ASX 200 Live Today - Friday, 6th June
The S&P/ASX 200 is set to ease from near-record levels. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Friday, June 6. 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 slips, still logs solid weekly gains
[4:15 pm] The S&P/ASX 200 struggled to hold on to early gains, closing at worst levels (-0.27%). Despite some weakness over the last two sessions, the market finished the week up 0.96% and still within 1% of its 14-Feb all-time high.
Breadth and sector performance was broadly weaker, with 121 constituents closing lower (60%), while Tech (-0.69%), Healthcare (-0.68%) and Discretionary (-0.61%) led to the downside.
Note: The market is closed on Monday, 9 June in observance of the King's Birthday.
IDP Education insiders buys the dip
[3:15 pm] IDP Education CEO Tennealle O'Shannessy has more than tripled her stake on Thursday, 5 June after purchasing ~59,000 shares ($223,212), lifting her beneficial ownership to 74,000 shares.
Three other non-Executive directors also bought the dip, including:
Tracey Ann Horton added 5,767 shares ($24,801), now owns 12,017 shares
Michelle Kim Tredenick added 10,000 shares ($36,495), now owns 20,500 shares
Andrew David Barkla added 12,285 shares ($49,999), now owns 87,285 shares
Healius block-trade crosses at 80 cents
[1:55 pm] A 31.2 million share block-trade for Healius has crossed at 80 cents, representing 4.3% of the company. The stock opened at 84 cents on Friday.
Healius shares have spiraled 40% lower year-to-date, driven by deteriorating pathology volume trends.
Silver stocks rally as prices hit 14-year high
[12:30 pm] Silver stocks are broadly higher after prices hit a near 14-year high of US$35 an ounce.
Top gainers currently include Zimplats (+11.8%), Silver Mines (+11.3%), Sun Silver (+9.4%), Antipa Minerals (+8.9%) and Andean Silver (+5.2%).
Small caps making moves – Coronado, Antipa, Berkeley Energia
[12:00 pm] Here are the top small caps ($200m to $1bn market cap) winners and losers at noon.
Ticker | Company | % Chg | Price |
|---|---|---|---|
CRN | Coronado Global | 9.09% | $0.18 |
AZY | Antipa Minerals | 8.21% | $0.73 |
BRE | Brazilian Rare Earths | 8.02% | $2.02 |
TYR | Tyro Payments | 6.10% | $0.87 |
EOS | Electro Optic Systems | 5.61% | $2.26 |
BOT | Botanix Pharmaceuticals | 5.31% | $0.34 |
EBR | Ebr Systems | 4.95% | $1.17 |
MEK | Meeka Metals | 4.52% | $0.16 |
UOS | United Overseas Australia | 4.20% | $0.62 |
AFP | Aft Pharmaceuticals | 4.00% | $2.60 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
BKY | Berkeley Energia | -9.76% | $0.56 |
SGR | The Star Entertainment Group | -6.67% | $0.11 |
DTR | Dateline Resources | -5.93% | $0.13 |
MI6 | Minerals 260 | -5.52% | $0.14 |
AMI | Aurelia Metals | -5.22% | $0.33 |
AAR | Astral Resources | -5.13% | $0.19 |
COG | Cog Financial Services | -4.90% | $1.46 |
AMA | Ama Group | -4.76% | $0.10 |
STX | Strike Energy | -4.71% | $0.16 |
TTT | Titomic | -4.62% | $0.31 |
Ora Banda tumbles on guidance downgrade
[11:20 am] Ora Banda shares dipped 10% in early trade after the company guided to lower FY25 production and higher costs. The downgrade was largely driven by plant downtime and lower mill throughput during commissioning.
The key numbers include:
FY25 total production to be 95koz vs. prior guidance of 100-105koz (down 7.3% at the midpoint)
FY25 AISC to be A$2,600 vs. prior guidance of A$2,350-2,500/oz (up 7.2% at the midpoint)
The processing plant works and commissioning are now complete, with the mill now hitting output targets required to achieve annual production of 150koz.
Top gainers and losers at open
[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.
