ASX 200 Live Today - Friday, 13th June

Welcome to our live ASX coverage for Friday, June 13. We’re excited to be trialing this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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ASX 200 slips, logs fifth straight week of gains

[4:40 pm] The S&P/ASX 200 finished 0.21% lower, trading within a relatively narrow range after the initial Iran-Israel volatility around market open. Here are some of the key highlights from today's session:

• ASX 200 finished the week 0.37% higher, marking a fifth straight week of gains

• Iran-Israel escalation drove a flight to safety, with Utilities (+4.2%) and Staples (+0.25%) outperforming the broader market

• Gold prices holding steady, currently up 1.2% (session highs of 1.7%), with the All Ords Gold Index up 4.2%

• Brent crude is currently 5.5% higher to US$74.1 a barrel, down from session highs 11.6%. Nevertheless, this drove considerable upside for energy stocks (XEJ up +4.7%)

• US futures lower, with S&P 500, Nasdaq and Russell 2000 futures currently down 1.5%, 1.6% and 2.3% respectively

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OFX Chairman buys the dip

[3:05 pm] OFX Group chair Patricia Cross disclosed a purchase of 100,000 shares, lifting her beneficial ownership to ~337,000 shares after the transaction.

OFX shares are down more than 30% since mid-May after the company's FY25 results fell short of market expectations, notably:

• Underlying NPAT down 18% to $27.7m

• Underlying EBITDA of $57.7m or 7% below market expectations of $62m

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Capricorn Metals leads gold leaderboards

[1:45 pm] Capricorn Metals has emerged as one of the best performing gold stocks on Friday, up 7.0% and on track to close at record levels.

Gold prices are up 1.23% to US$3,427 an ounce, within 1% of all-time highs.

Coincidentally, Capricorn closed its final remaining gold hedges on Wednesday. The cost of closing the put options was $50 million, paid out of Capricorn’s cash and bullion holdings of $404.6 million. This leaves the company with full leverage to gold prices.

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Small caps making moves

[1:30 pm] Here are the top small caps ($200m to $1bn market cap) winners and losers in afternoon trade.

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Bitcoin sinks, gold rises as Israel strikes Iran

[12:40 pm] The bitcoin price sunk 4.8% to $103,448 as Israel bombed Iran and warned of more strikes to come if necessary. Bitcoin's fall suggests it's a risk-on asset that rises and falls in line with share markets, as US equity futures also turned sharply lower and the S&P/ASX 200 dropped 0.4% at lunchtime.

Bitcoin also does not look like "digital gold" given it has fallen in line with risk assets, while the real gold jumped 1.2% to suggest it's an asset that benefits in terms of rising geopolitical tension.

By Tom Richardson

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Accent Group dives 22%

[12:35 pm] Shares in Accent Group nosedived 22% to levels not seen since October 2022 after this morning's trading update. As we reported earlier:

• Like-for-like sale for the 23 weeks ended 8 June 2025 down 1.0%

• Like-for-like sales for 2H25 weeks 8-23 down 2.5% (suggesting sales momentum is deteriorating)

• Gross margins for second half to date down around 80 bps year-on-year

• FY25 EBIT to be between $108-111m (vs. Citi ests of $148m)

The steep selloff may be attributed to i) negative LFL sales, with sales decelerating in the second half of FY25; ii) gross margin compression and a sharp miss vs. Citi estimates. Overall, an ugly update highlighting both top and bottom-line headwinds, that may also affect the company's dividend payout.

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JPMorgan's take on Israel-Iran

[11:40 am] According to IG Markets analyst Tony Sycamore, JP Morgan warned in a note to clients overnight that an attack on Iran, presumably at levels beyond those seen in April and October last year, could send the price of crude oil to US$120, driving US CPI to 5%.

Reuters also noted: "The analysts drew attention to certain worst-case scenarios, where the impact on supply could potentially extend beyond a 2.1 million barrels per day reduction in Iranian oil exports. Attention is focused on the risk that a broader Middle East conflict could close the Strait of Hormuz, or provoke retaliatory responses from major oil producing countries in the region."

