Index Update: The S&P/ASX 200 edged up 2.00 points on Friday to close at 8,795.20, remaining virtually unchanged over the past five sessions and year to date. Seven of the 11 sectors finished higher, led by Consumer Discretionary, which gained 2.57% and recorded a five-day rise of 1.72%. Financials advanced 2.21%, while Telecommunications Services added 1.15%. Utilities rose 0.82% and Health Care gained 0.69%. Materials recorded the steepest decline, falling 3.85%, followed by Information Technology, which slipped 0.92%.

Macro Update: Australia's economy expanded 2.3% in the 2025–26 financial year, compared with 1.6% in 2024–25, according to Australian Bureau of Statistics data released on October 23, 2026. GDP Per Capita increased 0.8%, while the household saving ratio climbed to 6.1% from 5.5%. National net worth rose AUD 1.3 trillion to AUD 22.8 trillion. Real net national Disposable Income grew 2.2%, while GDP per hour worked increased 0.5%. Market sector gross Value Added advanced 2.5%, and the terms of trade declined 0.2%.

Top Market Movers: Nick Scali Limited (ASX:NCK) led the gainers, rising 5.153% or AUD 0.620 to AUD 12.650, followed by Cochlear Limited (ASX:COH), up 4.424% or AUD 6.220 to AUD 146.810. Commonwealth Bank of Australia (ASX:CBA) gained 4.345% to AUD 164.000. Among decliners, Zip Co Limited (ASX:ZIP) plunged 29.469% to AUD 1.460, Ora Banda Mining Ltd (ASX:OBM) dropped 16.542% to AUD 1.110, while Sunrise Energy Metals Limited (ASX:SRL) fell 13.683% to AUD 12.680, recording declines of AUD 0.610, AUD 0.220 and AUD 2.010, respectively.

Commodity Update: The US Dollar index declined to around 101.52 as the Japanese yen strengthened amid lower US Treasury yields, geopolitical uncertainty and concerns over artificial intelligence valuations. Gold fell 0.70% to 4032.65, while silver dropped 1.51% to USD 54.18. Copper increased 0.44% to USD 14,148.00. Brent Crude oil gained 0.32% to USD 113.52 after reaching a five-month high in the previous session, driven by concerns over potential energy Supply disruptions following Houthi attacks on Saudi Arabia.

Our Stance: The Australian share market ended Friday marginally higher, with the S&P/ASX 200 closing at 8,795.20, reflecting cautious investor sentiment. Gains in Consumer Discretionary and Financials provided support, while sharp Materials losses limited broader momentum. Australia's GDP growth accelerated to 2.3% in 2025–26, offering a constructive economic backdrop. Nick Scali, Cochlear and Commonwealth Bank led advances, while Zip, Ora Banda Mining and Sunrise Energy Metals faced significant selling pressure. Meanwhile, gold and silver declined, copper edged higher, and Brent crude strengthened amid supply concerns. Overall, improving domestic fundamentals remain encouraging, although sector divergence and Commodity Volatility Warrant a selective market approach.

From a technical perspective, the S&P/ASX 200 Index recorded a marginal gain in the latest trading session, maintaining a cautiously constructive near-term outlook despite the recent pullback. The index continues to trade above key support at 8,760, which remains crucial to preserving the broader bullish structure. Sustained trading above this level could help stabilise market sentiment and support a gradual recovery towards recent highs. On the upside, immediate resistance is positioned near 8,830, and a decisive breakout above this level could reinforce bullish momentum and open the way for further gains towards the next target of 8,880. Conversely, a sustained break below 8,760 could weaken the prevailing technical structure and expose the index to increased downside pressure