Australian shares fall as BHP and NAB drag market lower

Summarised from 2 outlets · Updated 20 Oct, 04:02 · Archive

Australia's share market fell 0.52 per cent, hit by BHP's lower copper output and NAB's planned job cuts.

Australia's benchmark ASX200 index dropped 45.6 points or 0.52 per cent to 8799.6 near midday on Tuesday, with the broader All Ordinaries falling 48.6 points or 0.54 per cent to 8927.1. BHP fell 1.8 per cent to $59.38 after reporting September quarter copper output down 19 per cent to around 400,000 tonnes, well below analyst expectations of 426,000 tonnes. Josh Gilbert, eToro's lead APAC analyst, said BHP had 'left itself very little margin for error on copper this year' and would need to average 415,000 tonnes over each of the next three quarters just to reach the bottom end of its guidance.

NAB slid 3.3 per cent to $38.59 after announcing plans to lay off 2,500 workers over 2026/27, reducing its workforce by about six per cent. The business-focused bank said the job cuts would make it a stronger bank better placed to navigate risks. Together, the falls in NAB and BHP accounted for about half of the ASX200's overall decline.

Elsewhere in the materials sector, Rio Tinto dropped one per cent, South32 fell 2.6 per cent and Northern Star slipped 2.3 per cent. The materials sector overall was down 1.5 per cent, the biggest loser among the bourse's 11 official sectors. Other major banks saw more modest losses: CBA and ANZ both fell 0.9 per cent, Westpac retreated 1.6 per cent and Macquarie was 0.5 per cent lower.

How it is being reported

• Australian shares fall, dragged lower by NAB, BHPThe Australian share market was down half a percentage point at lunchtime, amid losses by copper miner BHP and business-focused bank NAB.Perth Now · 20 Oct, 03:29
• Australian shares fall, dragged lower by NAB, BHPThe Australian share market was down half a percentage point at lunchtime, amid losses by copper miner BHP and business-focused bank NAB.The West Australian · 20 Oct, 03:29

In this story: BHP · NAB · ASX200 · Rio Tinto · Northern Star

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