ASX 200 Live Today - Friday, 5th September

Welcome to our live ASX coverage for Friday, September 5. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap up around 1:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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That's a wrap

[1:55 pm] The S&P/ASX 200 is on track to finish the week around 1.3% lower after a volatile few days, dropping 2.6% between Monday and Wednesday before bouncing back in the last two sessions. It's been a rather quiet week on all fronts: corporate updates, broker research, economic data etc.

The market's kind of settling below the 20-day moving average, sitting in 'no man's land'.

The long-term bull case remains intact after strong earnings seasons in both the US and Australia, plus encouraging PMI readings, GDP data, and consumer spending figures. However, short-term catalysts are lacking following the recent run-up, with weak seasonality, fiscal deficit concerns, and bond yield volatility all creating headwinds.

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Data centre stocks broadly higher

[12:31 pm] Names like NextDC (+3.5%), DigiCo REIT (+2.2%) Infratil (+1.6%) and Goodman Group (+1.2%) broadly higher. Unclear if its part of the broader tech bounce or related to news that Blackstone is testing appetite for its $24 billion AirTrunk Sydney data centre.

According to the AFR, Blackstone is gauging interest in a partial sale of AirTrunk’s SYD1 hyperscale data centre in Sydney, following its $24 billion acquisition last year with CPP Investments.

NextDC may also be leading the crowd thanks to its stronger-than-expected FY25 result last Friday. The key takeaways from Citi include:

• Billing ramp faster than expected: FY26e billing utilisation ~168 MWs vs. consensus 127 MWs, FY27e ~226 MWs vs. 180 MWs. This implies at least 10% upgrade to FY27e consensus EBITDA.

• Capital efficiency focus: New JV structures (S4/S7, Tokyo1) and debt funding for contracted assets likely removes near-term equity raise concerns.

• Strong operating cash flow: Up 73% YoY to $223m, +32% above estimates due to higher receipts from customers and lower supplier payments.

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4DMedical has surged 440% since Pro Medicus backed the company

[12:22 pm] Its been non-stop fireworks for 4DMedical, ever since Pro Medicus invested $10 million in the company on 31 July.

4DMedical is a med-tech company using its patented XV Technology and AI-powered imaging to provide advanced, FDA-cleared tools for earlier and more precise diagnosis of respiratory diseases.

The deal is structured as a hybrid debt-and-equity loan, non-dilutive if the share price stays rangebound, but offering upside for both Pro Medicus and 4DMedical shareholders if the stock performs strongly over the two-year term.

Momentum has also been fuelled by a string of recent wins, including FDA clearance for its CTVQ product, a $6 million R&D tax incentive, and a US reimbursement code for CTVQ.

4DMedical daily price chart (Source: TradingView)

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Federal court rules Woolworths, Coles breached pay obligations

[12:18 pm] The court found that employee entitlements must be satisfied within each pay cycle, and that Woolworths and Coles failed to meet record-keeping obligations under regulations 3.33 and 3.34.

It ruled that employers bear the burden of disproving allegations where records are missing, and must prove employees knowingly agreed to forego award entitlements. A case management hearing is scheduled for 27 October 2025.

Coles has responded to the court decision: "Coles is now reviewing the judgment to understand its implications for Coles Group. Given the complexity of the judgment, this may take some time."

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Tech and Real Estate stocks bounce

[11:15 am] The S&P/ASX 200 continues its bounce, currently up 0.42%, though it's yet to fully recover from Wednesday's ~1.8% selloff. The market has bounced off the 50-day moving average and is now approaching the 20-day. Let' see how it behaves around these key levels .

Tech and Real Estate are leading the charge higher, suggesting some risk appetite is returning alongside relief from lower bond yields.

S&P/ASX 200 sectors (Source: Market Index)

S&P/ASX 200 daily price chart (Source: TradingView)

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ASX 200 gainers and losers in early trade

[10:24 am] A few risk/growth-oriented names ticking higher (Zip, Life360), while a mixed bag of names slip (mostly resources and some reporting season losers).

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Orica business update

[9:54 am] "The positive momentum that underpinned Orica’s 2025 first half underlying performance has continued into the second half of the year, with earnings from all three segments expected to be higher than the prior corresponding period," the company said in a statement this morning.

The key takeaways for the three segments include:

• Blasting solutions: Core business continues to perform strongly.

• Digital solutions: Demand for suite of digital offerings and value-added services continues to grow.

• Specialty mining chemicals: Earnings growth driven by strong manufacturing performance and new contract awards in both cyanide and emulsifiers.

