ASX 200 Live Blog - Friday, 23rd May

Welcome to our live ASX coverage for Friday, May 23rd. We’re excited to be trialing this new format. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

ASX 200 higher,

[4:15 pm] The ASX 200 finished 0.15% higher, a little off session highs of 0.38% and closing out the week up 0.21%. Breadth was relatively poor, with only 115 stocks closing higher. Sectors including Utilities, Materials, Discretionary and Staples finished broadly lower.

Stocks moving on unusual volume

[3:00 pm] These are the S&P/ASX 200 stocks experiencing unusual volume, as a % of their 20-day average volumes.

Fortescue Iron Bridge delay

[1:30 pm] Fortescue issued an update for its Iron Bridge on Thursday, guiding to shipments of 10-12Mt (100% basis) in FY26 and achieving nameplate capacity of 22Mt per annum by FY28.

The dates are roughly two years later than previous expectations, and the updated shipment figures were well-below consensus expectations.

Fortescue shares have slipped around 3.5% since the announcement.

Despite the wide miss, Iron Bridge only contributes a small portion to group earnings, and most analysts made modest earnings revisions, if any.

Top gainers and losers at noon

[1:15 pm] Here are the S&P/ASX 200 stocks making the biggest gains and declines at noon.

Stocks on the move

[11:40] The S&P/ASX 200 is trading 0.27% higher, recouping some of yesterday's 0.45% fall. Here are some stocks of interest:

• Boss Energy (+12.9%), Deep Yellow (+8.7%) and Paladin Energy (+8.6%) are broadly higher after Trump announced plans to boost US nuclear energy output.

• MA Financial (+6.7%) after the company agreed to buy IP Generation, a specialist real estate investment management firm.

• Myer (+4.0%) shares are ticking higher after its 2H25 trading update (16 weeks) highlighted a turnaround in sales momentum, with total Myer sales up 1.9% vs a 2.6% fall for the first five weeks of 2H25.

• Catalyst Metals (-3.7%) shares eased after the company raised $160 million at $6.00 a piece. The stock is currently trading at $6.41 since gold prices have gained around 2.8% since the stock was halted on Tuesday.

• Duratec (-5.5%) shares dipped after the company downgraded its FY25 revenue and EBITDA guidance by 6.8% and 4.6% (at the midpoint). Though the stock is bouncing off worst levels as management believe delayed projects will be awarded in coming months.

Small caps making moves

[11:00 am] Here are the top small caps ($200m to $1bn market cap) gainers and losers heading into noon.

Top gainers and losers at open

[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.

Watch uranium stocks

[10:10 am] US President Donald Trump plans to invoke wartime powers on uranium and is preparing to sign executive orders as soon as Friday to revive the US nuclear energy industry.

Uranium stocks have opened broadly higher, with Boss Energy (+10.7%), Deep Yellow (+8.2%) and Paladin (+7.7%) leading the charge.

Its also worth noting that these are some of the most shorted stocks on the market, with short interest of 22.3% for Boss Energy, 15.5% for Paladin and 11.7% for Deep Yellow.

Catalyst Metals completes $150m raise

[9:50 am] Catalyst Metals has successfully raised $150 million to 'leading domestic and offshore institutional investors' at $6.00 a share (9.6% discount to last close).

The proceeds will boost the company's cash position to almost $250 million, to fund the development of its Plutonic Gold Belt and further exploration activities.

Gold prices have rallied around 2.9% since Catalyst shares were halted on Tuesday, 20 May.

Source: ASX Announcement | Company page: Catalyst Metals (CYL)

Duratec downgrades FY25 guidance

[9:35 am] Engineering, construction and remediation contractor Duratec has downgraded its FY25 guidance reflecting "the impact of external factors on project delivery in the second half."

