The Australian Securities Exchange (ASX) reached a record high on Thursday, closing near 9100 points, buoyed by gains in the banking and mining sectors, even as Rio Tinto released its earnings results.
The S&P/ASX 200 Index added 79.20 points, or 0.9 percent, to 9086.20, nearing its previous record close in October. Earlier in the day, the index reached an intraday high of 9118.30. The rise followed a period of four consecutive days of gains for the market, fueled by positive corporate earnings and resilient macroeconomic data, according to Global X investment strategist Marc Jocum.
Rio Tinto reported its financial results on Thursday, with revenue reaching $15.38 billion for the December 2025 quarter, a 14.56 percent increase year-over-year. Net income for the quarter was $2.72 billion, a decrease of 5.33 percent. The company’s net profit margin stood at 17.68 percent. EBITDA reached $5.30 billion, a substantial increase. The results came as the company was also reportedly involved in discussions regarding a potential mega merger, though details remain undisclosed.
Despite the positive overall market trend, Zip Co Ltd experienced a significant downturn, plummeting 34 percent following a small earnings miss. Lovisa also saw its results fall below expectations, contributing to a mixed performance across the retail sector.
In other corporate news, Qantas announced plans for staff departures, although Hub24 increased its FY27 target. The oil price also experienced a notable increase, contributing to gains in the energy sector.
The unemployment rate remained steady at 4.1 percent in January, prompting bond traders to anticipate a potential interest rate increase from the Reserve Bank of Australia in June. Rising interest rate expectations provided a tailwind for bank net interest margins, contributing to the sector’s strong performance.
As of February 23, 2026, Rio Tinto shares were trading at $160.16 AUD on the ASX, according to Google Finance. Other key market movers included BHP Group Ltd at $53.84, Fortescue Ltd at $19.97, and Woodside Energy Group Ltd at $27.08.
