MELBOURNE, AU — The Australian sharemarket navigated a day of sharp contrasts on Tuesday, February 17, 2026. While the S&P/ASX 200 Index eked out a modest gain of 21.80 points (0.2%) to close at 8958.90, the real story lay beneath the surface: a historic transition for the nation’s largest miner and a brutal reality check for several high-profile domestic players.
With Wall Street closed for the Presidents’ Day holiday and China sidelined for the Lunar New Year, the local reporting season was the sole driver of a volatile session characterized by blockbuster beats and punishing misses.
The “Big Australian” Strikes Copper Gold
BHP (ASX: BHP) dominated the day, with its share price surging 4.7% to a record close of $52.74, after earlier touching an all-time intraday high of $54.20. The mining giant added more than $15 billion to its market capitalization in a single session.
The catalyst was a “blockbuster” half-year result that marked a structural shift in the company’s DNA. For the first time in its history, copper contributed more to BHP’s underlying earnings than iron ore.
- Net Profit: $US5.64 billion ($8.6 billion), up 28% year-on-year.
- Copper Milestone: Underlying EBITDA from copper hit $US7.95 billion, slightly edging out iron ore’s $US7.50 billion.
- Dividend: A bumper interim payout of $US0.73 per share, significantly higher than analyst expectations.
“The strength in copper production and the upgrade to forward guidance were notable,” said market analysts. “Critical minerals are becoming the engine room of the resources sector as governments globally scramble to secure supply for the energy transition and AI data centers.”
Retail and Finance: The Winners’ Circle
Beyond the mining sector, consumer and financial stocks found favor following strong updates.
- JB Hi-Fi (ASX: JBH): Shares climbed 8.1% to $89.10. Following a record profit report on Monday, major brokers UBS and Morgans upgraded the stock, citing disciplined cost control and “strong promotional execution” that defied a broader retail slowdown.
- Judo Bank (ASX: JDO): The SME-focused lender rose 2.4% to $1.89 after raising its net interest margin (NIM) guidance to 3.15%. Management highlighted “significant operating leverage” and strong loan growth despite the high-interest-rate environment.
- Baby Bunting (ASX: BBY): The baby goods retailer jumped 8.6% after narrowing its full-year profit guidance and reporting a surprise 4.7% increase in comparable sales.
Market Laggards: Reliance and Seek Tumble
The session was far from a broad-based rally, as several stocks were hammered by earnings jitters and deteriorating outlooks.
- Reliance Worldwide (ASX: RWC): The plumbing parts manufacturer was the day’s biggest casualty among blue chips, plummeting 9.1% to $3.50. Investors were spooked by a 22.5% drop in adjusted EBITDA, driven by weak US housing markets and the looming impact of US tariffs, which the company estimates will cost $25–30 million this year.
- Seek (ASX: SEK): The employment giant fell 3.3% to $16.54. While revenue held relatively steady, the company flagged “downside risks” from weakening job advertisement volumes and reported a massive $178 million loss from continuing operations for the half.
- Sims (ASX: SGM): The metal recycler dropped 4% after swinging to a loss. Analysts expressed concern that record steel exports from China are flooding global markets and depressing margins for Australian scrap operators.
ASX 200 Performance Summary – Feb 17, 2026
| Sector / Stock | Change (%) | Price | Significance |
| S&P/ASX 200 | +0.22% | 8958.90 | Second day of modest gains. |
| BHP | +4.73% | $52.74 | Record close; Copper earnings > Iron Ore. |
| Reliance Worldwide | -9.09% | $3.50 | EBITDA miss due to US market weakness. |
| JB Hi-Fi | +8.10% | $89.10 | Broker upgrades following record H1 result. |
| Seek | -3.34% | $16.54 | Jitters over job volume growth outlook. |