Sydney, March 2, 2026, 17:00 AEDT — Market closed.
- National Australia Bank finished Friday at A$49.02, but shares slipped 2.9% to A$47.62 by the end of the session.
- Other big banks lost ground, despite the broader ASX market managing a modest uptick.
- This week’s RBA appearances and concerns over oil-driven inflation are front and center as markets look ahead to Tuesday’s open.
National Australia Bank Limited dropped 2.9% Monday, closing at A$47.62, lagging its banking peers as a surge in oil prices put investors on edge. Westpac lost 1.7%, ANZ gave up 1.8%, and Commonwealth Bank slipped 0.7%, according to data. 1
The slip is significant: Australia’s big four banks continue to anchor the local index. When these giants shift in lockstep, portfolio managers take it as a signal about rates and growth rather than seeing it as an isolated name issue.
Energy stocks and gold caught a bid, but financials lagged, left behind by investors leaning defensive—one of those tilts that can take hold fast if the macro picture shifts before morning.
Australian shares edged up, shaking off initial weakness. The S&P/ASX 200 added 0.03%, marking another record close. Energy, gold, and resource stocks did most of the lifting, Investing.com reported. 2
Oil took center stage for traders. Brent surged 6.4% to $77.57 a barrel, having earlier spiked above $82, according to Reuters. The sharp move followed U.S. and Israeli airstrikes on Iran, plus a wave of retaliatory missile attacks—events that rattled the market with concerns about escalation. Jorge Leon from Rystad Energy described the situation as an “effective halt of traffic through the Strait of Hormuz.” Alan Gelder at Wood Mackenzie drew a comparison to the oil embargo of the 1970s. 3
Banks face more than just the risk of bad headlines. When oil prices stay high, inflation expectations can rise, muddying the outlook for rates and putting extra pressure on households struggling with elevated borrowing costs.
NAB has filed a standard securities notice, according to a recent filing. The bank is seeking quotation for 74,180 ordinary shares that were issued on Feb. 23 through its employee equity plans. These shares are being held in trust during a deferral period, rather than being allocated directly to key management personnel. 4
NAB, in another filing, said it granted 1,417 unquoted “performance rights” as part of an employee incentive program. These equity awards may convert into shares down the line, provided certain service requirements and other conditions are satisfied. 5
The stock surged going into late February. Last month, NAB posted a 16% jump in first-quarter cash earnings, hitting A$2.02 billion, as both business and home lending picked up, according to Reuters. 6
The next step isn’t a straight line. Should tensions ease in the Middle East and oil prices retreat, banks could just as easily claw back Monday’s losses. On the flip side, if oil stays high for longer, that’s a drag on growth and puts pressure on loan performance.
Overnight swings in crude and shifts in global bank sentiment are likely to set the tone for Tuesday’s open. Locally, traders are eyeing Governor Michele Bullock’s remarks at the AFR Business Summit on March 3, followed by the RBA’s policy decision statement slated for March 17. 7