By Tom Richardson

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Woodside gains $3.5 billion in market cap

[11:25 am] Woodside shares are trading 8.1% higher ($25.38) as we head towards noon. This move has lifted its market cap for approximately $44.5 billion to $48 billion as investors pile into energy stocks.

Brent crude has surged even higher since our last update, now up 5.8% to US$74.4 a barrel.

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Large cap gold stocks at a glance

[11:15 am] Evolution Mining and Newmont are leading the charge, while names with more hedging lag.

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Gold jumps on Israeli strikes

[11:15 am] The gold price has climbed to US$3,441 after Israel struck Iran and pushed gold stocks higher across the ASX. Newmont is up nearly 6% to $88.15 and the popular Global X exchange traded fund under the ticker GOLD has jumped 1.5% to $48.34.

Bonds are also finding a bid as investors rush into safe-haven assets around fears of an escalation. US 10-year yields dropped 5 basis points to 4.33%. Australian government 10-year bonds are down 10 basis points to 3.47%.

By Tom Richardson

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Oil stocks surge as Brent crude hits US$73

[10:40 am] Brent crude prices have surged around 4% in the past hour, pushing the US$73 a barrel level. Oil prices have now rallied more than 10% in the last three sessions, trading at a six week high.

Local oil stocks opened modestly higher, and currently surging.

• Beach Energy opened 0.4% higher to $1.27, currently up 5.1% to $1.33

• Karoon Energy opened 1.3% higher to $1.81, currently up 9.7% to $1.94

• Woodside opened 2.4% higher to $24.04, currently up 4.8% to $24.62

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Top gainers and losers at the open

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

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Oil and gold prices spike on Israel-Iran escalation

[10:15 am] Israel is reportedly conducting a massive air bombing campaign inside Iran, driving gold and oil prices sharply higher, US futures lower.

• Brent crude +2.3% to US$72.1 a barrel

• Gold +0.45% to US$3,400 an ounce

• S&P 500 and Nasdaq futures down 1.0% and 1.2% respectively

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Euroz Hartleys proposes capital return to shareholders

[9:40 am] Euroz Hartleys is seeking to return approximately $23 million back to shareholders, equal to ~14 cents per share (or a yield of 16% based on its last close). The company had a cash balance of $79 million and investments of $19.5 million as at 31 May 2025.

"Following our equal capital reduction in 2022, this proposed Capital Return will complete the Board’s two-year strategic review to simplify our corporate structure whilst retaining an appropriate balance sheet to efficiently support our business," the company said in a statement.

The capital return remains subject to shareholder approval. If approved, the stock has a 'capital return' date of 25 July.

Source: ASX Announcement | Company page: Euroz Harleys Group (EZL)

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Gold stocks to rise

[9:35 am] Local gold stocks are set for a solid session after gold prices gained 0.85% overnight to US$3,383 an ounce. The move was supported by the cooler-than-expected produce price print and easing US dollar.

This drove gold stocks sharply higher overnight, with the VanEck Gold Miners ETF up 3.0% and within 1% of its 2-Jun high.

Most gold names like Newmont, Northern Star, Evolution Mining etc. posted solid gains on Thursday, up around 2-5%.

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The Reject Shop declares special dividend

[9:20 am] The Reject Shop will pay a fully franked special dividend of 77 cents per share, subject to its Dollarama scheme becoming effective. The dividend translates to a dividend yield of 11.6%, with an ex-dividend date of July 7 and payable on July 14.

The Reject Shop and Dollarama scheme meeting is scheduled for 23 June, with the Board and largest shareholder (Kin Group with ~20.7% stake) all plan to vote in favour.

Dollarama offered the company $6.68 cash per share on 27 March, which represented a 112% premium to its last close. As a result of the special dividend, the takeover will comprise of $5.91 per share cash and the $0.77 special dividend.

Source: ASX Announcement | Company page: The Reject Shop (TRS)

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Bell Potter cuts Cettire target price by 41%

[9:10 am] Bell Potter has downgraded Cettire to a Sell (from Hold) and slashed its target price to 28 cents (from 47.5 cents) after the company reported a dire trading update on Thursday.

