Australian Stocks Fall as Zip and Temple & Webster Plunge

The S&P/ASX 200 fell to 8,777.60 on Friday, October 23, 2026, driven by significant weakness in the technology and mining sectors. While financial stocks such as Commonwealth Bank and National Australia Bank recorded gains, other major companies suffered steep losses.

Zip shares plummeted nearly 30% after a first-quarter update revealed a major fraud incident in the United States and higher-than-expected bad debt. Simultaneously, furniture retailer Temple & Webster saw its shares plunge almost 29% following an 8% decline in top-line sales and a shift in business strategy.

Broad economic indicators further pressured the market. Data from S&P Global showed that Australia's manufacturing sector continued to contract in October with a PMI of 49.7. Both the services and composite PMIs also dropped below the 50-point threshold, signaling a general contraction across the economy.