Australian markets reached a historic milestone on Thursday, February 19, 2026, as the benchmark S&P/ASX 200 index surged to a new all-time intraday high of 9,118.3 points. The index ultimately closed at 9,086.2, marking a gain of 0.88%. This performance represents the fourth consecutive day of gains for the local bourse. The rally was largely underpinned by a robust corporate earnings season. Major players in the banking and mining sectors provided significant momentum. National Australia Bank (NAB) recently reported a 16% rise in first-quarter cash earnings to $2.02 billion, supported by a 6% increase in customer deposits and improved lending volumes. Mining giant BHP also contributed to the positive sentiment after delivering a strong half-year profit that exceeded market expectations. The materials sector overall saw a 1.3% boost, further supported by rising copper prices. Copper futures have trended upward, recently trading near $11,822 per tonne on global markets, as supply constraints and industrial demand provide a price floor. Economic data released on Thursday provided additional context for investors. The Australian Bureau of Statistics confirmed the national unemployment rate remained steady at 4.1% for January. While net employment grew by 17,800, the data showed a notable shift as full-time positions jumped by 50,500, offset by a decline in part-time roles. Energy and communication services were the standout performers of the day. Energy stocks soared 3.8% amid geopolitical tensions, while Telstra’s better-than-expected dividend results helped propel the communications sector up by 2.25%. Conversely, the consumer discretionary sector struggled, dropping 2.99% as high-profile retailers faced post-earnings sell-offs. Market participants are now pricing in a 77% chance of a 25-basis-point interest rate hike by the Reserve Bank of Australia in May. This expectation stems from the continued tightness in the labor market and persistent inflationary pressures reflected in the latest wage growth figures.