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The ASX 200 rallied for a 3rd consecutive day on Wednesday, closing back above the psychological 9000 level courtesy of a 4% rally by NAB following another solid earnings update from a “Big Four” bank.
The ASX pushed higher for a third straight session, with financials and technology doing the heavy lifting as reporting season continued to deliver outsized single-stock moves.
The ASX200 surrendered much of its early gains on Tuesday but still ended the day up 0.2%. We almost felt like a one-stock index at times yesterday with BHP at one stage popping above $54, up more than 7%, for the first time. Even with the “Big Australian” closing back under $53, up +4.7% on the day, it still added 40-points to the ASX200, basically double its net gain on the day
The ASX pushed higher in subdued trade, with BHP stealing the spotlight after a better-than-expected first-half result. Materials led the gains though it was all thanks the Big Australian’s performance, with weakness across the broader sector as commodities softened. Elsewhere, tech remained volatile, retailers were mixed and several reporting names were sharply repriced as the market continued its familiar reporting-season volatility.
Monday saw the ASX200 experience a choppy day, which came as no surprise, with Chinese markets closed for the Lunar New Year and the US closed overnight for Presidents Day – it’s the year of the horse in China, which has a bullish feel to it, being associated with energy, independence and drive.
The ASX edged higher in a choppy session, with technology rebounding strongly, helping offset heavy selling across the mining giants and some profit-taking in the banks. With US markets closed for a public holiday tonight and China shut for Lunar New Year, local earnings season and bargain hunting dominated the tape, leaving the market grinding higher but lacking clear direction.
AI is increasingly impacting stocks and financial markets as a whole. Recent weeks have seen capitulation-style selling wash through some sectors, with investors fearing AI disruption is rewriting business models.
It didn’t feel like it on Friday afternoon as the ASX200 plunged more than 125 points, but the index still managed to finish last week up +2.4% after one of the most violent weeks of reporting season we can remember – 10% swings in either direction were almost pedestrian! The heavyweight banks and resources offset broad market weakness, led by any stocks feared to be at risk of AI disruption, with selling gathering momentum from already panic-like levels. The dominant themes were very binary in nature:
The ASX pulled back sharply today as AI-related margin fears continued to drive aggressive selling across software and high-multiple names. Despite the weak finish, the market still closed the week up ~2.4%, underpinned by a fantastic week from the banks on better-than-expected results.
The ASX 200 tested its all-time high at lunchtime yesterday before peeling away to close up just +0.3% as the dramatic polarisation across the ASX continues in earnest – already in 2026, we’ve witnessed the Tech Sector hammered by over -20% while the Materials have gained more than +12%, compounding the dramatic rotation through FY26. It’s becoming almost monotonous to quote how far the major tech names have fallen day to day. However, it’s hard to ignore; it felt like capitulation on Thursday, but there’s already been a few chapters in that particular scary book – on the day, SiteMinder (SDR) -12.9%, Xero (XRO) -8.4%, Life360 (360) -8.3%, and Technology One (TNE) -6.9%.
