Market & Portfolio Update: February 2026

The global share market (represented by the MSCI World Gross Index) returned +1.4% in New Zealand dollar terms, despite many listed software companies facing pressure during the month. Investors are questioning how durable some software companies’ competitive advantages really are, as developments in artificial intelligence (AI) may make it easier to replicate their software. Nonetheless, the broader market tone was more resilient as investors continued to favour industries related to AI infrastructure.

The UK also contributed to the positive global share market return, with the FTSE 100 Index (an index of the UK’s 100 largest listed companies) hitting an all‑time high in February. This was driven by gains in mining stocks as metals prices firmed, alongside some notable company earnings upgrades.

The Australian share market enjoyed a strong February. Reporting season was a key theme, with several large banks and miners delivering results ahead of expectations and investors continuing to favour these parts of the market over other general growth areas, like technology.

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