Sydney, February 21, 2026, 08:41 AEDT — The market is closed.
- The ASX 200 edged down 4.8 points to close at 9,081.4 this Friday, though the index still managed a 1.8% gain over the week.
- Banks moved higher, but Rio Tinto pulled miners lower after its annual results missed estimates.
- Next up for earnings: Woodside, Woolworths, Coles, and Qantas are on investors’ radar.
The S&P/ASX 200 hovered just below the flatline Friday, dipping 4.8 points to close at 9,081.4. Despite that, the Australian benchmark notched a 1.8% gain for the week, after rallying to a record 9,118.3 on Thursday. Bank shares climbed enough to counter losses from miners following Rio Tinto’s earnings. Philip Pepe, senior equities analyst at Shaw and Partners, noted that unexpectedly robust bank results attracted capital back into financials. Investors’ focus now turns to upcoming numbers from Woodside Energy, Woolworths, Coles and Qantas. 1
This week? Not so much a sweeping macro shift—stock picking took the spotlight. Earnings reports have dragged the benchmark up to all-time highs, yet the tape’s been a lot choppier beneath the surface than those index gains let on.
Banks have played the role of ballast for the market. That’s crucial at this stage, with the ASX still riding on financials for cues—while tech and miners tug elsewhere.
The Australian dollar traded near $0.7056 as UniSuper bumped up its currency hedging on offshore assets, using derivatives to dampen FX volatility, saying the Aussie looks cheap. Chief investment officer John Pearce cited firm commodity prices plus a narrowing rate differential with the U.S. as justification for why the currency should be higher. 2
Rio set the pace for mining stocks heading into the weekend, posting $10.0 billion in profit after tax attributable to owners and announcing an ordinary dividend of $6.5 billion—a 60% payout. The release highlighted just how fast investor sentiment can shift from calling results “solid” to seeing them as “not enough” when valuations already reflect strong expectations. 3
QBE reported a jump in FY25 statutory net profit after tax, hitting $2.157 billion. Group CEO Andrew Horton commented that QBE “exceeded our financial plan” for 2025. 4
Zip Co steadied earlier on Friday and rolled out a A$50 million share buyback—marking a move to repurchase its own stock. Ramsay Health Care pushed higher after disclosing plans to hand out its Ramsay Santé stake directly to shareholders. Tech names struggled, with WiseTech Global losing ground. Gold miner Perseus Mining, meanwhile, advanced after it doubled its interim dividend. 5
Still, a calm close could be deceiving, hiding nerves just below the surface. A stronger Australian dollar, for one, eats into offshore earnings once brought home. And a sharp downturn in global tech stocks or another blow to iron ore sentiment could hit hard and fast.
Right now, banks have done the heavy lifting, with the market throwing down a challenge to anyone willing to take the other side. The streak keeps stretching—each day it lasts, there’s a new opening for a sudden pullback on valuations.
The ASX remains closed through the weekend, set to reopen Monday, Feb. 23. As the new session approaches, traders are eyeing major earnings releases—energy first, then those big retailers highlighted earlier this week. They’re looking for hints on whether the rally might finally spill out past its usual leaders.
