Market Close 21 Feb 25: Biggest weekly drop in 2.5 years

The Aussie share market is wrapping up its worst week since September 2022, down roughly 3% as financial stocks weigh heavily after a string of disappointing bank earnings and an RBA rate cut. Despite hitting record highs just last week, the financial sector is now on track for its worst weekly performance in two and a half years. Meanwhile, the materials sector is offering some support, with BHP up nearly 3%. In company news, Domain surged 40% after receiving a $2.7 billion buyout offer while competitor REA slumped. Looking ahead, next week’s earnings season remains packed, with major names like Woolworths, Qantas, and Nvidia in focus.

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