Surge in ANZ, CBA Helps Drive ASX Higher; AMP, Temple & Webster Tumble

Why It Matters

The results underscore a widening gap between Australia’s resilient banking sector and struggling wealth‑management and retail businesses, shaping investor sentiment and sector rotation on the ASX.

Key Takeaways

• ANZ posted $1.9 bn profit, shares jumped 8.5%.
• Commonwealth, Westpac, NAB also rose, boosting ASX 200.
• AMP profit fell to $133 m, shares slumped 26.6%.
• Temple & Webster revenue rose 19.8% but shares fell 32.6%.
• Energy and miner stocks led gains amid higher commodity prices.

Pulse Analysis

The Australian market’s modest rally was driven primarily by a sharp rebound in the banking sector. ANZ’s $1.9 billion profit, buoyed by aggressive cost‑cutting under CEO Nuno Matos, signaled early success of its ANZ 2030 strategy and lifted the broader financials index. Commonwealth Bank, Westpac and NAB followed suit, reinforcing the perception that Australia’s major lenders are well‑positioned to benefit from a stable domestic economy and a recovering credit cycle.

Meanwhile, wealth‑management and e‑commerce firms faced headwinds that widened the performance gap. AMP’s full‑year profit slipped to $133 million, prompting a 26.6% share plunge as analysts flagged weaker capital returns and margin pressure. Temple & Webster, despite a 19.8% revenue lift, missed EBITDA and net‑profit forecasts, driving its stock down over 30%. These setbacks highlight the challenges of sustaining growth in a high‑inflation environment where consumer spending is volatile and cost structures remain tight.

Other sectors added nuance to the trading day. Precious‑metal miners such as Northern Star and South32 posted double‑digit profit jumps, reflecting soaring gold and silver prices, while energy giants like Origin lifted profit targets despite a first‑half earnings dip. Governance concerns lingered for ASX Ltd, which posted an 8.3% profit rise but saw its CEO announce a May departure amid regulatory scrutiny. Across the Pacific, stronger‑than‑expected U.S. jobs data tempered expectations of Fed rate cuts, adding a global macro backdrop that could influence Australian equity momentum in the weeks ahead.

Surge in ANZ, CBA helps drive ASX higher; AMP, Temple & Webster tumble

Staff reporter · Updated February 12 2026 · 5:35 pm (first published February 12 2026 · 5:19 am)

A surge in ANZ Bank shares helped drive the Australian sharemarket higher on Thursday as investors pored over a raft of earnings results, while wealth giant AMP and online retailer Temple & Webster posted heavy falls.

The S&P/ASX 200 ended the day 0.3 per cent—or 28.70 points—higher, at 9,043.50, with four of 11 industry sectors in positive territory, led by utilities and banks.

The ASX hit a record high in early trade. – Louie Douvis

ANZ Bank surged 8.5 per cent after it revealed in a trading update that it made $1.9 billion in profits in the December quarter, with expenses falling as a result of deep cost‑cutting under new chief executive Nuno Matos, while profit margins also moved higher. Compared with the same quarter last year, ANZ’s profits rose 6 per cent. “The quarterly result highlights the early progress we are making in executing our ANZ 2030 strategy,” Matos said.

The other major banks also jumped, with Commonwealth Bank soaring 5.4 per cent, building on big gains a day earlier, while Westpac rose 1.8 per cent and National Australia Bank advanced 2.3 per cent.

AMP shares plunged 26.6 per cent after its results disappointed the market, with the wealth manager’s full‑year statutory profits falling to $133 million, from $150 million a year earlier.

Barrenjoey analyst Andrew Adams said the company’s outlook for revenue margins was below expectations and likely to drive downgrades in analysts’ forecasts for the company’s future performance. “Capital was not as strong as expected, so it is difficult to see what supports the share price today,” Adams said.

Shares in Origin Energy lifted 3.9 per cent on Thursday after the electricity and gas giant lifted its profit target for one of its key divisions despite a 45 per cent plunge in first‑half profit.

