🇦🇺 Australia · Industry Week Ending: 25 September 2026

Airlines

For the week ending 25 September 2026, Airlines advanced 3.33% with 3 advancing, 0 declining, and 0 unchanged constituents.

Index level: 655.52
Weekly return: 3.33%
Measured companies: 3
Weekly breadth: 3 up / 0 down
Weekly peer rank: 1 of 16

Universe country-listed · Equity onlyPrice basis Adjusted weekly closeConstruction Capped equal-weight returns · Weekly rebuild

Explore Industrials →

156 completed weeks

Airlines price and trend

Current architecture Unresolved 4 completed weeks in this state

Trend acceptance -0.8% Index versus Trend Line

Persistence 75% Negative regime, horizons divided

Participation 100% 3 advancing, 0 declining

Index Value Trend Line Fair Value Activity Lines Constructive Transition Defensive

Weekly index closes and the Trend Line. Dashed grey shows the latest Fair Value reference; it is not a historical forecast. Enable the other overlays for more detail.

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Reduce exposure into strength

Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.

44 technical evidence
out of 100

Evidence balance

Five-pillar map

Reduce

Trend

Breadth

Persistence

Relative

Risk quality

What supports the view

Participation is broad enough to support the index move.

What restrains conviction

Index trend architecture has not delivered a durable upward expansion.
Constituent persistence remains divided or predominantly negative.
The group is not yet delivering dependable relative outperformance.
Positive contribution is concentrated in a small leadership cohort.

Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view

A completed weekly reclaim of 689.12, the higher of Trend Line and Fair Value, would improve the structural case.
Breadth holding above 55% for several completed weeks would show that repair is spreading.
Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age4 weeks

Trend gateMixed

Fan width4.01%

Fast versus slow change-2.36 pts

Above 0% Below 83%

Six completed weeks of price acceptance relative to the full Activity Line fan.

Index persistence

Negative regime, horizons divided

75% agreement

The 52-week trend is negative, while shorter horizons remain mixed.

13-week

-10.7%

26-week

5.9%

39-week

-21.3%

52-week

-24.5%

Regime age30 weeks 52-week flips1 52-week boundary867.77

Constituent trend persistence

Is the index move broadly durable?

100% coverage

0%positive

Coherent positive0%

Coherent negative33%

Average horizon agreement83%

Positive horizon share17%

Weakening positives0

Repairing negatives0

3 constituents measured as of 18 Sep 2026. Median trend age is 11 weeks.

Custom stage map

Where constituents sit in the cycle

Stage Analysis coverage is still building.

Capital rotation

Performance relative to Industrials

Weakening

Relative index 13-week relative trend Starting level

Rotation dashboard Weakening

The relative index starts at 100. Above 100 means this group has outperformed Industrials since the first plotted date; below 100 means it has lagged. A rising line can show relative improvement even when both markets are falling.

Relative index76.0

13-week trend79.0

4-week trend change-2.65%

Weekly peer rank1 of 16

1 week

3.5 pts relative

4 weeks

1.5 pts relative

13 weeks

-14.2 pts relative

26 weeks

-0.4 pts relative

52 weeks

-25.2 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Broad

100% advanced

Advancing: 3
Declining: 0
Unchanged: 0

4-week average 58%

13-week average 38%

Risk and persistence

Path quality

52-week lens

Annualised weekly volatility27.1%

Drawdown from 52-week high-24.6%

Positive weeks, last 1354%

Current directional run2 weeks

Turnover versus 13-week norm217%

Breadth impulse66.7 pts

Cross-section

Return distribution

3 measured

0Below −5%0%

0−5% to −1%0%

0−1% to +1%0%

3+1% to +5%100%

0Above +5%0%

Weekly returns across measured companies. Bars are scaled to the largest group; percentages show each group’s share.

Q1 2.6% Median 2.9% Q3 3.9%

Average winner3.3%

Average loser%

Dispersion1.0 pts

Top-five upside share100%

Top-five capital share100%

Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week price change

Index price change over 30 weeks, or the available history if shorter. Green above zero; red below.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Within the same sector

Where are returns broadly supported?

