Lunch Wrap: ASX goes bargain basement as retailers sink. * ASX cops another hiding as retailers tank * Nick Scali dives 16pc as shoppers sit tight * Oil hits US$110 as Middle East tensions flare The S&P/ASX 200 was down 0.5% at lunchtime on Thursday in Sydney, as investors gave Aussie shares another good old-fashioned hiding. Wall Street had a much better night, with SpaceX blasting off 10% after Musk floated the idea of marrying it off to Tesla. Tesla also beat revenue expectations as car sales picked up and its battery business got busier. Back home, though, it was less champagne stuff. Energy stocks and retailers were getting flogged, while tech was trying to keep the ASX from turning into one giant clearance sale. Speaking of clearance sales, Nick Scali (ASX:NCK) plunged 16% after warning its half-year profit could tumble to $28 million-$32 million, down from $41 million. Seems Aussies have decided the old couch can survive another Christmas. And just to make everyone's petrol bill even more exciting, Brent crude was hovering around US$110 a barrel after a deadly drone attack on Saudi Aramco's Shaybah oil field killed two people. IN the large caps space... Property developers weren't exactly popping champagne either. Mirvac (ASX:MGR) slipped 2% after quarterly home sales slumped nearly a third to 429, down from 619 a year ago. Settlements actually climbed to 291, but those were mostly deals struck back when interest rates weren't trying to mug everyone. Santos (ASX:STO) also slipped 2%, even after smashing production records and lifting quarterly sales 78% to US$2 billion. Its Alaska oil and Barossa gas projects were finally hitting their stride. But lousy weather and delays in Alaska spoiled the party, forcing Santos to trim its 2026 production forecast. But a dodgy electrical fault knocked 3,500 barrels a day off output. Karoon stuck to its annual forecast, with a call on its Neon project due this quarter. In mining, Fortescue (ASX:FMG) slipped 1% as its price stoush with China's iron ore buyers dragged on. It shipped four million tonnes more than it sold last quarter, while pricey diesel added to the pain. Fortescue stuck to its FY27 forecasts, but warned things could get messy if there's no deal by year-end. Genesis Minerals (ASX:GMD) pumped out 72,107 ounces of gold and grew its cash pile to $598 million. Costs crept up 6%, but Genesis reckons they'll ease later in FY27. It's sticking to its 270,000-300,000-ounce annual target, although the taxman is chasing a $100 million-$120 million bill. And finally, CSL (ASX:CSL) is facing a legal stoush, with shareholders accusing it of misleading them over its FY26 forecasts after shares tanked more than 60%. CSL denies doing anything wrong and says it'll vigorously defend the class action. ASX leaders. Today's best-performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | ACS | Accent Resources NL | 0.235 | 18% | 19,764 | $97,907,457 | | ALM | Alma Metals Ltd | 0.009 | 13% | 110,000 | $21,078,651 | | AXP | AXP Energy Ltd | 0.006 | 50% | 8,691,276 | $1,798,934 | | AYM | Australia United Min | 0.002 | 100% | 836,553 | $1,842,577 | | BLU | Blue Energy Limited | 0.004 | 14% | 3,714,368 | $10,541,908 | | BUY | Bounty Oil & Gas NL | 0.009 | 13% | 31,111 | $10,872,389 | | CGR | Cgnresourceslimited | 0.058 | 12% | 27,000 | $5,989,006 | | CMD | Cassius Mining Ltd | 0.016 | 14% | 2,666,834 | $12,764,050 | | CTM | Centaurus Metals Ltd | 0.380 | 12% | 995,455 | $195,305,623 | | EMU | EMU NL | 0.014 | 17% | 297,000 | $4,865,972 | | ENV | Enova Mining Limited | 0.002 | 50% | 1,826,665 | $2,277,609 | | EXR | Elixir Energy Ltd | 0.065 | 18% | 5,477,055 | $109,856,233 | | HIQ | Hitiq Limited | 0.004 | 33% | 822,021 | $3,476,800 | | INF | Infinity Metals Ltd | 0.006 | 20% | 91,936 | $3,537,320 | | IPD | Impedimed Limited | 0.005 | 13% | 900,577 | $14,650,164 | | IPT | Impact Minerals | 0.025 | 14% | 40,648 | $12,885,361 | | JAV | Javelin Minerals Ltd | 0.090 | 13% | 370,658 | $23,117,074 | | MQR | Marquee Resource Ltd | 0.004 | 33% | 117,524 | $3,407,390 | | NXN | Nexsen Limited | 0.160 | 23% | 391,422 | $12,059,592 | | PRM | Prominence Energy | 0.002 | 50% | 550,000 | $2,707,667 | | RLG | Roolife Group Ltd | 0.005 | 25% | 16,691,698 | $9,249,982 | | RWL | Rubicon Water | 0.275 | 25% | 25,663 | $53,754,445 | | TMB | Tambourahmetals | 0.049 | 69% | 27,789,101 | $7,300,808 | | X2M | X2M Connect Limited | 0.004 | 14% | 1,017,087 | $9,080,918 | | YAR | Yari Resources | 0.003 | 20% | 333,666 | $3,689,110 | AXP Energy (ASX:AXP) has its Oklahoma gas-to-power operation humming along, running more than 95% of the time over the past month. It's turning gas into electricity for data mining equipment. The company reckons it could roll out more setups if its planned acquisition of seven nearby wells goes ahead and delivers enough gas, with work on those wells targeted for November. Tambourah Metals (ASX:TMB) has struck some cracking gold grades at its Baxters South prospect in WA, including 4m at 41.7g/t gold from 55m and a deeper 3m at 35.5g/t from 169m. The deeper hit is a new discovery in fresh rock, and Tambourah is planning more drilling to see how far the gold stretches. ASX laggards. Today's worst-performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | 1AD | Adalta Limited | 0.003 | -14% | 410,647 | $11,242,592 | | 4DS | 4Ds Memory Limited | 0.005 | -17% | 7,638,411 | $16,658,794 | | AQX | Alice Queen Ltd | 0.005 | -17% | 1,788,273 | $13,923,511 | | BVR | Bellavistaresources | 0.235 | -19% | 3,782,350 | $62,632,524 | | CLA | Celsius Resource Ltd | 0.004 | -13% | 172,956 | $14,912,098 | | DUB | Dubber Corp Ltd | 0.007 | -13% | 399,585 | $21,697,472 | | EGA | Eastern Gas Corp | 0.135 | -16% | 25,335 | $4,400,000 | | EPN | Epsilon Healthcare | 0.020 | -13% | 25,775 | $8,949,392 | | EXT | Excite Technology | 0.005 | -17% | 576,071 | $16,578,989 | | G11 | G11 Resources Ltd | 0.210 | -13% | 92,396 | $34,795,765 | | GTE | Great Western Exp. 0.007 | -13% | 574,400 | $6,220,730 | | MAY | Melbana Energy Ltd | 0.004 | -13% | 1,866,303 | $15,127,875 | | MHM | Mount Hope | 0.175 | -13% | 10,000 | $10,632,000 | | NCK | Nick Scali Limited | 11.800 | -17% | 1,578,564 | $1,215,391,233 | | ODA | Orcoda Limited | 0.056 | -14% | 1,132 | $12,188,424 | | PFT | Pure Foods Tas Ltd | 0.017 | -26% | 50,000 | $7,878,526 | | PMM | Pioneerminerals Ltd | 0.240 | -14% | 522,109 | $20,970,888 | | PV1 | Provaris Energy Ltd | 0.004 | -20% | 9,448,707 | $5,981,812 | | RGL | Riversgold | 0.007 | -13% | 13,866,332 | $18,414,701 | | RKB | Rokeby Resources Ltd | 0.003 | -17% | 69,444 | $8,930,190 | | SPX | Spenda Limited | 0.002 | -25% | 37,743 | $2,477,802 | | STV | Swift TV Ltd | 0.005 | -17% | 1,000,000 | $8,702,012 | | VEN | Vintage Energy | 0.001 | -33% | 499,000 | $3,660,504 | | WRX | Westridgeres Ltd | 0.051 | -15% | 695,526 | $11,514,244 | | ZEU | Zeus Resources Ltd | 0.006 | -14% | 4,580,921 | $7,894,655 | In Case You Missed it. Latrobe Magnesium (ASX:LMG) has prioritised a proposed US magnesium plant as rising demand increases pressure to diversify supply beyond China. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. At Stockhead Stockhead tell it like it is. While the companies listed in In Case You Missed it are Stockhead advertisers at the time of publishing, they did not sponsor this article.

