2 March 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 2 March 2026
Did you know?
30% of global seaborne oil moves through the narrow strait of Hormuz. This equates to 20.3m million barrels per day. For the oil price, this means significant opportunity for huge moves following the conflict in Iran.
Market Movements
The ASX market rose 1.4% last week, taking year-to-date gains to 4.6%. The ASX 200 set another record high during the week, closing at 9,198. The local market has been outperforming the US, with the S&P 500 down 0.4% and the tech-heavy Nasdaq falling 1.0%, dragged lower by a 5.5% drop in Nvidia following its earnings report (more below).
China bounced 3.0% on its return from Lunar New Year, and the UK was higher by 1.8%.
Resources (up 5.7%) led the Australian sectors, extending a stellar year-to-date gain of 19.4% with Consumer Stocks being the biggest laggard (down 3.3%). The final week of reporting season was broadly supportive, with Block (formerly Afterpay) surging 28% after reporting a 24% rise in gross profit, although it also announced nearly 6,000 job cuts as AI-driven efficiency takes hold.
In the US, Nvidia’s Q4 results were a beat on all metrics — revenue of US$68.1 billion (up 73% YoY, beating the US$66.2bn estimate) with data centre revenue hitting a record US$62.3 billion. Q1 guidance of US$78 billion was also well above the US$72.6 billion expected. Despite the blowout numbers, the stock fell 5.5% as Goldman Sachs noted the 2026 growth story is “fully priced in” and the market now needs a clear 2027 growth path. This contributed to the Nasdaq’s weak week and the broader information technology sector falling 0.7%.
The US Supreme Court ruling (February 20) that struck down Trump’s use of emergency powers (IEEPA) to impose tariffs, in a 6–3 decision. Trump responded within hours by imposing a new 10% global tariff under Section 122 of the Trade Act, subsequently raised to 15%. The ruling effectively lowers average tariff rates on China, India and Brazil. This came ahead of Trump’s State of the Union address on Tuesday, where he pressed ahead with tariff plans under alternative statutes and struck a belligerent tone on Iran, warning Tehran was rebuilding its nuclear weapons program. US-Iran indirect talks resumed in Geneva on Thursday, with oil markets elevated near seven-month highs on geopolitical risk.
On Saturday, the US and Israel conducted military strikes on Iran. Crude oil and Gold both opened strongly on the back or Iranian conflict (oil up 7% and Gold up 2% over the weekend).
Iran Conflict and Akambo Position:
The Akambo portfolios have been well positioned coming into the Iranian conflict. We are not surprised by these events and expect geo-politics to be a major driver of investor returns for the years ahead. We have suitable sector diversification, which includes the oil majors and gold equities, which are both up strongly this morning. We also have a strategic preference for large companies, which generally perform better in times of stress. Heightened volatility also highlights the benefit of our managed account structures, meaning we are in a position to promptly buy and sell, where we see an opportunity to take advantage of the large price swings.
Portfolio Movements
Ramsay Health Care H1 beats expectations, shares rise 10%
- Leading private hospital owner and problem stock, Ramsay Health Care, reported a H1 FY26 underlying NPAT of $172 million yesterday, an 8.1% increase, and well ahead of the $149 million consensus estimate.
- Group revenue rose 9.7% to approximately $9.34 billion with Australia the standout performer, delivering EBIT growth of 7.1% driven by admissions growth, higher acuity, and improved health insurer indexation. The interim dividend rose 6.3% to 42.5 cents fully franked.
- The company also confirmed the proposed in-specie distribution of its 52.8% stake in Ramsay Santé to shareholders, expected in Q4 2026 subject to approvals, which would simplify the group and sharpen focus on the core Australian hospital business.
Worley restructuring costs weigh on H1 result, shares fall 10%
- Leading global engineering firm, Worley reported H1 FY26 aggregated revenue of $6.3 billion, up 5.4% year on year, but underlying EBITA was essentially flat at $377 million.
- The result was weighed down by a larger than expected $82 million in one-off transformation and restructuring costs which significantly impacted statutory results, with statutory NPATA falling 29.6% to $152 million. An interim dividend of 25 cents per share was declared.
- On the positive side, project bookings reached a record $9.8 billion, up 63% on the prior period, with a healthy backlog of $16.7 billion. Management expects annual cost savings of over $100 million from FY27 from its transformation program but shares fell 10% on the day.
Constellation Energy reports Q4
- Constellation Energy reported a solid Q4 last week and completed the Calpine acquisition, creating the US’s largest power producer.
- Q4 adjusted EPS of $2.30 was slightly ahead of the $2.23 expected, with full year 2025 earnings exceeding the midpoint of guidance for the fourth consecutive year.
- The company completed its $16.4 billion acquisition of Calpine Corporation in January, creating the nation’s largest electricity producer with 55 GW of capacity.
- The annual dividend was increased 10% with a further 10% increase expected in 2026. The DOE also approved a $1 billion loan guarantee to advance the Three Mile Island restart (Crane Clean Energy Centre).
The Week Ahead
- Monday 2 March: USA ISM Manufacturing PMI (Feb) — consensus 53.0 (prior 52.6). The S&P Global flash PMI fell to 51.2, suggesting some softening with output growth at its weakest since July and employment nearly stalling. RBA Governor Bullock speech. OPEC+ meeting (Sunday 1 March) expected to discuss unwinding voluntary production cuts of 2.2m bpd from April, with reports suggesting ~137k bpd increase.
- Wednesday 4 March: Australia GDP (Q4 2025) — consensus +0.9% QoQ / +2.4% YoY (prior +0.4% / +2.1%). USA ISM Services PMI (Feb) — consensus 52.3 (prior 53.8). USA JOLTS Job Openings (Jan) — prior 6,542k.
- Thursday 5 March: USA Initial Jobless Claims (Feb 28) — prior 212k.
- Friday 6 March: USA Change in Nonfarm Payrolls (Feb) — consensus 79k (prior 130k). Unemployment Rate (Feb) — consensus 4.2% (prior 4.3%). Average Hourly Earnings MoM (Feb) — consensus +0.2% (prior +0.4%). University of Michigan Sentiment (Mar P) — prior 56.6 (final Feb). This is the last major data release before the March 17–18 FOMC meeting, where the Fed is widely expected to hold rates at 3.50–3.75%
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
