Sydney, Feb 21, 2026, 04:21 AEDT — The session has wrapped up.
- ASX 200 edged down 0.05% Friday, finishing at 9,081.4, yet the index managed to advance 1.8% over the week.
- Banks climbed 0.7% for the session, notching a 2.8% gain over the week. Miners, on the other hand, slipped 0.7% after a 3.1% fall in Rio Tinto.
- Next week brings heavyweight earnings from Woodside, Woolworths, Qantas, and Coles, and investors are watching closely.
Australian stocks edged down on Friday, with the S&P/ASX 200 dropping 4.8 points to 9,081.4. Still, the index wrapped the week up 1.8%—hovering right below Thursday’s record high of 9,118.3. Banks gained 0.7% while miners slipped 0.7%, dragged lower as Rio Tinto tumbled 3.1%. “All the major banks have now reported, and most delivered results ahead of consensus,” said Philip Pepe, senior equities analyst at Shaw and Partners, countering the “ex-growth” label critics have pinned on the sector, a term suggesting it’s out of earnings momentum. Indo Premier
This is significant: the index right now is riding on just a handful of big names, especially with earnings season driving much of the action. Companies that beat expectations are seeing swift gains. Misses? They drop off fast.
Miners got a taste of that reality on Friday. Rio’s full-year numbers missed the mark—annual earnings came in at $10.87 billion through Dec. 31, under the $11.03 billion consensus from Visible Alpha, and shares responded accordingly, despite copper lending some support against softer iron ore prices. The board declared a final dividend of 254 U.S. cents per share. “A good result, perhaps as not as impressive as BHP,” said Andy Forster of Argo Investments, noting Rio’s focus on unlocking cash from existing assets. Reuters
Insurance made plenty of noise elsewhere, too. QBE reported FY25 statutory net profit after tax jumped to US$2,157 million, with the combined operating ratio improving to 91.9%—a sub-100% reading signals underwriting profitability. “QBE delivered strong performance in 2025, exceeding our financial plan for the year,” Group CEO Andrew Horton stated in the release. QBE DEV
Defence stocks found buyers, with Austal jumping 5.5% by the close. The shipbuilder landed a A$4 billion ($2.82 billion) government deal to build eight 100-metre landing craft heavy vessels, starting construction this year; the last one is due by 2038. CEO Paddy Gregg called it a “record order book” for Austal—essentially, a backlog of locked-in work. Richard Ivers at Prime Value Asset Management described Austal as “unique” among listed local defence players. Reuters
Guzman y Gomez dragged on the consumer sector, tumbling almost 14% to A$17.53. The fast-food chain warned of weaker U.S. sales ahead, even as it topped half-year profit expectations. “Noise,” is how Hayden Beamish at Endeavor Asset Management described the beat, arguing that the real test for the stock’s valuation lies in its U.S. growth—investors will be watching those numbers every quarter. Visible Alpha’s consensus pulls together projections from sell-side analysts. MarketScreener
Oil kept its hold on traders’ attention into the weekend, with Brent sitting near $71.58 a barrel and U.S. crude at $66.44. Both benchmarks booked a weekly gain of roughly 5.3%, as anxiety simmered over U.S.-Iran strains and possible snags near the Strait of Hormuz. “The market is nervous,” Ole Hansen, head of commodity strategy at Saxo Bank, said. Reuters
The ASX hovers close to record highs, and that kind of altitude can feel precarious. Just a few stumbles from major players, or a sudden jolt in global risk appetite, might be all it takes to tip a modest retreat into rougher territory — particularly with the heavyweights in banking and mining carrying so much of the load.
Looking ahead, results season picks up next week. Woodside Energy drops its 2025 full-year numbers Tuesday, Feb. 24 Woodside. Woolworths Group follows with F26 half-year results Wednesday, Feb. 25. Qantas has its half-year update on Thursday, Feb. 26, while Coles rounds out the week with HY26 figures Friday, Feb. 27.
