Sydney, March 2, 2026, 16:59 AEDT — Market closed.
- Commonwealth Bank shares closed down 0.65% at A$173.49 after touching A$169.24
- Banks lagged as oil prices climbed on Middle East conflict worries, even as energy and gold stocks found buyers
- Australia’s GDP report is due March 4; the next RBA decision statement is due March 17
Commonwealth Bank of Australia (ASX:CBA) ended lower on Monday, slipping 0.65% to A$173.49. The stock hit a session low of A$169.24 before clawing back losses, data showed. 1
The pullback landed as an oil shock from the Middle East conflict stirred fresh inflation worries and dulled appetite for rate-sensitive bank stocks. Brent crude was up about 6% around $77 a barrel after earlier clearing $82, and “unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil,” said Jorge Leon, head of geopolitical analysis at Rystad Energy. 2
In Australia, banks and financials were sold off while energy and gold names caught a bid, cushioning the broader market. “It remains to be seen how long this conflict will continue,” Betashares chief economist David Bassanese told ABC News. The selling also followed a slide in U.S. bank shares late last week on worries about credit quality — how likely borrowers are to pay back loans. 3
The S&P/ASX 200 eked out a 0.03% gain at the close to a new all-time high, with energy, gold and resources leading advances, Investing.com said. 4
CBA’s dip was sharper early. By 11:01 a.m., the S&P/ASX 200 financials index had been down as much as 3.1% and CBA traded 2.33% lower at A$170.55; National Australia Bank was off 3.40%, Westpac dropped 2.84% and ANZ lost 2.58% at the time, MarketIndex data showed. 5
Oil traders, meanwhile, kept one eye on shipping through the Strait of Hormuz, a chokepoint for more than 20% of global oil flows. “The key factor here is the closing of the Strait of Hormuz,” said Ajay Parmar, director of energy and refining at ICIS. 6
But a quick de-escalation would undercut the oil bid and could bring money back into banks that have been leaning on a steady rate outlook. A longer disruption risks the opposite: higher fuel bills and tighter conditions that can lift bad debts and hurt credit growth.
For CBA holders, the next company checkpoint is cash: its interim dividend is due on March 30. The bank has flagged a A$2.35-per-share interim payout, fully franked — meaning it carries full Australian tax credits. 7
The closer catalyst is economic: Australia’s December-quarter national accounts, including GDP, are scheduled for release on Wednesday, March 4, at 11:30 a.m. AEDT. A weak number could revive rate-cut talk, while a firmer print keeps the pressure on borrowers. 8
Beyond this week, the Reserve Bank of Australia’s next policy decision lands on March 17 after its two-day meeting. The central bank publishes its decision statement at 2:30 p.m. AEDT. 9
With the market shut, the next session starts with crude on one screen and the GDP calendar on the other. For CBA, the week’s swing factors are Wednesday’s numbers and, a bit further out, the March 17 RBA call.
