2026.11.0601:08:19UTC+00Australian Shares Drop but Head for Second Weekly Gain

Australian equities fell 69 points, or 0.8%, to 8,996 in early trade on Friday, unwinding much of the prior session’s strong rally that had pushed the market to a near two‑month high. The decline was driven by profit-taking after an overnight sell-off on Wall Street, as investors intensified their exit from technology shares amid mounting concerns about a potential slowdown in data‑center investment.

Locally, technology stocks came under pressure, while mining and materials names also weakened. Sandfire Resources slumped 6.4%, with notable losses as well in Sims Ltd. (-6%), Goodman Group (-4%), and South32 (-3.4%). Major miners BHP Group and Rio Tinto dropped 3.5% and 3.2%, respectively.

In contrast, the four major banks outperformed, rising between 1.3% and 3.1%. Despite Friday’s pullback, the ASX 200 remained on course for a second straight weekly gain, up about 1% for the week, underpinned by a robust September trade surplus, improving personal spending, and steady growth in private credit.