Australian shares dipped from early gains on Wednesday, October 28, 2026, as a hotter-than-expected consumer price index weighed on sentiment. The S&P/ASX 200 encountered shifting momentum across the technology and mining sectors while major corporate updates, trading halts, and international oil price movements shaped the trading session.
Hotter CPI Data Offsets Early S&P/ASX 200 Gains
The benchmark S&P/ASX 200 gave back its early gains on Wednesday, as a slightly hotter-than-expected CPI hosed down the morning’s positive momentum. Despite the inflation data cooling initial enthusiasm, technology and miners showed growing evidence that a market low might be in place following recent sector volatility.
Earlier in the week, the broader engineering and contractor sector faced steep downward pressure.
The Star Requests Trading Halt Before Court Judgment
The Star Entertainment Group requested an immediate trading halt ahead of the Federal Court’s judgment in civil penalty proceedings brought by AUSTRAC, the financial crimes regulator. Meanwhile, Boss Energy kept its Honeymoon production broadly stable through the September quarter with unit costs tracking below guidance ranges.
Boss Energy drummed production down 1% to 359klbs U3O8 on the June quarter, recording a C1 cost of $47/lb (US$33/lb) and an AISC of $79/lb (US$55/lb). The company reported a realised price of $117/lb (US$82/lb) while cash reserves decreased as the firm stockpiled an additional 60klbs of drummed U3O8.
Morgans Lifts ANZ Group Holdings Price Target
Ahead of its upcoming results release next month, ANZ Group Holdings Ltd received a retained trim rating from Morgans alongside an upgraded price target. Analysts adjusted their models to account for balance sheet growth and provisioning assumptions.
We make 0-2% changes to FY26-28 forecasts ahead of the FY26 result, largely related to balance sheet growth and loan loss provisioning assumptions. Target price lifted to $34.44/sh, from $33.53/sh previously. TRIM retained, given potential TSR at current prices of c.-9%.
Morgans analyst team, via The Motley Fool Australia
In the energy sector, crude oil prices eased overnight amid diplomatic developments involving Tehran and expectations of returning Saudi supply. West Texas Intermediate crude dropped 1.75% to US$99.97 a barrel, and Brent crude fell 1.6% to US$113.96 a barrel, according to Bloomberg data cited by The Motley Fool Australia.
Frasers Questions Accent Group Distributions Amid Cash Offer
Accent Group continued to consider its unconditional 65c cash offer from Frasers, which remains open until 29 January 2027. Frasers questioned why Accent prioritized shareholder distributions while borrowings and investment obligations tied to the Sports Direct retail agreement rose.
Zip also remained in focus following director share purchases. Smith-Gander acquired 20,550 shares on 26 October for $31,647, lifting her indirect holding via the DSG Superannuation Fund by 8% to 272,915 shares, following a turbulent week for the buy-now-pay-later provider.