ASX 200 Live Today - Friday, 20th June
The S&P/ASX 200 is set to open lower, potentially extending its losing streak to four. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Friday, June 20. 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.
Markets continue to slip, Goodbye staggered opening
[4:15 pm] The S&P/ASX 200 fell for a fourth straight session, down -0.21% but off session lows of -0.72%. For the week, the market finished 0.49% lower, snapping five straight weeks of gains.
On Monday, 23 June, the market will transition to a single opening, with all stocks opening simultaneously at 10:00 am.
This marks the end of an era that began in 1987, when the ASX introduced a staggered rotation system with five groups opening between 10:00 am and 10:09 am. The staggered approach was designed to create a more controlled market opening, particularly when large volumes of orders were expected—a feature that made Australia unique among global exchanges.
The change will have minimal impact on most investors, though traders will need to adjust their strategies. The key challenge will be whether the market can handle the concentrated opening volumes without technical issues. It will be interesting to see how brokers and the ASX cope with everything pushing through the one door on Monday.
Goodbye staggered opening. You will be missed.
Bowen Coking Coal dives 50pc
[2:15 pm] Bowen Coking Coal shares have halved following a dire liquidity announcement earlier this morning.
The company exploring sources to fund its Burton mine, seeking immediately liquidity amid a period of depressed coal prices and unsustainable Queensland government royalty fees. If unsuccessful, Bowen may close operations entirely.
This is despite a relatively sound year-to-date production upgrade, where coal sales, unit costs and capex were all in-line with FY25 guidances.
Put simply, every external factor is working against the company, and without additional funding, it may have to put Burton into C&M.
More US dollar weakness to come
[12:55 pm] The US Dollar Index is trading near levels not seen since March 2022, having lost over 10% of its value against the Euro, Pound, Swiss franc as well as down against every other major currency.
Despite the sharp selloff, UBS forecasts further weakness, driven by high US net foreign debt (88% of GDP), over-ownership of the dollar (58% of FX reserves vs. 16% of global trade), $13.4 trillion in unhedged dollar positions and potential tariff threats.
US GDP growth is expected to slow from 1.7% YoY in Q2 to 0.9% in Q4 2025, with UBS forecasting four US rate cuts by year-end (vs. market expectation of two), supporting a weaker dollar.
A weaker dollar benefits global equities (1-2% boost to MSCI AC World EPS per 10% drop in USD trade-weighted index) and emerging markets, according to the analysts.
Policy uncertainty for AGL and Origin
[12:50 pm] Energy Minister Chris Bowen announced on June 18, intentions to align the Default Market Offers (DMO) process (covering NSW, SA, and SE Queensland) with Victoria’s Default Offer, which has lower wholesale energy costs ($125/MWh vs. $180/MWh) and retailer margins ($291 vs. $429 pre-GST). Confirmation of changes is expected by the end of 2025.
Morgan Stanley flagged three potential scenarios and financial impacts:
Scenario 1 (Base Case): Modest reduction in cost pass-through leads to ~$20-30M FY27 gross margin compression for AGL and ORG, with minimal share price impact (AGL: -2%, ORG: -1%).
Scenario 2: Larger reduction in allowed margins to VDO levels, partially offset by reduced competition, results in ~$100-150M FY27 gross margin compression (AGL: -10%, ORG: -6%).
Scenario 3: Shift to a "retail price dispersion" market design could compress margins but benefit large incumbents through market share gains, leading to mixed outcomes (AGL: +4%, ORG: -2%).
Rate cuts still likely despite jobs data, says UBS
[11:52 am] Yesterday's Australian jobs data showed employment fell by 2k month on month in May, well below market expectations of a 20K gain, despite the unemployment rate holding steady at 4.1%.
But UBS believe this should have little impact on likely RBA rate cuts, and still expects 25bps cuts in both August and November.
An "early" cut in July remains a risk however, pending monthly CPI data coming next week.
By Tom Stelzer.
Small caps making moves
[11:00 am] Here are the top small caps ($200m to $1bn market cap) winners and losers.
