The Australian sharemarket continued its upward trajectory on Thursday, with the S&P/ASX 200 Index gaining 79.20 points, or 0.9 per cent, to close at 9086.20, nearing its record close from October. The index earlier reached an intraday high of 9118.30.
The rally was fueled by gains in the banking and oil sectors, according to Global X investment strategist Marc Jocum, who noted a strong momentum in corporate earnings and resilient macroeconomic data. More than 70 per cent of stocks finished trading in positive territory.
Rio Tinto released its earnings results on Thursday, reporting a flat dividend of $4.02. Shares of the mining giant were trading at $163.30 as of today, February 23, 2026, according to the ASX, though the stock experienced a slight decline earlier in the day, falling to $160.94, down 1.45 per cent. Yahoo Finance data shows a year-to-date return of 9.62 per cent for Rio Tinto.
In contrast, Zip Co Ltd experienced a significant downturn, plummeting 34 per cent following a little earnings miss. Lovisa as well disappointed investors, with its results falling below expectations.
Hundreds of Qantas staff are slated to depart the airline as part of restructuring efforts. Hub24, a financial services company, has lifted its FY27 target, signaling confidence in future growth.
Despite the positive market sentiment, bond traders are pricing in a potential interest rate increase from the Reserve Bank of Australia in June, prompted by local jobs data which showed the unemployment rate holding steady at 4.1 per cent last month. Rising interest rate expectations are providing a tailwind for bank net interest margins.