No guidance was provided for the full-year, though Orica noted capex to be broadly in-line with 2024 and net finance costs to be at the upper end of the previously guided range of $190-200 million.

A positive update, though no major surprises as most analysts anticipate solid growth in the second half. Orica shares have had a strong run since its first-half result in May.

Orica daily price chart (Source: TradingView)

Note: Orica reports off cycle, with its full-year results to be announced on Thursday, 13 November 2025.

Source: ASX Announcement | Company page: Orica (ORI)

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Bannerman Resources secures two offtake agreements

[9:33 am] Bannerman Energy is an emerging uranium player, advancing its Etango Project in Namibia. The company has signed two binding offtake agreements for the sale of 1 million pounds of uranium over a five-year term from 2029 to 2033.

The key highlights of the offtake include:

• Each agreement includes an option in the utility’s favour to flex up or down by 10% in each year.

• The counterparties to the offtake agreements are two of North America’s largest energy providers, both of which are Fortune 500 companies with investment-grade credit ratings and extensive power generation.

• Both contracts are structured as base price contracts with escalation provisions based on the US GDP Implicit Price Deflator (GDP-IPD).

• The base price is broadly reflective of the current level of long-term uranium price indices.

Source: ASX Announcement | Company page: Bannerman Resources (BMN)

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Alcoa Jefferies Industrials Conference highlights

[9:10 am] Alcoa presented at the Jefferies Industrials Conference last night. Here are some of the key takeaways:

• Alumina market seen in surplus through 2026, while global aluminum market stays broadly balanced amid rising demand and potential supply constraints.

• Strong demand outlook for value-add products in North America and Europe; Canadian aluminum imports to benefit from preferential tariffs.

• Operational updates: WA mining approvals expected by mid-2026, San Ciprián restart pushed to mid-2026, Alumar smelter to be fully profitable by then, Warrick restart unlikely near term.

• Strategy focused on balance sheet strengthening ($1–1.5b net debt target), with potential for higher shareholder returns and growth in recycling/remelt.

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US ISM Services jumps to six-month high

[8:53 am] US August ISM Services PMI printed 52.0 vs. 51.0 consensus and up from 50.1 in the previous month. Here are some of the key takeaways from the survey:

• New orders index spiked from 50.3 in July to 56.0

• Employment index ticked slightly higher from 46.4 to 46.5, though still in contraction territory for a third straight month

• Prices index slipped from 69.9 to 69.2

• Participants flagged tariff impacts, with businesses front-loading activity ahead of expected price increases

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BYD slashes 2025 sales target

[8:50 am] BYD cut its 2025 sales target to 4.6 million units (from 5.5m), following a 30% profit slump and flat deliveries in July–August amid fierce domestic EV competition.

The downgrade comes as Beijing cracks down on discounting, forcing BYD to rely less on price cuts while rivals like Geely, Xpeng, and Xiaomi win customers with tech-focused, affordable models. Despite challenges, BYD remains China’s top EV brand, though its dominance is being chipped away in the peak sales season.

Source: Reuters

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Goldman says US$5,000 gold price is possible

[8:45 am] Goldman Sachs says gold could surge to US$4,000/oz by mid-2026, US$4,500 in a tail-risk scenario, and nearly US$5,000 if 1% of privately held US Treasuries flow into bullion.

Analysts warn that any damage to Fed independence could trigger higher inflation, weaker stocks and bonds, erosion of the dollar’s reserve status, and stronger demand for gold as a store of value.

Goldman calls gold its “highest-conviction long” in commodities, while ECB President Lagarde cautions that a loss of Fed independence would pose a “serious danger” to global markets.

Source: Bloomberg

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Stocks trading ex-dividend

[8:44 am] A handful of names going ex-divvy today, including: Adrad Holdings (AHL) – $0.021, Aussie Broadband (ABB) – $0.024, Coles Group (COL) – $0.32, Eagers Automotive (APE) – $0.24, Generation Development Group (GDG) – $0.01, Microequities Asset Management Group (MAM) – $0.02, Objective Corporation (OCL) – $0.13, Pacific Current Group (PAC) – $0.28, Peet (PPC) – $0.05, SDI (SDI) – $0.019, Viva Energy Group (VEA) – $0.028, Vitura Health (VIT) – $0.002

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Good morning!

[8:27 am] ASX 200 futures are up 50 pts (+0.56%) after a strong lead from Wall Street. Major US benchmarks finished higher and closed near best levels, with the S&P 500 (+0.83%) closing at fresh all-time highs.

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