Santos trims upper end of annual volume forecast on Pikka disruptions, shares fall. Published on 10/21/2026 at 08:12 pm EDT - Modified on 10/22/2026 at 01:11 am EDT Oct 22 (Reuters) - Santos lowered the upper end of its annual production and sales volume forecasts on Thursday after disruptions at its Pikka oil project in Alaska delayed output growth, sending its shares towards their weakest session in three weeks. The forecast downgrade came even as Australia's second-largest independent oil and gas producer reported record output and a near 78% surge in revenue for the third quarter. Santos now expects production of 99 million to 102 million barrels of oil equivalent (mmboe) in 2026, compared with its previous projection of 99 to 105 mmboe. Sales volume is now seen between 102 and 105 mmboe, down from 102-108 mmboe earlier. Shares of the company fell as much as 1.8% to A$9.14 and were headed for their biggest single-day decline since October 1, while the broader market was down 0.3%. Santos said the revised forecast reflected delays in commissioning a seawater treatment plant at Pikka, weather-related production curtailments and a shutdown of the Kuparuk pipeline following a road accident. "Investors are focused on the fact that Pikka, one of the two key growth projects, is behind schedule and running below its targeted rate," said Greg Smith, investment specialist at Generate KiwiSaver. The Pikka project briefly reached its minimum expected plateau production rate before quarter-end, with output exceeding 80,000 barrels per day at one point, Santos said. The company said output at Pikka would be held at roughly 70,000 barrels per day for a short period before ramping back towards 80,000 bpd. "If Pikka reaches plateau on the revised timetable, I'd expect most of today's concern to fade. Another delay would likely test investor patience," Smith said. Meanwhile, Santos' third-quarter sales revenue rose to $2.01 billion from $1.13 billion a year earlier, matching Visible Alpha estimates, while production climbed around 23% to a record 26.3 mmboe. The company attributed stronger quarterly production to the Barossa field reaching steady-state output and Pikka's ramp-up, while higher LNG prices and sales volumes, along with stronger crude and condensate sales, supported revenue growth. (Reporting by Rajasik Mukherjee and Kumar Tanishk in Bengaluru; Editing by Sahal Muhammed, Sherry Jacob-Phillips and Subhranshu Sahu) By Rajasik Mukherjee and Nikita Maria Jino (C) Reuters - 2026

Narrabri gas project two steps from approval: Santos CEO speaks at forum. Santos chief executive Kevin Gallagher, pictured during a visit to Narrabri in 2025, addressed a recent energy forum. Among his remarks on the day, Mr Gallagher made mention of the company's proposed Narrabri gas project. Oct 2, 2026 Santos chief executive Kevin Gallagher has told The Australian Energy Nation forum that the company is just two approvals away from proceeding with its Narrabri gas project. Mr Gallagher said the company is waiting on Native Title and a pipeline licence from the NSW government before it can proceed. He also warned proposed changes to Australia's domestic gas policy could put the economic viability of the Narrabri project at risk, despite the company remaining committed to developing the long-awaited project. "All we need now is that Native Title to the project, and then the pipeline licence from the New South Wales government, and we're ready to press the go button. But of course, what I would say is, it's a domestic-only project," he said. "We've committed 100 per cent of that gas to the domestic market, so the impacts of the domestic gas policy changes could have an impact on our ability to do that project if it drove the price of gas down below the price required to justify investment." Mr Gallagher said Santos would only proceed with Narrabri if the project could deliver an appropriate return on investment. "What I'm saying is that you would need a price setting for any investment to justify investment, so you get a return on that investment, depending on how it all shakes out," he said. "If that was to make the project not economic, then you wouldn't. I wouldn't ask my investors to invest in it. "Santos is not going to invest in projects that are not economic." Santos has previously committed to supplying all gas from the Narrabri project to the domestic market, with the company saying it could meet around half of NSW's gas supply needs. A Santos spokesperson said the company remained committed to developing the project. "Santos has consistently committed to developing the Narrabri gas project, which would be 100 per cent committed to the domestic market and meet around half of the gas supply needs of NSW," the spokesperson said. "As Santos CEO Kevin Gallagher noted, the domestic gas reservation policy in its current form risks crowding out domestic gas projects if it becomes uneconomic to develop them, and Narrabri is the only solution that could sustainably provide affordable, reliable gas to the east coast market in the coming decades." Mr Gallagher used his keynote address to argue that Australia should make greater use of its gas resources, saying the country's energy resources represented a major economic advantage. He said Australia had more than 240,000 petajoules of demonstrated gas resources, enough to continue producing at current rates for domestic and export markets for about 40 years. "We do not have a gas shortage," he told the forum. "We just need to get more gas out of the ground." Mr Gallagher said the oil and gas industry was also a major contributor to employment, government revenue and economic productivity, arguing that Australia should continue developing its existing energy resources while investing in new industries. "If we want to grow real wages for Australian workers, the first place to grow jobs is in oil and gas," he said. He said the industry had contributed about $105bn to the Australian economy in 2024-25, supported around 215,000 jobs and paid almost $22bn in taxes and royalties. The Narrabri gas project has been the subject of years of planning, environmental assessment and legal and regulatory processes. If developed, Santos says the project would provide a major new source of gas for the NSW and east coast domestic market.