Sydney, February 21, 2026, 08:41 AEDT — Market closed
- ASX 200 slipped 4.8 points to 9,081.4 on Friday, but rose 1.8% for the week
- Banks gained, while Rio Tinto dragged miners after annual results missed estimates
- Investors line up the next earnings wave: Woodside, Woolworths, Coles, Qantas
Australia’s benchmark S&P/ASX 200 ended Friday nearly flat, slipping 4.8 points to 9,081.4. The index still rose 1.8% for the week after touching a record 9,118.3 on Thursday, with bank gains offsetting miner weakness after Rio Tinto’s results. Philip Pepe, a senior equities analyst at Shaw and Partners, said stronger-than-forecast bank earnings pulled money back into the sector, with investors now looking to results from Woodside Energy, Woolworths, Coles and Qantas. (Indo Premier)
The week’s story was less about a big macro turn and more about stock-by-stock judgement. Earnings season has pushed the benchmark into record territory, but it has also made the tape jumpier than the index level suggests.
Banks have acted like the market’s ballast. That matters now because the ASX is still leaning heavily on financials for direction, even as miners and tech pull in different directions.
The Australian dollar held around $0.7056, and UniSuper said it increased currency hedging on overseas investments — using derivatives to limit exchange-rate swings — because it sees the local currency as undervalued. Chief investment officer John Pearce pointed to strong commodity prices and a shifting Australia-U.S. rate gap as reasons the currency should be higher. (Reuters)
Rio, which set much of the tone for miners into the weekend, said profit after tax attributable to owners was $10.0 billion and declared an ordinary dividend of $6.5 billion, a 60% payout. The update underscored how quickly investors are moving from “solid” numbers to “not enough” when a sector is priced for good news. (Rio Tinto)
In insurers, QBE said FY25 statutory net profit after tax rose to $2.157 billion. Group CEO Andrew Horton said QBE “exceeded our financial plan” for 2025. (QBE DEV)
Earlier on Friday, buy-now, pay-later firm Zip Co — which offers instalment credit at checkout — steadied and announced a A$50 million share buyback, where a company repurchases its own shares. Ramsay Health Care climbed after saying it plans to distribute its stake in Ramsay Santé to shareholders, while tech stocks slid with WiseTech Global among the decliners and gold miner Perseus Mining rose after doubling its interim dividend. (Indo Premier)
But the risk is that a quiet finish masks a fragile mood. If the Australian dollar firms further it can squeeze offshore earnings when translated back, and any renewed global tech shakeout or fresh hit to iron ore sentiment would land fast.
For now, the bank trade has carried the load, and the market is daring investors to argue with it. The longer it runs, the more it invites a valuation pushback that can show up without warning.
The ASX stays shut over the weekend, with the next session due on Monday, Feb. 23. Traders head into it watching the next wave of heavyweight earnings — starting with energy and the big retailers flagged this week — for clues on whether the rally can broaden beyond the usual anchors.
