Sydney, Feb 15, 2026, 16:59 AEDT — Market closed.
National Australia Bank (NAB.AX) shares ended down 1.14% at A$46.01 on Friday, pulling back ahead of a week that could reset sentiment on Australian bank stocks. (Reuters)
The S&P/ASX 200 index finished at 8,917.60, down 1.39% on the session, leaving investors to weigh whether the rally in rate-sensitive names has further room to run. (Reuters)
It matters now because banks are trading off two moving targets at once: the outlook for interest rates and the first read-through from quarterly updates as reporting season rolls on. Small shifts in lending growth or credit quality can show up fast in prices when the market is already leaning one way.
Friday’s tone was risk-off. Market Index data showed nine of the 11 major sectors closed lower, with financials down 0.84% and information technology off 5.06%. (Market Index)
NAB closed about 2.62% below its 52-week high of A$47.25, set on Feb. 12, according to FT data. (FT Markets)
For NAB, the next question is whether its quarterly numbers show the familiar squeeze on margins. Net interest margin — the gap between what a bank earns on loans and pays on deposits — is the line item traders tend to circle first, then they move on to costs and bad-debt charges.
Peers have been signalling the same trade-offs. Westpac CEO Anthony Miller said he expected demand for business and household credit “to remain resilient”, while Citi analysts called its quarter “solid” with asset quality “benign”. (Reuters)
The macro calendar could do some of the work for the market. The Reserve Bank of Australia is due to publish minutes of its February policy meeting on Feb. 17, while the Australian Bureau of Statistics is scheduled to release wage growth on Feb. 18 and the January labour force report on Feb. 19. (Reserve Bank of Australia)
But there is a downside path. A hot wages or jobs number could harden expectations for tighter policy and lift wholesale funding costs, while a softer run of data would put the focus back on arrears and whether competition for home loans is eroding returns.
NAB’s first-quarter trading update is scheduled for Feb. 18, its financial calendar shows, with investors looking for any change in margin pressure and early signs on asset quality. (Nab)
