ASX at nearly four-month high

Market analyst at eToro, Zavier Wong, says despite market uncertainty, the Australian share market is "flirting with all-time highs".

"It's the banks doing all the heavy lifting. ANZ was the standout today, while Commonwealth was the key driver yesterday. Australian banks are firing on all cylinders at the moment, and when the largest sector on the ASX is delivering like this, it lifts the entire market with it," he says.

"What's important right now is just how divergent single-stock moves have been this earnings season. You've got stocks moving 5%, 10%, even 30% in a single session, that’s a lot of volatility and will continue into another big week next week. Earnings quality is being rewarded aggressively, and misses are being punished just as hard. "

The ASX 200 is at a four-month high.

"As mentioned, next week gets even bigger for the ASX with BHP and Rio Tinto both set to report, and after the recent volatility in commodity prices, those results will be critical for setting the tone across the resources sector."

'Our forecasts are often wrong': RBA

Reserve Bank of Australia chief economist Sarah Hunter has been speaking in Perth.

She was asked by a journalist, "Was it perhaps overenthusiastic to cut interest rates three times?"

Hunter responded by saying, among other comments, "Forecasting is really difficult business, our forecasts are often wrong."

She added that "things change, events happen".

She said the:

  • Global economy became more resilient;
  • AI investment had been stronger than anticipated (including investment in data centres);
  • Financial conditions haven't been as restrictive (including a record high share market;
  • And private demand has recovered faster than expected.

"It is what it is," she said. 

More on the $10 sausage sizzle held at ANZ

Well, it's been a big day of barbecue news.

And the sauce might be thickening on a story that's been doing the rounds about a sausage sizzle slated for ANZ's Melbourne office this week, where staff were told it would cost them $10 for a snag (plus a soft serve and drink).

Here's a cost breakdown.

The Finance Sector Union has slammed the barbecue, saying its "tone deaf" and "cooked" to charge staff for a barbecue given ANZ is posting rising profits (just today!) in the face of mass layoffs.

We contacted ANZ about the barbecue, and it hasn't replied.

However, we've just spoken to two ANZ staff who say all is not that simple, with the barbecue organised by catering, not management. They said these sorts of charged events were pretty standard.

However, the ANZ staff did take opportunity to raise broader concerns at the Big Four bank right now, with 3,500 workers slated to go by September.

"We're over capacity, understaffed, and overwhelmed," one staff member just told ABC News.

"It's making me nervous," said another of the job cuts.

"You don't know how they'll decide who gets it and who doesn't.

"The biggest fear is you lose your most experienced people.

"They are a good company to work for, and I do enjoy my work."

Thanks for your comments. We really appreciate it when members of the workforce chat anonymously.

Are you an ANZ worker? How are you generally feeling about the ANZ right now? Confidentially email our journalist at terzon.emilia@abc.net.au or em.terzon@proton.me

Market snapshot
  • ASX 200: +0.3% to 9,044 points
  • Australian dollar: -0.1% to 71.15 US cents
  • S&P 500: Flat at 6,941 points
  • Nasdaq: -0.2% to 23,066 points
  • FTSE: +1.1% to 10,472 points
  • EuroStoxx: +0.1% to 621 points
  • Spot gold: -0.1% to $US5,071/ounce
  • Brent crude: +0.3% to $US69.59/barrel
  • Iron ore: Flat at $US100.15 a tonne
  • Bitcoin: -1.4% to $US66,831

Price current around 16:30pm AEDT

Live updates on the major ASX indices:

ASX finishes in the green

The Australian share market has ended the trading day up +0.3% to 9,044 points.

Four major sectors finished up, while the rest finished down. Here is a breakdown:

When looking at the stocks, 141 finished in the red, six were unchanged, and 53 were gaining. 

Here are the top movers, with ANZ finishing up +8.5%.

Here are the bottom movers, with Temple and Webster finishing down -32.6%.

The Aussie dollar is trading about 71 US cents.

Barbeques Galore: what happens from here?

Barbeques Galore, which has 68 company-owned stores and 27 franchise stores, has plunged into receivership after efforts to find a buyer for the business failed.

Liquidity issues were blamed for the collapse.

The company is now earmarked for a restructure or sale.

It's left many question marks for its nearly 100 stores that employ about 500 staff.

The business is expected to "continue normal operations" while its future is evaluated, according to receivers.

Receivers from global advisory firm Ankura were appointed on Thursday morning with Grant Thornton brought in as voluntary administrator.

The receivers assured customers that in-store and online orders that had been paid for, or part-paid for, would be honoured.

Franchises are not expected to be impacted by the appointments and restructuring.

However, customers can only use their gift cards if they spend twice their value in cash.

- Reporting with Reuters

Pro Medicus down -23%

Oh no! I just realised I never included the Pro Medicus graph to show the steep drop in trading today compared to where it finished yesterday afternoon! Here it is below:

Barbeques Galore background

It was just two months ago that Barbeques Galore was sold to US private equity group Gordon Brothers, which focuses on troubled assets.

At the time, Barbeques Galore CEO David White said "management was excited to turn around the business and move to the next evolution of the brand".

"Considerable progress has been made in recent months leading to significant improvements across the business and operations, however, ongoing liquidity challenges have led to the necessary restructuring of the business," he said.

A first meeting of creditors will likely be held on February 24.

The company was co-founded nearly 50 years ago by the late Peter Woodland, who died in a helicopter crash in April 2022.

The 75-year-old was piloting the helicopter when it crashed just east of the NSW Snowy Mountains late at night.

His partner, Jenny, was also in the helicopter and died.

The Sydney businessman was also the co-founder of BeefEater Barbeques.

A report released by the Australian Transport Safety Bureau later that year found the crash was caused by poor visibility.

- Reporting with Reuters

Barbeques Galore enters into receivership

One of Australia's biggest barbecue retailers, Barbeques Galore, has entered into receivership just months after a restructure and the appointment of a new boss.

The company has nearly 100 stores across the country, and employs about 500 people. 

Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes of Grant Thornton have been appointed as voluntary administrators today. 

In a statement, a spokesperson for Grant Thornton said: "Quentin Olde, Luke Pittorino and Liam Healey of Ankura have subsequently been appointed as Receivers & Managers (Receivers) by the secured creditor".

"The Receivers are in control of the business and will be maintaining normal operations at store locations nationally as future options are evaluated.

"Barbeques Galore is a retailer and wholesaler of premium barbeques, heating and related lifestyle products operating over 90 stores throughout Australia and employing approximately 500 staff across its operations and store network. 

"A first meeting of creditors will be held on Tuesday, 24 February 2026. Grant Thornton as Voluntary Administrators will be in contact with all creditors shortly with further information on how to attend the meeting. Included within this notice will be a ‘frequently asked questions’ list that will assist all employees, creditors, suppliers, gift card holders etc with the necessary answers and contact details for further queries."

ASX 200 movements

Here is what the Australian share market has looked like today, as we enter the final hour of trading.

ANZ is still the top mover, up +8%, while Temple and Webster is down -32%.