3 ASX 200 Large-Cap Shares Hitting Multi-Year High Today
The following three ASX 200 stocks reached multi-year high on Wednesday but the moot question is what drove the rally and how the momentum will take it further.
National Australia Bank Limited (ASX: NAB)
National Australia Bank Limited (ASX: NAB) rose 3.97% on Wednesday after its First Quarter FY26 trading update which reflects positive investor reaction to stronger earnings momentum.
Cash earnings increased 15% compared with the 2H25 quarterly average to $2 billion which was supported by 12% growth in underlying profit.
Net operating income moved up 6% to $5.6 billion while net interest margin improved by 2 basis points to 1.80% which shows solid deposit performance and loan expansion.
The bank kept expenses broadly flat even with continued investment in technology which shows productivity benefits and business lending during the quarter rose 2%.
The Group CET1 ratio stood at 11.48% which remains well above regulatory minimums and the bank appears well placed to maintain earnings growth and shareholder returns through FY26.
The a2 Milk Company Limited (ASX: A2M)
The a2 Milk Company Limited (ASX: A2M) reached a new multi-year high on Wednesday after it released its 2026 Interim Results on 16 February 2026 which led to a positive reaction from investors due to strong revenue and earnings growth.
Revenue rose 18.8% year-on-year to NZ$993.5 million while EBITDA increased 18.4% to NZ$155.0 million which reflects solid performance across China ANZ and the USA.
Infant Milk Formula sales grew 13.6% which was supported by 20.9% growth in English label and 6.5% growth in China label while Other Nutritionals rose 69.0% which shows successful product innovation.
The company upgraded its FY26 outlook and now expects mid double digit revenue growth with EBITDA margins of around 15.5% to 16.0%.
The business holds a strong brand position in China and is expanding into paediatric supplements and emerging markets such as Vietnam while the supply chain strengthened after the a2 Pokeno acquisition which places a2 Milk in a good position for sustained long-term growth.
Qube Holdings Limited (ASX: QUB)
Qube Holdings Limited (ASX: QUB) touched a new high of $5.05 on Wednesday after it announced on 16 February 2026 that it had signed a Scheme Implementation Deed with a Macquarie Asset Management led consortium which has agreed to acquire 100% of the company through a scheme of arrangement.
Shareholders under the proposal will receive $5.20 in cash per share which implies an enterprise valuation of about $11.7 billion and the transaction has no financing condition attached which increases certainty around completion
The offer reflects Qube’s strong position as a leading logistics and supply chain infrastructure provider across Australia and New Zealand which supports the value being placed on the business.
The Board has unanimously recommended that shareholders vote in favour of the scheme subject to customary conditions and an independent expert concluding that the proposal is in the best interests of shareholders.
(Source: Company Reports)
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