The key numbers from the update include:

• Sales revenue up 1.7% to $693.8m

• Continued challenges in global luxury market due to US tariffs

• Moderation in promotional activity pointing to soft June quarter revenue performance

• YTD FY25 adjusted EBITDA of $0.5m, inclusive of $2m in realised foreign exchange losses during April-May (vs. Bell Potter's prior expectations of $6.1m EBITDA)

• Net cash balance of $45 million as at 31 May vs. $76m at 31 March (down 40% in just two months)

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Accent Group guides to weak FY25 earnings

[9:05 am] Accent Group says trading conditions have continued to be challenging in the second half of FY25, with "low overall growth in the lifestyle footwear market from March to early June."

"The prevailing promotional environment, along with a disciplined focus on managing inventory levels in a lower sales environment, continues to put pressure on gross margins," the company said in a statement.

The key numbers from the announcement (vs. Citi estimates as at 13 May) include:

• Like-for-like sale for the 23 weeks ended 8 June 2025 down 1.0%

• Like-for-like sales for 2H25 weeks 8-23 down 2.5% (suggesting sales momentum is deteriorating)

• Gross margins for second half to date down around 80 bps year-on-year

• FY25 EBIT to be between $108-111m (vs. Citi ests of $148m)

Source: ASX Announcement | Company page: Accent Group (AX1)

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Brookfield offloads massive Dalrymple Bay Infrastructure stake

[8:55 am] Brookfield sold 115 million (~23% of the company) Dalrymple Bay shares at $3.72 a piece or a 7.9% discount to its close on Thursday.

Post-sale, Brookfield’s ownership will drop to ~26% via its special purpose vehicle, BIP Bermuda Holdings IV, with a six-month lock-up on further sales.

Brookfield acquired the terminal in 2010 and listed it on the ASX in 2020 via a $1.3 billion IPO at $2.57 per share, retaining a 49% stake. The stock initially struggled, but has performed strongly over the past year, up around 40%.

Brookfield says the selldown will increase the stock's free float, making it more likely to join the S&P/ASX 200 Index.

I recently wrote about why DBI has one of the most reliable business models and earnings outlook. It will be interesting to see if the stock experiences a sharp selloff due to the discount and a potential bid from income-oriented investors (the stock yields approximately 5-6%).

Source: ASX Announcement | Company page: Dalrymple Bay Infrastructure (DBI)

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US producer prices ease, extending run of encouraging inflation data

[8:50 am] US May producer price data was cooler-than-expected, supporting a clearer path for Fed rate cuts. Here are the key data points:

• US producer price inflation remained low in May, with the producer price index (PPI) rising 0.1% month-over-month, below the forecasted 0.2% increase.

• Core PPI (excluding food and energy) also increased by 0.1%, indicating minimal inflationary pressure.

• Tariffs imposed by President Trump on April 2 have not yet led to significant price increases for consumers or businesses.

• Wholesaler and retailer margins expanded in May, particularly for vehicle and machinery wholesaling, but margins have been inconsistent this year.

• Goods prices excluding food and energy rose 0.2%, with some tariff-related increases in consumer durable goods and capital equipment, offset by modest inflation in energy, food, and non-durable goods.

• Services prices increased by 0.1%, driven mainly by higher wholesaler margins.

• No major tariff-related price shocks were observed, according to economists, though price pressures may build in the second half of the year.

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What's driving stocks?

[8:35 am] Major US benchmarks finished broadly higher, as solid inflation data and corporate earnings offset volatile trade/tariff headlines.

• US May core produce prices rose 0.1% month-on-month vs. expectations of a 0.3% increase, on an annualised basis, core prices are up 3.0% vs. 3.1% expected. The tamer inflation backdrop supporters further Fed rate cuts

• The US 30-year bond auction received solid demand, easing concerns that investors would shun US long-dated treasuries

• Oracle shares surged 13% after its revenue guidance smashed market expectations, the company cited strong cloud infrastructure growth

• US trade talks with India, Japan and EU appear somewhat challenging, notably some disagreements with India and Japanese PM Ishiba reiterating no rush for a quick deal

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Good morning!

[8:30 am] S&P/ASX 200 futures are up 46 pts (+0.53%), suggesting the market will have a crack at its third record close for the week.

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