Compare the weekly result with the share of companies advancing.

↑ Companies advancing · 50% marks half of measured companies

Mixed beneath declinesBroad gainsBroad declinesNarrow gains 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

−5.0%Weekly index return · zero at centre+5.0%

Compare return with participationHover or focus a marker for the full reading. Select it to open the report.

Markers show weekly return rank. Hover or focus for the name. Fine lines connect separated markers to their actual positions. Up, down and unchanged companies all count in participation.

Rank / Industry	Weekly return	Advancing share	Up / down	Companies	Week ending
1AirlinesIndustrials	3.33%	100%	3 / 0	3	25 Sep 2026
2Electrical Equipment & PartsIndustrials	2.12%	33%	3 / 3	9	25 Sep 2026
3Engineering & ConstructionIndustrials	1.98%	58%	14 / 8	24	25 Sep 2026
4Industrial DistributionIndustrials	1.96%	33%	1 / 2	3	25 Sep 2026
5Waste ManagementIndustrials	0.12%	40%	2 / 2	5	25 Sep 2026
6Rental & Leasing ServicesIndustrials	0.00%	33%	1 / 2	3	25 Sep 2026
7Building Products & EquipmentIndustrials	-0.21%	25%	1 / 2	4	25 Sep 2026
8Integrated Freight & LogisticsIndustrials	-0.45%	38%	3 / 4	8	25 Sep 2026
9Staffing & Employment ServicesIndustrials	-0.74%	20%	1 / 3	5	25 Sep 2026
10ConglomeratesIndustrials	-0.94%	40%	2 / 2	5	25 Sep 2026
11Specialty Industrial MachineryIndustrials	-1.24%	33%	3 / 5	9	25 Sep 2026
12Aerospace & DefenseIndustrials	-1.51%	20%	1 / 3	5	25 Sep 2026
13Specialty Business ServicesIndustrials	-1.99%	27%	3 / 5	11	25 Sep 2026
14Pollution & Treatment ControlsIndustrials	-2.52%	22%	2 / 5	9	25 Sep 2026
15Infrastructure OperationsIndustrials	-2.80%	20%	1 / 4	5	25 Sep 2026
16Security & Protection ServicesIndustrials	-5.04%	14%	1 / 3	7	25 Sep 2026

Australia · Weekly return relationships

Which markets move together?

Compare sectors and industries within Australia over the same 52-week window. Strong positive relationships can mean that apparently different holdings share the same risk.

Sectors · average pair correlation0.54

Closest: Technology and Industrials (0.85; 52 weeks).

11 indexes · 55 qualifying pairs

Industries · average pair correlation0.21

Closest: Gold and Other Precious Metals & Mining (0.96; 52 weeks).

88 indexes · 3828 qualifying pairs

Pearson correlation of weekly percentage returns through 25 Sep 2026: +1 means moving together, 0 little linear relationship, −1 moving in opposite directions. Requires 39 matching observations for the 52-week comparison and 10 for the recent 13 weeks. Missing weeks are excluded, not filled with zero. Constant series have no defined correlation. These are local-currency, capped equal-weight indexes; sectors and their component industries overlap. A lower correlation does not establish a hedge.

Sector correlations compare broad business groups. Industry correlations reveal closer links within and across sectors. The selectors retain all qualified groups; the matrix shows the ten largest by company coverage.

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence

Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 3 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 AIZAir New Zealand Limited

4.76% 2 VGNVirgin Australia Holdings Ltd

2.94% 3 QANQantas Airways Limited

2.29%

Weakest edge

3 QANQantas Airways Limited

2.29% 2 VGNVirgin Australia Holdings Ltd

2.94% 1 AIZAir New Zealand Limited

4.76%

Constituent ledger

Industry constituents

All 3 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return

1 AIZ Air New Zealand Limited ASX 986.24M 0.33 1.59 pts

4.76%

2 VGN Virgin Australia Holdings Ltd ASX 2.14B 2.80 0.98 pts

2.94%

3 QAN Qantas Airways Limited ASX 13.72B 8.93 0.76 pts

2.29%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.