Ticker | Company | % Chg | Price |
|---|---|---|---|
MPW | Metal Powder Works | 9.97% | $1.60 |
29M | 29Metals | 7.39% | $0.25 |
BKY | Berkeley Energia | 6.90% | $0.62 |
DXB | Dimerix | 5.88% | $0.54 |
SYR | Syrah Resources | 5.45% | $0.29 |
AX1 | Accent Group | 5.19% | $1.36 |
CAY | Canyon Resources | 4.26% | $0.25 |
MI6 | Minerals 260 | 4.17% | $0.13 |
GNG | Gr Engineering Services | 3.91% | $3.19 |
BGD | Barton Gold Holdings | 3.89% | $0.94 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
CU6 | Clarity Pharmaceuticals | -5.91% | $2.07 |
LAM | Laramide Resources | -5.88% | $0.80 |
EOS | Electro Optic Systems | -5.02% | $2.65 |
VSL | Vulcan Steel | -4.36% | $5.48 |
PWR | Peter Warren Automotive Holdings | -4.29% | $1.34 |
VYS | Vysarn | -4.21% | $0.46 |
MEI | Meteoric Resources | -4.17% | $0.12 |
PMT | Patriot Battery Metals | -4.17% | $0.23 |
GG8 | Gorilla Gold Mines | -4.04% | $0.43 |
CVN | Carnarvon Energy | -4.00% | $0.12 |
Top gainers and losers in early trade
[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.
Ticker | Company | % Chg | Price |
|---|---|---|---|
BFL | Bsp Financial | 3.25% | $7.95 |
REG | Regis Healthcare | 1.70% | $7.76 |
APA | Apa Group | 1.70% | $8.69 |
CMM | Capricorn Metals | 1.56% | $10.44 |
HMC | HMC Capital | 1.46% | $4.85 |
BXB | Brambles | 1.01% | $23.94 |
AUB | Aub Group | 0.94% | $35.33 |
ZIP | Zip | 0.92% | $2.74 |
RRL | Regis Resources | 0.76% | $4.66 |
MP1 | Megaport | 0.75% | $13.39 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
BOE | Boss Energy | -4.53% | $4.43 |
DGT | Digico Infrastructure Reit | -2.56% | $3.80 |
PLS | Pilbara Minerals | -2.55% | $1.26 |
CIA | Champion Iron | -2.39% | $4.08 |
ZIM | Zimplats Holdings | -2.11% | $16.25 |
TLX | Telix Pharmaceuticals | -1.76% | $24.56 |
SGM | Sims | -1.75% | $15.18 |
BSL | Bluescope Steel | -1.75% | $22.50 |
TAH | Tabcorp Holdings | -1.74% | $0.73 |
CPU | Computershare. | -1.70% | $39.99 |
Galan Lithium raises $20 million at a 21% premium
[10:00 am] Galan Lithium secured binding commitments for a $20 million placement at 11 cents per share or a 21% premium to its last closing price of 9.1 cents, from an existing shareholder, The Clean Elements Fund. The Placement is subject to Clean Elements’ satisfactory completion of due diligence over a period not longer than 77 days.
The proceeds will fund the company's final construction for Phase 1 at its Hombre Muerto West project (HMW) in Argentina, which will see production of lithium chloride concentrate in the first half of 2026.
While a massive premium is typically a bullish catalyst, the announcement also flagged: "Despite efforts to secure debt funding, the prevailing economic environment has resulted in unfavourable terms and higher costs associated with debt. By opting for equity raising Galan will strengthen its balance sheet and minimise financing risk, whilst carrying no debt, as the Company brings HMW into production."
With a market cap of approximately $87 million, the raise introduces notable dilution.
Source: ASX Announcement | Company page: Galan Lithium (GLN)
Bowen Coking Coal delivers solid production amid balance sheet challenges
[9:50 am] The battered Bowen Coking Coal delivered a solid FY25 year-to-date report, with most numbers tracking within its prior guidance, including:
Coal sales of 1.7Mt vs. 1.6-1.9Mt guidance (2.8% miss at the midpoint)
Unit costs of A$151 a tonne vs. $145-165 a tonne guidance (2.5% beat)
Capex of $65m vs. $65-85m guidance (13% beat)
Reaffirms plan to achieve high-end of ROM coal production and coal sales guidance, and the low-end of FOB cost guidance for FY25
Despite the solid operational performance, the announcement flagged: "Given the status of depressed coal markets, combined with the unsustainable Queensland State coal royalty regime, earnings for producers in the industry, including Bowen, remain under extreme pressure. In addition, some producers are also facing liquidity challenges, of which Bowen is one."
