The ASX Today: Banks steady market in final FY26 trading day, yen hits 40-year low

Good afternoon and welcome to The ASX Today. It’s the final day of the financial year, FY26, and the Australian market hasn’t changed much in the final session on Tuesday. Overall, the market is really just treading water right now, with strong gains for banks helping offset a pullback across gold miners.

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The index was down 2.4 points around lunchtime, with five of the 11 sectors weaker. The benchmark is still on track to return 3.3% for FY26.

Materials are the main drag, as gold reversed toward US$4000 an ounce after the U.S. and Iran agreed to stop the latest round of strikes. Northern Star fell more than 5 per cent, and Evolution dropped over 5 per cent.

Also in sectors, the banks are doing the heavy lifting. Commonwealth Bank rose 1.4 per cent, Westpac 1.1 per cent, NAB one percent. Tech also firmer, with Xero up 1.3 per cent, Codan gaining 2 per cent, Life360 jumping 4.6 per cent.

Looking wider, the yen has hit its weakest level against the U.S. dollar since 1986, sliding beyond 162 yen to the greenback. That has put some traders on high alert for possible intervention from the Japanese authorities, with the currency now sitting around levels last seen nearly four decades ago.

And then back home, Collins Foods fell 2.2 per cent as slowing sales in Germany offset a small beat in underlying profit for the 2026 financial year. Euroz Hartleys rallied 4 per cent after agreeing to sell its Capital Markets business to Bank of Montreal’s BMO Financial Group for $145 million in cash.

Atlas Arteria edged slightly as IFM Investors increased its stake to 55 per cent, with its $5.10-a-share takeover offer now heading into its final week. Catalyst slipped 1.7 per cent after saying mining at the Trident open pit has been completed, with underground development now underway.

Finally, Sims slid 1.8 per cent after reshuffling its leadership team, while Pexa eased 1 per cent after the head of its U.K. arm said they’d step down.

That’s The ASX Today. I’ll see you tomorrow.

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