Market Wrap / miner lag

A positive start on the local sharemarket was quickly erased following BHP’s quarterly update, leaving the S&P/ASX200 flat at 8,840.70 points. The Big Australian dipped 2.4%, flagging a US$2.3 billion impairment on its Jansen potash project ahead of next month's full-year results. The news pressured the broader materials sector, which fell 1.5%. Meanwhile AMP reported it’s expecting underlying net profit to come in between $170 to $180 million driven by stronger China partnerships, topping out the index for the day up 9%. Elsewhere in the sector, Netwealth climbed after reporting record funds under administration of $135.7 billion. In company news, Macquarie Technology acquired a $240 million site at Macquarie Park in Sydney for a planned engineering and technology campus. While Perpetual Limited received a revised non-binding proposal from EQT AB to acquire the company for $22.07 per share. And over in the C-suite TechnologyOne posted a 0.9% gain after announcing Giovanni Rizzo will be stepping in as Acting CFO while reaffirming FY26 guidance. Tonight, US retail sales data is set to be released along with earnings from TSMC and Netflix.