Although Origin’s net profit sank from $1.01 billion to $557 million for the six months to December, its underlying earnings of $593 million came in higher than analysts had been forecasting amid stronger‑than‑expected contributions from the company’s domestic retailing and generation division and its jointly owned liquefied‑gas venture in Queensland. Energy stocks were mixed, with Woodside Energy up 1.4 per cent and Santos sliding 0.7 per cent.

Spiking gold and silver prices are driving up earnings among Australia’s precious‑metal miners. Northern Star shares rose 4 per cent after it reported a 19 per cent rise in earnings for the half‑year to December because of a 31 per cent increase in the average realised gold price. Costs increased 9 per cent, but the group nonetheless recorded a 41 per cent increase in net profit after tax to $714 million.

South32, a major silver producer, said its earnings increased 3 per cent over the half‑year, but it reported a substantial 29 per cent jump in after‑tax profit to $651 million. Its shares fell 3 per cent. Iron‑ore miners bounced higher, with BHP up 2.5 per cent, Rio Tinto rising 2.3 per cent and Fortescue 0.5 per cent higher.

Healthcare giant CSL tumbled 6.9 per cent to continue a tumultuous week marked by the sudden resignation of chief Dr Paul McKenzie on Tuesday, followed by half‑year results on Wednesday that fell short of market estimates, and announcing $1.5 billion in writedowns.

Tech shares plunged, with WiseTech losing 6.6 per cent and Xero 8.4 per cent lower.

Lendlease CEO Tony Lombardo will step down in August, after the company releases its full‑year results, to relocate to South‑East Asia for a new job. He’s worked at the company for 18 years, including the last five years in the top job. Lendlease has engaged an executive search firm to find a replacement. Its shares fell 0.2 per cent.

Market operator ASX Limited fell 1.7 per cent after it reported an 8.3 per cent rise in net profit to $263.6 million, while revenue rose 11.2 per cent, helped by growth across its four business units. The company has faced intense scrutiny and criticism from regulators lately over a series of technical bungles, with the Australian Securities and Investments Commission slapping it with a $150 million capital charge in December. Its chief executive Helen Lofthouse this week said she would step down in May.

Temple & Webster plunged by 32.6 per cent after its half‑year results undershot expectations. The company reported EBITDA margins of 3.6 per cent, short of market forecasts of 3.9 per cent, according to a note from Jarden analyst Aryan Norozi. Net profits of $5.8 million fell below expectations of $8 million, and were lower than the $9 million recorded this time last year.

Wall Street has swung between gains and losses on Wednesday. – AP

The share‑price collapse came despite a 19.8 per cent revenue lift to $375.9 million and a 12.8 per cent improvement on delivered margins.

The Australian dollar was trading at US 71.13 cents shortly after 5 pm.

On Wall Street, US stocks felt both the upside and downside of a surprisingly strong report that said the nation’s unemployment rate improved last month. After initially rising toward an all‑time high, the S&P 500 flipped between gains and losses before finishing with a minuscule dip of less than 0.1 per cent. The Dow Jones dropped 66 points, or 0.1 per cent, and the Nasdaq composite fell 0.2 per cent. Both also erased early gains.

Elsewhere, Treasury yields remained higher in the bond market after the US Labor Department said employers added 130,000 jobs last month, more than economists expected. That helped calm worries from a day earlier, when a discouraging report suggested spending by US households, the main engine of the economy, may be stalling.

On one hand, the strong jobs data raises hopes that the US economy can remain solid and keep driving big profits for companies. Stocks in the energy and raw‑material industries jumped to some of the bigger gains in the S&P 500, and their profits tend to be closely tied to the health of the economy.

On the other hand, the stronger‑than‑expected jobs data could also keep the Federal Reserve on hold regarding interest‑rate cuts. Higher rates can drag on prices for stocks and other investments.

With AP