Sydney, Feb 20, 2026, 21:30 AEDT — Market closed
- S&P/ASX 200 slipped 0.05% to 9,081.4, breaking a four-day streak, though it still closed the week 1.8% higher
- Banks climbed, but miners lost ground as Rio Tinto’s yearly profit came in below forecasts; QBE’s stronger-than-expected results gave sentiment a lift
- Next up: traders are watching for major earnings, plus any new jolts in oil prices or rate outlooks.
Australian stocks edged down Friday, giving up ground after reaching all-time highs, with Rio Tinto’s numbers dragging miners lower. The S&P/ASX 200 lost 4.8 points, closing at 9,081.4—snapping a four-session run-up. Still, the index managed a 1.8% weekly gain, having hit a record 9,118.3 just a day earlier. (The Economic Times)
The drop stands out, given the index barely cleared 9,000 this reporting season—it’s getting tougher for companies to beat the bar. Marc Jocum, senior product and investment strategist at Global X ETFs, called the milestone “notable” but pointed out that 9,000 is still a “key psychological barrier” for investors as the last wave of earnings comes in. Meanwhile, fresh figures out this week showed unemployment stuck at 4.1% for January, beating expectations, and traders nudged rate bets toward a hike in May, according to Reuters. (The Economic Times)
World equities slipped going into the weekend, with oil climbing to its highest level in six and a half months. U.S. President Donald Trump’s 10- to 15-day ultimatum for negotiations with Iran on its nuclear program hung over the market, leaving risk appetite unsettled. (Reuters)
Back in Australia, banks cushioned the drop once more, climbing 0.7% on Friday and locking in a 2.8% gain for the week. Miners, meanwhile, slipped 0.7%. Philip Pepe, senior equities analyst at Shaw and Partners, pointed out that talk of a rotation away from “pricey” banks fizzled after robust bank earnings led to upgrades, pulling investors back into the sector. (Indo Premier)
Rio Tinto’s annual report weighed on materials. The miner logged underlying earnings of $10.87 billion for 2025, shy of the $11.03 billion consensus, as it adjusts for certain one-offs. The company bumped its final dividend to 254 U.S. cents a share. “A good result, perhaps not as impressive as BHP,” said Andy Forster at Argo Investments, noting investors zeroing in on capital returns. Rio also put out higher unit-cost guidance for its Pilbara iron ore business. (Reuters)
Insurers kept it straightforward this time. QBE put up a net profit after tax of US$2.157 billion, with adjusted net profit at US$2.132 billion. The combined operating ratio landed at 91.9%—that’s claims and expenses as a slice of premiums, where lower scores are preferred. Investment income hit US$1.633 billion. The board bumped the final dividend to 78 Australian cents a share, pushing the total payout for the year to 109 cents. CEO Andrew Horton called it a “strong performance in 2025.”
Guzman y Gomez dropped again, falling almost 14% to A$17.53 after warning that its U.S. sales are coming in soft and losses there may edge higher this year. Endeavor Asset Management’s Hayden Beamish shrugged off the profit surprise, calling it “noise,” and pointed out the company’s valuation “has always depended on a successful U.S. expansion.” (Reuters)
Trading ran on headlines elsewhere. Zip, the buy-now, pay-later player, found its footing after unveiling a A$50 million share buyback—coming right after a sharp one-day selloff on disappointing half-year figures. Ramsay Health Care was up, buoyed by news it plans to return its Ramsay Santé holding to investors. (Indo Premier)
Under Ramsay’s plan, shareholders aren’t getting a cash payout; they’d be handed shares of the French unit directly, in what’s known as an in-specie distribution. The company is targeting the fourth quarter of 2026 to wrap things up, pending necessary sign-offs. Beamish described Ramsay Santé as a “persistent drag” on the broader group. (Reuters)
Oil and rates are the wildcards for next week. Crude has been ticking up amid Iran tensions, and if things escalate, energy prices could spike again—throwing the inflation picture and risk sentiment off balance. (Reuters)
The ASX is back in action Monday, Feb. 23, as investors sift through the late-week earnings fallout and eye what’s next. Heavy hitters—Woodside Energy, Woolworths, Coles, Qantas—are expected to drop fresh reports in the days ahead, potential catalysts for the next move. (Trading Economics)
