Media Release
ASX delivers ‘blockbuster’ reporting season amid geopolitical conflicts
9 March 2026
- Australian equities climbed 4% in February
- Best reporting season in seven years
- Global X Australia 300 ETF (A300) outperformed 72% of ASX 300 companies
The timing of the February reporting season may prove an unexpected silver lining for Australian equities, as strong corporate earnings provide investors with a fundamental anchor at a time when geopolitical headlines risk dominating sentiment.
The Australian share market climbed 4% over February, its best reporting season since 2017, with companies overwhelmingly outperforming expectations.
Marc Jocum, Senior Product and Investment Strategist at Global X ETFs, said the February reporting season delivered a decisive turning point for local investors.
“While the ASX won’t be fully insulated from global risk-off sentiment, Australia’s commodity-heavy index is acting as a natural geopolitical hedge. Energy producers benefit from oil spikes, gold miners from safe-haven flows, and critical minerals are supported by both geopolitical risk premiums and long-term AI infrastructure demand,” Mr Jocum said.
“This was a genuine blockbuster reporting season for Australian companies and a potential catalyst to lure investors back to the domestic market after years of underperformance versus global peers,” he said.
“Geopolitics may dominate headlines in the short term, but over the long run, it is earnings growth that ultimately drives equity markets. Reporting season served as a reminder that beneath the noise of global conflicts, corporate fundamentals remain the primary engine of long-term returns.”
Mr Jocum said earnings revision momentum is now the strongest in more than three years, and the market is pricing mid double-digit EPS growth for FY26.
Resources and banks headlined the winners’ circle. Superloop (+28.3%), Lynas Rare Earths (+27.4%) and Iluka Resources (+25.9%) led the market, reflecting renewed demand for critical minerals and rising commodity prices. Financials also surprised to the upside, with Commonwealth Bank delivering its strongest single-day gain in six years post-results.
Conversely, healthcare, technology and discretionary sectors lagged. Temple & Webster (-31.6%), Webjet parent WEB Travel Group (-30.1%) and Pro Medicus (-29.4%) were among the sharpest decliners as elevated expectations collided with softer guidance and margin pressure. Meanwhile, Australian consumers are showing a more cautious hand when it comes to discretionary spending, with a clear tilt toward essentials. The nation’s household savings ratio has climbed to its highest level since September 2022, suggesting households are choosing to rebuild buffers as they navigate the possibility of further tightening from the RBA.
Despite individual stock swings, broad-based exposure proved a powerful advantage. The Global X Australia 300 ETF (A300) returned +4% in February, outperforming 72% of ASX 300 companies.1
Australian vs US equities
February return by Index
- A300 Index: 4.0%
- S&P 500 Index: -0.9%
- NASDAQ 100 Index: -2.3%
ASX sector performance
February Returns by Sector
- Materials: 9.0%
- Financials: 8.6%
- Consumer Staples: 6.1%
- Utilities: 4.2%
- Energy: 2.9%
- Industrial: 2.8%
- Communications: 0.2%
- Real Estate: -4.0%
- Consumer Discretionary: -6.6%
- Technology: -9.1%
- Healthcare: -13.4%
Winners and Losers
February Return by Best Performing Stocks
- Superloop: 28.3%
- Lynas Rare Earths: 27.4%
- Iluka Resources: 25.9%
- NRW Holdings: 25.5%
- PLS Group: 21.0%
February Returns by Worst Performing Stocks
- Temple & Webster Group -31.6%
- WEB Travel Group: -30.1%
- Pro Medicus: -29.4%
- SiteMinder: -29.1%
- Data#3: -28.7%
Footnote:
- Past performance is not a reliable indicator of future performance.
For All Media Queries
Please contact James Mitchell, Global X Australia | +61 413 619 034 | james.mitchell@globalxetfs.com.au
About Global X ETFs Australia
Global X ETFs Australia is a leading ETF provider with a growing range of cost-effective and innovation-led products which are built to help Australian investors achieve their investment outcomes by providing access to a successful pool of ETFs across thematics, income, commodities, digital assets and more. Global X Australia’s nuanced understanding of the local market is backed by international resources and expertise to deliver a beyond ordinary experience for all stakeholders.
About Global X ETFs
Global X ETFs was founded in 2008. For more than a decade, our mission has been empowering investors with unexplored and intelligent solutions. Our product lineup features almost 400 ETF strategies worldwide and over US$132 billion in assets under management1. While we are distinguished for our Thematic Growth, Income, and International Access ETFs, we also offer Core, Commodity, and Alpha funds to suit a wide range of investment objectives.
Global X is a member of Mirae Asset Financial Group, a global leader in financial services, with more than US$754 billion in assets under management worldwide2. Mirae Asset has an extensive global ETF platform ranging across the US, Australia, Brazil, Canada, Colombia, Europe, Hong Kong, India, Japan, Korea, and Vietnam with over US$198 billion in assets under management.3
1. Assets under management as at November 2025, Global X
2 Assets under management as at September 2025, Mirae Asset Financial Group
3 Assets under management as at November 2025, Mirae Asset Global Investments
Disclaimer
Issued by Global X Management (AUS) Limited (‘Global X’) (AFSL 466778, ACN 150 433 828). Global X Physical Gold (GOLD), Silver (ETPMAG), Platinum (ETPMPT), Palladium (ETPMPD) and Precious Metals Basket (ETPMPM) are issued by Global X Metal Securities Australia Limited, a corporate authorised representative (CAR No: 001274650) under Global X. This is general information only and not personal advice. This communication doesn't consider your personal circumstances or needs. Investors should consider whether these products are appropriate for them, obtain financial advice and read the product disclosure statement (PDS), prospectus (as applicable) and target market determination (TMD) before making investment decisions. All PDSs, prospectuses and TMDs are available on our website: www.globalxetfs.com.au. Investment in any products are subject to risks, including possible delays in repayment and loss of income and principal invested. Past performance is not a reliable indicator of future performance. This content may not be reproduced, distributed or published by any recipient for any purpose. Global X nor any of its affiliates make any warranty as to the accuracy of any data used or displayed in this communication or to the performance of any product.