Weekly Wrap: Banks and technology lifted ASX 200 despite Thursday sell-off
ASX 200

Weekly Wrap: Banks and technology lifted ASX 200 despite Thursday sell-off

The ASX 200 gained 0.20% for the week, recovering on Friday after a broad Thursday sell-off. Technology led the sectors, while the Small Ordinaries fell.

Isla Campbell
Isla CampbellResources Editor
· 6 min read
Image: ASX company banking technology market performance professional image
In briefAt-a-glance4 takeaways
  • 01The ASX 200 closed at 8682.1, up 0.20% for the week.
  • 02The Small Ordinaries fell 0.87% to 3326.4.
  • 03Technology gained 7.34%, the strongest sector result.
  • 04Thursday's 1.99% ASX 200 fall reached all 12 sectors.
The week in numbers · week ending 2 October 2026
S&P/ASX 200
8,682.1
+0.20%
S&P/ASX Small Ordinaries
3,326.4
−0.87%
All Ordinaries
8,854.7
+0.10%
A concentrated rise in large shares kept the ASX 200 ahead for the week, while small caps and several sectors finished lower.

A late sell-off narrowed the week's gain

The S&P/ASX 200 closed Friday at 8682.1, up 0.20% from the previous Friday. The All Ordinaries rose 0.10% to 8854.7 and the S&P/ASX 300 gained 0.12% to 8609.8. The S&P/ASX Small Ordinaries moved the other way, falling 0.87% to 3326.4.

Monday's 0.17% rise took the ASX 200 to 8679.7, supported by banks and healthcare as miners and small caps sold off. Only 31.6% of traded names advanced. On Tuesday, the index gained 0.34% to 8709.3. Three companies accounted for 80% of the upward market-value change among the day's largest index influences, although small caps outperformed the main index that session.

Wednesday brought the week's strongest ASX 200 session, a 0.92% rise to 8789.3. The index then fell 1.99% to 8614.4 on Thursday as bank selling spread across the market. All 12 sectors declined and only 28.7% of traded names advanced. Friday's 0.79% rebound returned the index to 8682.1. A miner and major banks accounted for 73% of upward market-value change among the day's largest index influences; small caps trailed the headline market.

S&P/ASX 200
9,2728,61420-day average50-day average8,682Mon, 13 JulyFri, 2 Oct

Daily closes; the shaded band is the week of Mon 28 Sep – Fri 2 Oct.

Session by session
  • Mon 28 Sep+0.17%
  • Tue 29 Sep+0.34%
  • Wed 30 Sep+0.92%
  • Thu 1 Oct−1.99%
  • Fri 2 Oct+0.79%

Technology led; gold and healthcare lagged

Technology topped the weekly sector table with a 7.34% gain. Discretionary rose 2.64% and telecom added 1.81%. Utilities, industrials and financials also finished higher, with financials up 0.15% despite Thursday's bank-led decline.

Gold was the weakest sector, down 1.27%, followed by healthcare at 1.21% lower and energy at 1.00% lower. Materials fell 0.45%. Friday's technology gains extended through large-cap software names, while larger healthcare shares retreated that session. Thursday's fall across every sector interrupted a week in which company announcements still drew buyers to individual technology and healthcare stocks.

Sectors over the week
  • Technology+7.34%
  • Discretionary+2.64%
  • Telecom+1.81%
  • Utilities+0.64%
  • Industrials+0.47%
  • Financials+0.15%
  • Staples−0.20%
  • REITs−0.30%
  • Materials−0.45%
  • Energy−1.00%
  • Healthcare−1.21%
  • Gold−1.27%
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Trading updates stood out among individual moves

Codan Ltd (ASX:CDA) rose 23.93% on Tuesday, the day of its Trading Update filing. The move helped drive that session's technology gains. Data#3 Ltd (ASX:DTL) gained 13.68% on Thursday alongside its 1H 27 Trading Update, despite the broader market decline. Megaport Ltd (ASX:MP1) rose 10.32% on Friday.

Other notable one-day gains included Sunrise Energy Metals Ltd (ASX:SRL), up 9.19% on Tuesday, and Perenti Ltd (ASX:PRN), up 8.84% in the same session. Those moves came during a week in which the Small Ordinaries finished below its previous Friday close, despite outperforming the ASX 200 on Tuesday.

Among the larger one-day falls, Liontown Ltd (ASX:LTR) dropped 15.05% on Thursday. Minerals 260 Ltd (ASX:MI6) fell 10.64% on Monday, when it filed share purchase plan documents. Develop Global Ltd (ASX:DVP) lost 10.00% on Wednesday. EQ Resources Ltd (ASX:EQR) and Macmahon Holdings Ltd (ASX:MAH) fell 10.11% and 9.91% respectively on Friday. These are individual session moves, rather than returns for the full week.

Biggest single-session moves

Gainers

  • CDACodan Ltd+23.9%Tue, 29 SeptTrading Update
  • DTLData#3 Ltd+13.7%Thu, 1 OctDTL 1H 27 Trading Update
  • MP1Megaport Ltd+10.3%Fri, 2 Oct
  • SRLSunrise Energy Metals Ltd+9.2%Tue, 29 Sept
  • PRNPerenti Ltd+8.8%Tue, 29 Sept

Decliners

  • LTRLiontown Ltd−15.1%Thu, 1 Oct
  • MI6Minerals 260 Ltd−10.6%Mon, 28 SeptShare Purchase Plan Opens / Share Purchase Plan Booklet
  • EQREQ Resources Ltd−10.1%Fri, 2 Oct
  • DVPDevelop Global Ltd−10.0%Wed, 30 Sept
  • MAHMacmahon Holdings Ltd−9.9%Fri, 2 Oct

The largest one-day moves among the week's daily movers, with the filing behind each where there was one.

Rates remained in focus

The Reserve Bank of Australia raised the cash rate by 25 basis points to 4.60% on Tuesday. At Friday's close, Australia's 10-year government bond yield was 5.344%, down 2.5 basis points for that session, while its 3-year yield was 4.922%, down 4.2 basis points.

Brent crude stood at 100.56635 after a 0.93% fall on Friday, and gold stood at 4179.65389 after a 0.05% rise. The Australian dollar was at US$0.69382, up 0.1% for the session. The scheduled domestic policy release is the minutes of the September 2026 Monetary Policy Board meeting, due on Tuesday 13 October.

Cross-asset at Friday's close
S&P 500
7,666.45
+0.19%
Nasdaq Composite
26,871.60
+0.04%
Dow Jones Industrial Average
50,926.56
+0.04%
S&P 500 (SPY ETF)
763.99
+0.18%

Change is the final session's move.

The week ahead

  • Tue, 13 Oct11:30Minutes of the September 2026 Monetary Policy Board MeetingAustralia

General information only, prepared without taking into account your objectives, financial situation or needs. It is not a recommendation to buy or sell any security. Past performance is not a reliable indicator of future performance.

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