The company said it is currently exploring sources to fund its Burton owner-operator transition plan and to provide immediate liquidity. If unsuccessful, the company may "need to consider temporarily pausing part or all of its operations until markets return."
Source: ASX Announcement | Company page: Bowen Coking Coal (BCB)
Lendlease completes Capella Capital sale
[9:35 am] Lendlease completed the sale of its interests in Capella Capital to Japan's Sojitz Corp for $235 million. The selldown was announced on 31 January, adding to the company's $1.9 billion of capital recycling initiatives. As per the prior announcement:
Sale to contribute $70m to FY25 operating profit after tax
First half FY25 group EPS to be between 17-20 cents, gearing towards 26-28% butt trend lower in the second half, towards the top end of target 5-15% range
Reaffirmed FY25 EPS guidance of 54-62 cents
Source: ASX Announcement | Company page: Lendlease (LLC)
UBS updates ratings and targets for several REITs
[9:20 am] UBS has released a series of upgrades and downgrades for several REITs, including:
Centuria Capital upgraded to Neutral from Sell; target increased to $1.81 from $1.74
Centuria Office REIT upgraded to Neutral from Sell; target increased to $1.20 from $1.14
Charter Hall Retail REIT downgraded to Neutral from Buy; target increased to $3.95 from $3.69
HomeCo Daily Needs REIT downgraded to Neutral from Buy; target increased to $1.40 from $1.35
Lendlease Group upgraded to Neutral from Sell; target decreased to $6.05 from $6.38
Vicinity Centres downgraded to Sell from Neutral; target increased to $2.38 from $2.27
UK, Switzerland and Norway: Dovish Central Banks
[9:00 am] Very busy on the central bank front. Here are the key takeaways.
Bank of England:
Outcome: Held interest rates at 4.25% in a 6-3 vote, more divided than the expected 7-2 split, with three members (Swati Dhingra, Alan Taylor, Dave Ramsden) favoring an immediate quarter-point cut.
Key Points: The BOE anticipates a significant slowdown in pay growth and sees signs of disinflationary pressures in the labor market, with a potential quarter-point cut in August. The bank is monitoring inflationary risks from rising oil prices due to Middle East tensions, maintaining a "gradual and careful" approach to future rate cuts.
Swiss National Bank:
Outcome: Cut its interest rate to 0% in a sixth consecutive reduction, as widely expected, while maintaining a -0.25% charge on excess bank reserves above a threshold.
Key Points: The SNB's tiered remuneration system encourages interbank lending, with only a small fraction of sight deposits facing negative rates. The decision reflects lower inflationary pressures, but banks and insurers face challenges in a zero-rate environment, with the SNB cautious about further cuts into negative territory.
Norges Bank:
Outcome: Unexpectedly cut its key deposit rate by a quarter point to 4.25%, the first post-pandemic reduction, surprising all economists surveyed by Bloomberg.
Key Points: The decision reflects tamed inflation and a stable krone, with forecasts indicating one or two more cuts in 2025 and a rate path declining to ~3% by 2028. The bank raised growth projections for the mainland economy and lowered core inflation forecasts.
Symal on track to top FY25 EBITDA guidance
[8:45 am] Symal says its on-track to deliver normalised FY25 EBITDA of approximately $105 million vs. prospectus guidance of $102.3 million (or a 2.6% beat) due to higher than expected margins.
Revenue for the year is expected to finish at approximately $900 million, missing prospectus expectations of $961.1 million (or a 6.3% miss). The company attributes the weaker-than-expected top-line result to project timing.
"The movements in revenue include phasing of Eastern BTA (North East Link) spend, re-sequencing in a number of existing projects, and several project wins commencing later than expected. The timing adjustments to revenue and associated margin will support the Group’s FY26 delivery," the company said in a statement.
Symal's work-in-hand at the end of May 2025 was $1.46 billion, up from $1.37 billion on 21 February 2025 (up 6.5%).
Source: ASX Announcement | Company page: Symal (SYL)
Good morning!
[8:30 am] S&P/ASX 200 futures are down 23pts (-0.27%), suggesting the market is on-track slip for a fourth straight session. The US market was closed overnight in observance of Juneteenth, while European markets continued to give back recent gains.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
