Australian shares rises as BHP unearths record high on first‑half profit beat

Westpac Banking

17/02/2026 05:33

Updates to close

BHP's record high led miners up

Banks flat; Westpac up 0.3%

NZ50 edged 0.7% lower ahead of RBNZ rate decision

By Kumar Tanishk

Feb 17 (Reuters) - Australian shares rose on Tuesday, lifted by BHP after the world’s largest listed miner surged to a record on stronger first-half results, setting the tone as earnings season began for the resources sector.

The S&P/ASX 200 .AXJO extended gains to close 0.2% higher at 8,958.90 points, building on Monday’s 0.2% rise.

With U.S. markets shut for Presidents' Day on Monday and several Asian markets closed for Lunar New Year, focus stayed on domestic earnings.

BHP BHP.AX jumped 4.73% to a record A$52.74 after posting stronger-than-expected half-year profit, driven by copper earnings, lifting the mining subindex .AXMM 1.3%.

Rival Fortescue FMG.AX eased 0.5%. Rio Tinto RIO.AX, up 0.2%, is due to report on Thursday and Fortescue next week, with investors watching for signals on iron ore demand and the sector outlook.

Expected supply shortfalls are likely to keep upward pressure on commodity prices, and Tuesday’s moves reflected positioning for earnings gains in a tightening supply backdrop, said Tim Waterer, chief market analyst at KCM Trade.

Minutes from the Reserve Bank of Australia’s latest meeting showed policymakers judged inflation would have remained high without this month’s rate hike and flagged uncertainty over whether further tightening would be needed.

Financials .AXFJ ended little changed as losses in three of the big four banks offset gains in Westpac WBC.AX, which rose 0.3%. Investors turned cautious after last week’s rally, with Waterer attributing the moves to profit-taking following bank earnings that had lifted the sub-index 5.4%.

Traders are now eyeing Thursday's jobs data, which is expected to show a cooling in hiring and a slight uptick in unemployment - a key read on the country’s rate outlook.

Limiting some losses, gold stocks .AXGD and energy firms .AXEJ fell 1.2% and 0.4%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 fell 0.7% to 13,031.62, to their lowest close in over five months.

The Reserve Bank of New Zealand will hold its first meeting of the year on Wednesday and is considered certain to hold rates steady.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Nivedita Bhattacharjee)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))