ASX 200 slips as CBA tumbles and miners shine

The Australia 200 trades 11 points (-0.12%) lower at 8824 at 2.30pm AEDT.

ASX 200 slips after early gains

After a positive start to the session, which saw the ASX 200 gain 39 points (+0.44%) to a one-week high of 8875.6, the index reversed sharply as the market digested a first-quarter (Q1) 2026 trading update from Commonwealth Bank of Australia (CBA) – the ASX 200’s largest and most influential stock.

CBA leads losses on margin concerns

CBA shares plunged 6.32% to $163.87, erasing $18.51 billion from its market capitalisation after reporting a cash profit of $2.6 billion, up 2% from the prior comparative quarter, in line with consensus. However, investor sentiment soured on troubling details evident below the top line.

The net interest margin (NIM) contracted by an unspecified amount due to ‘mix effects from strong growth in lower-yielding liquid assets and institutional repos’. Rising cost pressures and intensifying competition further clouded the outlook.

Despite retreating from its $192.00 peak in late June, CBA remains expensive on forward earnings and price-to-book metrics, amplifying the negative reaction. Today’s fall exceeds its 5.41% decline to $169.12 after its full-year results disappointed in mid-August. The stock is now flat to down over the past three months.

Consumer confidence rebounds strongly

The Westpac Consumer Sentiment Index for November surged 12.8% to 103.8, above 100 for the first time since February 2022 – the divide between optimists outnumbering pessimists. The rise came despite a hotter-than-expected third-quarter (Q3) inflation report, which tempered expectations of additional Reserve Bank of Australia (RBA) rate cuts. 

ASX 200 stocks

Consumer discretionary sector

• Bega Cheese, which jumped 5.60% to $5.60
• Endeavour Group climbed 2.09% to $3.65
• Baby Bunting added 2.08% to $2.95
• Harvey Norman rose 1.82% to $7.53.

Financial sector

• National Australia Bank lost 0.81% to $42.92
• Australia and New Zealand Banking Group trades  0.77% higher
• Westpac Banking Corporation up 1.45%.

Materials sector

It was a good day for lithium and gold miners, with the latter supported by bullion surging above $4140 in today’s session in Asia.

• Newmont added 4.20% to $136.34
• Resolute Mining lifted 4.21% to $0.92
• Genesis Minerals added 3.73% to $6.25
• Northern Star Resources climbed 3.77% to $26.14
• Pilbara Minerals jumped 7.50% to $3.44
• Liontown Resources soared 7.39% to $7.39
• Mineral Resources added 5.22% to $46.60
• IGO lifted 4.96% to $5.60.

ASX 200 technical analysis

From its 9115.2 record high of October, the ASX 200 fell 4.18% into last week’s 8733.8 low.

It is imperative that the critical 8730 support area continues to hold and that it rebounds above 8900. In order to repair the technical damage done in recent weeks (breakout of the bottom of the trend channel) and to avoid the ASX 200 taking another leg lower into the 8630 support area.

ASX 200 daily chart

• _{Source: TradingView. The figures stated are as of 11 November 2025. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}