FEAR & GREED | Business News Afternoon Report | Banks end on a high
Oct 23, 2026
The ASX 200 ekes out a gain as banks and retailers rally while miners slide. Zipco plunges amid fraud costs and weak US growth. Snowy Hydro 2.0’s price tag reaches $25 billion. Covered bond reforms could intensify bank competition, a Nationals retirement reshapes a Queensland race, and Typhoon Champi bears down on Taiwan.
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Miners Dragged On A Flat Market
- The ASX 200 barely gained as mining stocks drove selling while retailers and financials outperformed.
- All ten worst performers were miners, with BHP and Rio Tinto among those sold off and Commonwealth Bank rising 3%.
Zipco Shares Plunged After Fraud Cost
- Zipco suffered a dramatic sell-off after first-quarter cash earnings missed forecasts.
- Shares fell nearly 50% intraday and closed 30% lower after a $10 million fraud-related cost hurt results and US growth.
Meta Fell Despite Record Revenue
- Meta reported record September-quarter revenue but investors rejected its plan to issue non-voting stock for AI spending.
- The market response sent Meta shares down 7%.