• Revenue revised down to $570-585m from prior $600-640m (6.8% downgrade at the midpoint)

• EBITDA revised down to $50-53m from prior $52-56m (4.6% downgrade at the midpoint)

• In FY24, Duratec reported revenue of $555.8m and EBITDA of $47.6m

The revisions were driven by delayed projects and weather disruptions. Though, the company reiterated:

• May and June are showing strong performance

• Order book remains strong at $400m, with continued positive momentum in tendering

• Delayed projects to be awarded in coming months

Source: ASX Announcement | Company Page: Duratec (DUR)

Bendigo Bank 3Q25 earnings slip

[9:30 am] Bendigo Bank provided a 3Q25 update, with most key metrics trending lower compared to the prior period/1H25 quarterly average.

• Cash earnings after tax down 7.8% (vs. 1H25 qtr avg) to $122.2m

• Net interest margin flat quarter-on-quarter at 1.87%

• Net interest income of $416.2m vs. first-half run rate of $417.3m

• CET1 ratio down 34 bps quarter-on-quarter to 10.83%

No consensus data on our end. Consensus (Feb-25) was expecting net interest margins of 1.92% in the second half and CET1 ratio to close out FY25 at 11.05%.

Bendigo Bank experienced a 15% one-day selloff on 17-Feb after the company reported weaker-than-expected cash earnings (5% below consensus) and NIMs of 1.88% (vs. 1.95% cons). The stock is currently trading around 17-Feb levels.

Source: ASX Announcement | Company Page: Bendigo Bank (BEN)

Myer mixed 2H25 trading update

[9:20 am] Myer has reported a relatively mixed second-half trading update (16 weeks) as sales returns to positive growth.

The positives include (for the first 16 weeks of 2H25):

• Myer total sales up 1.9% to $837.2m (vs. total sales fell 2.6% in the first five weeks of 2H25)

• Myer comparable sales up 1.5%, online sales up 9%

• Apparel brands sales down 3.9% to $211.2m

• Apparel brands comparable sales down 3.7%, online sales down 3.5%

Management flagged a few negative drivers and risks including:

• Second half performance has been impacted by a number of market-wide and company-specific challenges including i) margin pressure from increased promotional activity; ii) rising costs (wages, occupancy, leadership investments) and iii) unfavourable foreign exchange movements

• Shift to concession sales and complexities/remediation costs at the new National Distribution Centre (NDC) in Ravenhall, Victoria, delaying expected benefits

Source: ASX Announcement | Company Page: Myer (MYR)

Goldman Sachs remains bullish on Wesfarmers

[9:15 am] Goldman Sachs reiterated a Buy rating for Wesfarmers and lifted their target price from $80.40 to $87.30 after the company held its FY25 Strategy Day on Thursday.

Here are some of the analysts' key takeaways:

• FY25 Strategy Day: Management outlined an organic growth-focused plan, prioritising portfolio balance to achieve top-quartile TSR vs. ASX 100. No specific financial guidance provided, consistent with past practice. Strategic plan supports high-quality growth.

• Bunnings: Targeting >10% space productivity by FY27 vs. FY24, scaling marketplace and retail media for margin growth. Expect mid-single-digit top-line and high-single-digit EBIT growth medium-term.

• Kmart: Revised long-term goal to double topline to ~A$20bn from prior A$10bn sales target.

• WesCEF: Updated guidance shows larger losses (-$60m FY25, higher in FY26) vs. prior estimates (-$47m FY25, -$7m FY26). FY27 remains the inflection point for positive profit.

• Health: In investment mode, focusing on high-return consumer businesses. Wholesale productivity improvements lag by 12-18 months, but new facilities are on track. Management optimistic about Priceline share gains.

Auckland Airport confirms discount charges

[9:10 am] Auckland International Airport will reduce average per-passenger airline charges over the next two financial years by:

• NZ$1.08 for regional travel to NZ$8.95

• NZ$1.74 for domestic jet travel to NZ$12.75

• NZ$4.86 for international travel to NZ$38.86,

This follows the Commerce Commission’s ruling that the airport was targeting excessive returns. The move reduces regulatory uncertainty but signals lower returns due to softer passenger volumes and cost pressures.

