10 February 2026

The Australia 200 trades 13 points (0.15%) higher at 8883 as of 3.30pm AEDT.

ASX 200 gains as tech sector rallies while banks retreat

The Australia 200 (ASX 200) stormed out of the blocks this morning, adding a rapid-fire 73 points (0.82%) to reach a high of 8925.6. While the move was initially buoyed by gains on Wall Street, a lack of follow-through buying, likely due to exhaustion after yesterday's significant rise, saw the index slip back below the 8900 level.

This retreat was primarily driven by the 'Big Four' banks, which eased lower ahead of Commonwealth Bank of Australia's (CBA) half-year (HY) 2026 earnings report tomorrow morning. Investors appear cautious, perhaps scarred by Australia's largest bank’s last two trading updates, both of which triggered heavy share price falls immediately after release. (You can read our preview of what to expect here.)

Economic outlook

On the economic front, the Westpac Consumer Confidence Index for February dropped 2.6% to a ten-month low of 90.5, marking its third straight month of declines. While this pushes the index deeper into pessimistic territory, it is hardly a surprise given the survey was conducted last week, coinciding with the Reserve Bank of Australia's (RBA) first rate hike in two years.

This soft sentiment reading follows yesterday's 0.4% fall in household spending for December. This combination has led the rates market to push back expectations for the RBA’s next 25 basis point (bp) rate hike from June to August, providing enough support for the ASX 200 property sector to lock in a second day of gains. 

ASX 200 stocks

Consumer discretionary sector

• G8 Education plummeted 19.52% to $0.51 following an update flagging a ~A$350 million non-cash goodwill impairment in its full-year (FY) 2025 results (due 23 February). The charge reflects lower occupancy, cost pressures, and rising expenses. Consequently, the company has suspended its share buyback and final dividend, though it reaffirmed lease-adjusted earnings before interest and taxes (EBIT) guidance of $91 million - 98 million.

Energy sector

• Amplitude Energy dived 20.87% to $2.53 after the Elanora-1 well in the Otway Basin hit water instead of gas in the primary Waarre A target. The well has been plugged and abandoned, triggering heavy selling.

Financial sector

• Westpac fell 1.97% to $39.22
• ANZ lost 1.59% to $37.03
• CBA dipped 0.46% to $159.17
• National Australia Bank edged 0.18% lower to $43.91.

Real estate sector

• Goodman Group lifted 1.80% to $31.32
• Region Group added 1.72% to $2.36
• Vicinity Centres rose 1% to $2.53.

Technology sector

The ASX 200 information technology (IT) sector which had dived over 44% from its September 2025 high to last Friday's low, has  found support. Dip buyers, encouraged by a second day of gains for the tech-heavy Nasdaq 100 on Wall Street, stepped in.

• DroneShield lifted 6.03% to $3.34
• ZIP Co gained 5.67% to $2.61
• Megaport added 3.32% to $11.20.

Uranium stocks

After last week's savaging, ASX-listed uranium stocks have gained for a second straight day, supported by a sharp rebound in sentiment following broker upgrades to long-term price forecasts. Canaccord Genuity lifted its long-term uranium price deck by 22% to US$110/lb, citing structural supply deficits.

• Boss Energy jumped 10.86% to $1.73
• Bannerman Energy surged 7.92% to $4.09
• Silex Systems lifted 7.26% to $7.16.

This bounce follows heavy selling last week, sparked by fears that AI-driven power demand might not fully materialise for nuclear, which had seen spot uranium dip from peaks near US$101/lb to stabilise around US$85 - 86/lb.

ASX 200 technical analysis

The wild end to last week saw the ASX 200 break briefly below the 200-day moving average at 8692.3, before running into support ahead of the year-to-date low of 8675.6.

Yesterday’s stunning rebound from this support zone keeps the ASX 200 on track to resume its volatile rebound from the November 8383 low, towards the 9115.2 record high.

Aware that a sustained break below the 8692 - 8675 area would warn that a retest of the November 8383 low is underway.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 10 February 2026. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}