	0.1351	0.25
Platinum	1,557.63	6.8038	0.44
Palladium	1,055.35	11.258	1.08
Ice Brent Crude	117.38	4.21	3.72
CURRENCIES	Close($)	-/+	%
Australian Dollar	0.7038	0.0005	0.07
Euro	1.1207	0.0005	0.04
British Pound	1.3367	-0.0005	-0.04
Canadian Dollar	1.4011	0.0007	0.05
New Zealand Dollar	0.5703	0.0004	0.07
Chinese Yuan	6.6702	0	0
Japanese Yen	156.8800	0.06	0.04

What We're Watching

ASX Resource stocks we own

Code	Company	Price($)	Today	1 Year Return	52 Week Range($)
A1M	Aic Mines Ltd	0.69	0%	51.65%	0.42 0.94
BGL	Bellevue Gold Limited	1.31	0%	0.00%	1.06 2.00
BHP	Bhp Group Ltd	55.05	0%	27.99%	40.18 68.77
FMG	Fortescue Ltd	14.27	0%	-31.53%	14.13 23.38
NHC	New Hope Corporation Ltd	6.10	0%	56.01%	3.77 6.61
WHC	Whitehaven Coal Limited	7.91	0%	12.84%	6.66 9.90
NEM	Newmont Cdi	155.03	0%	0.00%	117.59 190.91
NXG	Nexgen Ene Cdi	11.41	0%	0.00%	11.34 20.47
SFR	Sandfire Resources Limited	18.45	0%	19.65%	14.41 25.00

10 Top Gainers | <$500m

Code	Company	Last($)
4DX	4dmedical	3.67
ABG	Abacus Group Unt	0.81
AIS	Aeris Resources	0.40
AGL	Agl Energy Limit	9.12
A1M	Aic Mines	0.69
AIZ	Air New Zealand	0.30
AAI	Alcoa Corporatio	53.92
ALK	Alkane	1.48
A4N	Alpha Hpa	0.39
ALQ	Als	19.71

10 Biggest Fallers | <$500m

Code	Company	Last($)
ZIP	Zip Co	1.46
ZIM	Zimplats Holding	14.01
YAL	Yancoal Australi	6.02
XRO	Xero Fpo	64.19
WOR	Worley Fpo	9.50
WOW	Woolworths Group	41.75
WDS	Woodside Energy	32.86
WTC	Wisetech Global	40.12
WIA	Wia Gold	0.40
WHC	Whitehaven Coal	7.91

OPINION

Latest Market Matters Opinions

26/10/2026 09:45

LME Copper 3-months (US$/MT)

As we’ve witnessed on the ASX, copper stocks have tumbled in recent weeks despite the industrial metal being fairly stable - the Global X Copper Miners ETF (WIRE) is trading around 30% below its January high. Copper stocks are struggling despite a relatively modest pullback in the metal itself, with copper falling around 4.5% from its September peak near US$14,900/t with three factors explaining the divergence:

26/10/2026 09:45

Natural Gas Dec ‘Futures (US$/MMBtu) US$305/MMBtu

US natural gas futures have fallen ~27% in 2026, as warmer weather, ample storage and weak demand weigh on prices. The year began with a brief spike during an extreme cold snap, but prices quickly retreated as temperatures moderated. The broader trend has been driven by a persistent warm-weather outlook, with forecasts of above-average temperatures reducing heating demand in winter and cooling demand in summer. Last week, prices fell more than 15%, their biggest weekly decline since February, as warmer conditions are forecast to persist across much of the US through November.

ACTION

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Market Matters Content

Macro Monday: Should we be reweighting our portfolios in earnest?

Morning report 26/10/2026

Afternoon Report

The Match Out: Banks and retailers keep ASX afloat as miners slide

Afternoon report 23/10/2026

Ask James ASK A QUESTION

Ask James

Question asked 24/10/2026

Wesfarmers (ASX: WES) Update please

HI MM Team of very insightful market commentaries (and a very friendly team to engage with). Re Wesfarmers (ASX: WES) has been on your Hit List for a while I note the overall market analysis rating WES is a Sell to Strong Sell the stock appears to have great recovery drivers and keen buyers at lower levels i.e. around $72-75. I am interested given your recent portfolio buy of JBH as to what is your current view on WES and comparison to JBH? Thanks Steve K

Ask James

Question asked 24/10/2026

Are you buyers of GQG Partners (ASX: GQG)?

Hi James, Shawn and Team, GQG was trading 50% below it's issue price when it went ex-div today (Wed 21/10). My question is are you a buyer at this price? Thanks Jeremy

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Latest View Points

WIRE

WHC

ZIP

BX US

SPOT US

WBC

ANZ

PME

XRO

ATEC

IGV US

RIO

Chart of the week

Philadelphia Exchange Semiconductor Index (SOX)

Aus. Investment blog Subscribe to blog

Why did ZIP Co Ltd (ASX: ZIP) crash 50% on the open?

ZIP was smacked 50% on the open today after revealing a US fraud incident that cost the buy-now-pay-later provider $7.2m and disrupted customer growth and transaction volumes during July and August

ASX: ZIP 22/10/2026

Why Fortescue (ASX: FMG) is down ~5%

Fortescue has fallen below $15 driven entirely by a weak Q1 FY2027 production report released last night that revealed a serious and escalating standoff with China's centralised iron ore buying agency.

ASX: FMG 22/10/2026

Morning Report

Macro Monday: Should we be reweighting our portfolios in earnest?

Morning report 26/10/2026

Afternoon Report

The Match Out: Banks and retailers keep ASX afloat as miners slide

Afternoon report 23/10/2026

Ask James ASK A QUESTION

Ask James

Question asked 24/10/2026

Wesfarmers (ASX: WES) Update please

Ask James

Question asked 24/10/2026

Are you buyers of GQG Partners (ASX: GQG)?

Hi James, Shawn and Team, GQG was trading 50% below it's issue price when it went ex-div today (Wed 21/10). My question is are you a buyer at this price? Thanks Jeremy

Latest View Points

WIRE

WHC

ZIP

BX US

SPOT US

WBC

ANZ

PME

XRO

ATEC

IGV US

RIO

Chart of the week

Philadelphia Exchange Semiconductor Index (SOX)

Aus. Investment blog Subscribe to blog

Why did ZIP Co Ltd (ASX: ZIP) crash 50% on the open?

ZIP was smacked 50% on the open today after revealing a US fraud incident that cost the buy-now-pay-later provider $7.2m and disrupted customer growth and transaction volumes during July and August

ASX: ZIP 22/10/2026

Why Fortescue (ASX: FMG) is down ~5%

ASX: FMG 22/10/2026

Opinion + Action