Earlier this month, analysts downgraded near-term earnings forecasts, citing downside risks, and expressed caution about future PSE5 pricing, with potential changes in depreciation methods possibly limiting pricing power.

Source: ASX Announcement | Company Page: Auckland International (AIA)

Oil prices under pressure

[9:10 am] Brent crude prices slipped 0.9% overnight to US$63.9 a barrel after a Bloomberg article flagged:

• OPEC+ members are considering a third consecutive oil production hike in July of 411,000 barrels a day, among other options under consideration

• The figure is more than triple the amount initially planned, though no final agreement has been reached

• OPEC+ claims the supply increase is to satisfy demand, but the article notes a range of other motives including punishing over-producing members to recoup market share

• Bloomberg's survey notes 25 of 32 traders and analysts expect to see the 411,000 bpd hike approved

Source: Bloomberg

Rio Tinto CEO to step down

[9:00 am] Rio Tinto Chief Executive Jakob Stausholm announced his plans to step down later this year, at the conclusion of a succession process.

Stausholm joined Rio Tinto in 2018 as Executive Director and CFO, and become CEO in January 2021. Some of his key achievements include i) restoring stakeholder trust after the 2020 Juukan Gorge incident; ii) a strategic pivot to energy transition metals (including the acquisition of Arcadium Lithium) and iii) progressing the Oyu Tolgoi copper project in Mongolia.

The company says "a rigorous selection process is already underway".

Source: ASX Announcement | Company page: Rio Tinto (RIO)

Top stories from Livewire

The surprise ASX stock topping the list for global fundies | Brambles, an Australian logistics and pallet company, has become a surprising favorite among global funds, with over 10% holding it despite the ASX's high valuations. Despite recent sales growth concerns, its strong market position and improved cash flow management have driven a 55% stock rise in 2025, outperforming the ASX 200.

The beaten-up sector offering value and 2 ASX stocks that could lead a turnaround | The ASX energy sector has been a consistent underperformer, down 20% in 2024 and 10% in 2025, lagging global peers due to a pronounced derating and low price-to-book multiples. Despite challenges, portfolio manager Tim Zhao highlights potential catalysts like AI-driven gas demand and attractive valuations, with Woodside Energy and Viva Energy emerging as compelling value opportunities.

Buy Hold Sell: 3 stocks on a tear and two the market is overlooking | In a volatile macro environment marked by tariff uncertainties, Livewire’s Buy Hold Sell series highlights Australian growth stocks, with experts highlighting healthcare as a sector where Australia excels, exemplified by CSL’s rise from microcap to $120 billion. Analysts recommend buying Life360 and Catapult for their strong growth potential in family safety and sports tech, respectively, while Kelsian is viewed cautiously due to debt and weak growth, with Smart Parking and Megaport pitched as undervalued growth opportunities.

What's driving stocks?

[8:45 am] It was a relatively quiet overnight session, where a last minute selloff dragged the S&P 500 back down to breakeven territory.

• Bond yields stabilised, with most US yields down 3-6 bps after a weak 20-year note auction on Thursday placed upward pressure on rates and a pullback in equities

• Sentiment tailwind is starting to fade, with AAII sentiment noting bulls rising to 37.7% last week, now exceeding bears (36.7%) for the first time since late January

• House Republicans set to pass reconciliation bill following changes including raising SALT deduction cap to $40,000 (from current $10,000 and initial $30,000 version), moving up start Medicaid work requirements and accelerating rollback of IRA tax credits

Good morning!

[8:40 am] S&P/ASX 200 futures are up 22 pts (+0.26%), set to recover some of yesterday's (-0.45%).

If you’re new to the blog – catch up quick via today’s Morning Wrap.