Sydney, March 2, 2026, 17:00 AEDT — Market closed.
- National Australia Bank shares ended down 2.9% at A$47.62 after Friday’s close at A$49.02
- Other major banks also slipped, even as the broader ASX market eked out a small gain
- Oil-linked inflation worries and this week’s RBA appearances are in focus ahead of Tuesday’s open
National Australia Bank Limited shares fell 2.9% on Monday to end at A$47.62, underperforming other heavyweight names after a jump in oil prices unsettled risk appetite. Westpac fell 1.7%, ANZ slid 1.8% and Commonwealth Bank dipped 0.7%, data showed. 1
The drop matters because the big four banks still set the tone for much of the local index. When they move together, portfolio managers tend to read it as a rates-and-growth call, not a single-stock story.
This time the tape looked split. Energy and gold found buyers, while financials were pushed aside, a defensive tilt that can build quickly if the macro backdrop shifts again overnight.
Australian stocks finished slightly higher despite the early wobble. The S&P/ASX 200 rose 0.03% to a fresh all-time high, with energy, gold and resources leading gains, according to Investing.com. 2
Oil was the trigger traders kept circling back to. Brent jumped 6.4% to $77.57 a barrel after briefly topping $82, Reuters reported, after U.S. and Israeli strikes on Iran and retaliatory missile barrages raised fears of a wider conflict. Jorge Leon, head of geopolitical analysis at Rystad Energy, pointed to an “effective halt of traffic through the Strait of Hormuz”, while Wood Mackenzie’s Alan Gelder said the closest analogue was the 1970s oil embargo. 3
For banks, the worry is not just headline risk. A sustained oil shock can push up inflation expectations, complicate the path for interest rates and squeeze households already dealing with higher borrowing costs.
NAB also lodged a routine securities notice. A filing showed the bank applied for quotation of 74,180 ordinary shares issued on Feb. 23 under its employee equity plans, with shares held in trust during a deferral period and not issued to key management personnel. 4
In a separate disclosure, NAB reported issuing 1,417 unquoted “performance rights” under an employee incentive scheme. Performance rights are equity awards that can turn into shares later, typically if service and other conditions are met. 5
The stock had run hard into late February. NAB reported a 16% rise in first-quarter cash earnings to A$2.02 billion last month, helped by growth in business and home lending, Reuters reported at the time. 6
But the next move is not one-way. Any de-escalation in the Middle East that pulls oil back could unwind Monday’s bank sell-off just as quickly; the downside is a longer oil spike that hits growth and lifts loan losses.
Tuesday’s open will take its cues from overnight crude moves and global bank sentiment. On the domestic calendar, traders are watching Governor Michele Bullock’s appearance at the AFR Business Summit on March 3, and then the RBA’s policy decision statement due March 17. 7
