Daily Market Update: 03 March 2026

Australian market hits record high
The S&P/ASX 200 Index (ASX: XJO) edged up 2.3 points to 9200.90, marking a fourth straight record close as strength in commodity-linked stocks offset broader caution. Five of 11 sectors finished higher, with investors gravitating toward haven assets amid escalating Middle East tensions. Energy stocks rallied sharply, with Woodside Energy Group Ltd (ASX: WDS) up 6.8 per cent to $30.24, Santos Limited (ASX: STO) rising 6.7 per cent to $7.21 and Karoon Energy Ltd (ASX: KAR) surging 15.2 per cent to $1.78. Ampol Limited (ASX: ALD) gained 3.2 per cent to $29.06 after competition concerns tied to its proposed acquisition eased.

Gold and defensive stocks shine as financials lag
Gold miners advanced as bullion prices climbed, with Newmont Corporation (ASX: NEM) up 5.7 per cent to $187.22, Resolute Mining Limited (ASX: RSG) jumping 10.4 per cent to $1.64 and Genesis Minerals Limited (ASX: GMD) adding 8.5 per cent to $8.06. Lynas Rare Earths Limited (ASX: LYC) rose 5.4 per cent to $20 following a 10-year Malaysian licence renewal, while DroneShield Limited (ASX: DRO) gained 6.6 per cent to $3.86. In contrast, financials weighed on the index as Commonwealth Bank of Australia (ASX: CBA) fell 0.7 per cent to $173.49, Australia and New Zealand Banking Group Limited (ASX: ANZ) lost 1.8 per cent to $39.33, Westpac Banking Corporation (ASX: WBC) declined 1.7 per cent to $41.80 and National Australia Bank Limited (ASX: NAB) dropped 2.9 per cent to $47.62. Technology stocks were also weaker, with WiseTech Global Limited (ASX: WTC) down 4.7 per cent, Xero Limited (ASX: XRO) off 3.8 per cent and NextDC Limited (ASX: NXT) slipping 3.8 per cent. Qantas Airways Limited (ASX: QAN) retreated 5.4 per cent as aviation routes faced disruption, while Web Travel Group Limited (ASX: WEB) fell 6.5 per cent. MA Financial Group Limited (ASX: MAF) eased 2.6 per cent despite announcing the sale of Infinite Care, and Magellan Financial Group Limited (ASX: MFG) remained in a trading halt pending an equity raising to support its merger with Barrenjoey Capital Partners.

Global markets rebound despite geopolitical tensions
In the United States, the S&P 500 Index (INDEXSP: .INX) finished marginally lower, the Dow Jones Industrial Average (INDEXDJX: .DJI) slipped 0.2 per cent and the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) edged into positive territory after earlier declines of as much as 1.6 per cent. Investors rotated into large-cap technology names, with NVIDIA Corporation (NASDAQ: NVDA) rising 2.9 per cent and Microsoft Corporation (NASDAQ: MSFT) gaining 1.5 per cent. Defence and energy stocks also advanced, as Northrop Grumman Corporation (NYSE: NOC) jumped 6 per cent and Exxon Mobil Corporation (NYSE: XOM) added 1.1 per cent amid elevated oil prices. Retail-focused Palantir Technologies Inc. (NASDAQ: PLTR) climbed 5.8 per cent, while a sharp lift in the ISM Manufacturing price index to 70.5 renewed inflation concerns and pushed Treasury yields higher.