26 February 2026

The Australia 200 trades 48 points (0.54%) higher at 9177 as of 3.00pm AEDT.

Record highs and US market influence

The ASX 200 has extended its positive trend today, adding 74 points (0.81%) to reach a fresh record of 9202.9 before trimming gains as United States (US) equity futures slipped into the red following NVIDIA's loss of most post-earnings gains after the market closed.

With February's end nearing, the ASX 200 is up 3.5% month-to-date, on course for the largest monthly gain since April and the rebound from the Liberation Day low. This month's gains have been driven by an impressive February earnings season in which heavyweight miners, banks, and energy and consumer staples stocks delivered solid results, boosting the index.

Solid earnings from major mining stocks have reinforced the bullish trend in the ASX 200 Materials sector, which has been climbing since July last year. It's up 7.79% this month alone and on track for an eighth straight month of gains after a nearly 60% rally from its July 2025 low. (BHP has rallied by a similar amount in the same period).

Impact of global trade dynamics

Furthermore, as noted earlier this week, China, as the world's second-largest economy and Australia's largest trading partner, is one of the temporary beneficiaries of the decision by the Supreme Court of the US to strike down President Trump's International Emergency Economic Powers Act (IEEPA) tariffs over the weekend. China is expected to see a net reduction in effective tariffs of roughly 5 to 8 percentage points compared to the pre-ruling peak.

This suggests some upside risks for both the Chinese and global economies, likely offsetting the potential impact of any Australian tariff rate adjustments (from 10% to 15%).

Reporting season highlights

Winners

• IDP Education surged 13.94% to $5.23. Despite first-half (H1) fiscal year (FY) 2026 revenue easing 6% to $462.2 million on softer volumes, the company beat expectations thanks to a 15% jump in student placement yields and tight cost control. The real standout was the upgrade to full-year adjusted earnings before interest and tax (EBIT) guidance - now seen at $120 to $130 million - alongside a 3 cent interim dividend.
• Ramsay Health Care jumped 10.03% to $42.00. The group delivered strong numbers, with revenue climbing 9.7% to $9.34 billion and underlying net profit after tax (NPAT) up 8.1% to $171.7 million. The Australian hospitals business was instrumental, allowing Ramsay to lift its interim dividend by 6.3% to 42.5 cents (fully franked).
• Super Retail Group climbed 8.56% to $15.28. The retailer posted record H1 sales of $2.2 billion (4.2%), driven by positive like-for-like growth and a solid rebound across key banners. The board declared a 32 cent interim dividend and noted continued momentum in its club-member base.

Losers

• Worley tumbled 9.82% to $11.76. Although aggregated revenue rose 5.4% to $6.31 billion, underpinned by major project execution in the Americas, the market was concerned by costs. Specifically, $82 million in restructuring charges impacted statutory net profit after tax and amortisation (NPATA), which dropped to $152 million.
• Qantas dived 9.8% to $9.61. Qantas shares gapped up about 4% at the open to $11.09 after this morning’s half-year (HY) 2026 results, but the early jump was short-lived. The market was disappointed by misses on underlying profit before tax ($1.456 billion vs $1.494 billion consensus) and statutory NPAT ($925 million vs $1.010 billion consensus), despite a small revenue beat and higher dividend. Management’s comments on airport charges, government fees, and other rising costs added to concerns.

Earnings season continues tomorrow, with reports scheduled from companies including Coles, TPG Telecom, Star Entertainment, and Block Inc.. The interest rate market is pricing a 20% chance - 5 basis points (bp) - of a Reserve Bank of Australia (RBA) rate hike for March and a 100% (25 bp) probability of a 25 bp rate hike for June.

ASX 200 technical analysis

With the ASX 200 holding and extending yesterday’s break above resistance at 9110 - 9120, this sets the base for further gains towards 9400 - 9500 in the months ahead.

If the ASX 200 were to see a sustained fall back below support at 9110 - 9100, it could expose yesterday’s push to new highs as a false breakout.

ASX 200 daily candlestick chart

• _{Source: TradingView. The figures stated are as of 26 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.}