Australia shares end flat as BHP, CSL offset banks' decline

CSL

18/08/2026 07:51

BHP shares jump on copper performance
CSL shares surge as much as 18.3% in best intraday gain since June 2001
Financials shed 1.1%; posts third straight decline
Reliance Worldwide gains 24.7% on takeover offer from Brookfield 
Updates to close
By Nichiket  Sunil
Aug 18 (Reuters) - Australian shares closed flat on Tuesday after BHP and CSL's stronger-than-expected earnings helped offset continued weakness in banks, pressured by reports of slowing mortgage applications.
The S&P/ASX 200 index .AXJO ended the day largely flat at 9,070 points. The benchmark ended 0.5% lower on Monday.
Shares of BHP BHP.AX surged 2.7% to its highest closing level in a week after the world's top listed miner booked better-than-expected annual earnings off the back of record copper prices.
Its peer Rio Tinto RIO.AX, the world's top iron ore producer, in July derived around 56% of its half-year profit from copper and aluminium combined, highlighting a broader shift among Australian mining giants toward future-facing metals amid tensions with China's state iron ore buyer.
     "While tensions with China over iron ore remain a risk for that part of the portfolio, the strength in copper prices and volumes is providing important diversification and cushioning the overall result," said Tim Waterer, chief market analyst at KCM Trade, said.
Meanwhile, CSL CSL.AX, once Australia's priciest stock, closed up 17.3%. Australia's biggest pharmaceutical company added back more than A$11 billion ($7.81 billion) in market value after posting better-than-expected underlying profit.
The sharp moves give CSL's shares a boost after losing  billions of dollars in market value over the past year linked to a series of challenges. Its shares lost 38.7% in 2025 and is still down 8.6% this year so far.
CSL boosted the healthcare sub-index .AXHJ up 7.8%. The sector was also helped by Pro Medicus' PME.AX 11.9% jump after posting a stronger annual profit.
Pro Medicus and CSL were among the top percentage gainers on the benchmark.
Financials .AXFJ however, fell 1.1% to extend losses, as declines in mortgage applications reported by major lenders continued to weigh on sentiment. The 'big four' were down between 0.5% and 1.4%.
Meanwhile, shares of Reliance Worldwide RWC.AX jumped 24.7% after the plumbing solutions firm received a takeover offer from Brookfield for A$4.1 billion, including debt.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.1% to 13,866.18 points.




($1 = 1.4090 Australian dollars)

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Nivedita Bhattacharjee and Ronojoy Mazumdar)
 ((Nichiket.Sunil@thomsonreuters.com;))
For more information on DIARIES & DATA: U.S. earnings diary  RESF/US   Wall Street Week Ahead   .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets          NEWS1