Ticker | Company | % Chg | Price |
|---|---|---|---|
SNZ | Summerset Group | 5.05% | $10.40 |
FRW | Freightways Group | 3.65% | $9.94 |
MEZ | Meridian Energy | 3.49% | $5.34 |
JHX | James Hardie | 2.73% | $40.20 |
FMG | Fortescue Ltd | 1.74% | $15.76 |
AUB | Aub Group | 1.59% | $35.89 |
AAI | Alcoa Corporation | 1.53% | $42.94 |
BFL | Bsp Financial Group | 1.33% | $7.60 |
WDS | Woodside Energy | 1.23% | $23.00 |
WHC | Whitehaven Coal | 1.16% | $5.66 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
OBM | Ora Banda Mining | -8.59% | $1.17 |
LNW | Light & Wonder | -3.46% | $126.87 |
PLS | Pilbara Minerals | -2.59% | $1.32 |
WAF | West African Resources | -2.48% | $2.56 |
IGO | IGO | -2.19% | $4.25 |
LYC | Lynas Rare Earths | -2.16% | $9.06 |
MCY | Mercury Nz | -1.94% | $5.55 |
IFL | Insignia Financial | -1.80% | $3.56 |
FBU | Fletcher Building | -1.71% | $2.88 |
JDO | Judo Capital | -1.66% | $1.49 |
Australian Strategic Materials notes increased enquirers
[10:25 am] Australian Strategic Materials' Korean Metals Plant recently concluded the following binding sales purchase orders:
Noveon Magnetics in the US for 15 tonnes of NdFeB alloy
Vacuumschmelze in Germany for 7.2 tonnes of NdFeB alloy
“Our strengthening metal and alloy order book is the result of consistent and purposeful customer collaboration and enhanced technical know-how, combined with the increasing urgency for an alternative rare earth supply chain to meet global forecast demand,” said ASM CEO, Ms Rowena Smith.
Source: ASX Announcement | Company page: Australian Strategic Metals (ASM)
Watch silver stocks
[9:55 am] Gold and silver usually move in sync, but silver bucked the trend overnight, surging 3.5% to US$35.70/oz while gold prices dipped slightly. This marks a fresh 14 year high for silver prices, trading at levels not seen since September 2011. Could this drive some positive flows for local silver names?
Most are relatively small and trade around the $100 million market cap level, including:
Andean Silver (ASX: ASL): Cerro Bayo Project in Chile.
Silver Mines (ASX: SVL): Bowdens Silver Project, one of the largest undeveloped silver resources in Australia. Project is in the final stages of development approvals.
Sun Silver (ASX: SS1): Maverick Springs Silver-Gold Project, the largest pre-production primary silver resource on the ASX.
Unico Silver (ASX: USL): Cerro Leon Project in Argentina.
Robex Resources surges on ASX debut
[9:45 am] Robex Resources made its ASX debut on Thursday, with the stock closing at $3.61 vs. its IPO offer price of $3.11 or a 16% gain for IPO participants. The company successfully raised $120 million for an indicative market cap of $675 million.
Robex is a West African gold producer and developer is primarily listed on the Toronto stock exchange. Australian CDIs will account for 17.7% of issued shares.
The company is advancing construction of its 3.7Moz Kiniero Gold Project in Guinea, West Africa and is on track to commence first gold pour in Q4 2025.
This marks the first IPO in two months and only the fifth IPO of the year.
Company page: Robex Resources (RXR)
Redox responds to ASX price query
[9:35 am] Chemical supplier Redox responded to an ASX price query, after the stock tumbled 23% in the last four sessions.
The company said it is "not able to make any definitive statements as to the factors influencing the trading of its securities". However, downside drivers could be attributed to:
On 3 June, Morgan Stanley revised their earnings forecasts lower, citing external macro-economic factors that are well known in the market
Low levels of liquidity
Broader macro uncertainty, including Australia's weaker-than-expected GDP print on 4 June
Source: ASX Announcement | Company page: Redox (RDX)
World Gold Council: May 2025 commentary
[9:25 am] The World Gold Council released its May report, which highlights flows into gold-backed ETFs and similar products. Here are the key insights from the report:
May in Review: Global physically backed gold ETFs1 lost US$1.8bn in May, snapping their five-month inflow streak. The first monthly outflow since last November and a mild fall in the gold price saw global gold ETFs’ total assets under management (AUM) fall 1% to US$374bn.
Market Drivers: The World Gold Council’s GRAM model indicates positive contributions from tariff policy risks, rising inflation expectations, and a prior dollar plunge, offset by ETF outflows (-US$1.8bn, -19t, primarily North America) and momentum drag from April’s strong gold returns.
Tariff Impact: US import prices remain unchanged, suggesting exporters are not absorbing tariffs, while US companies face margin compression (PPI data shows a 1.6% drop in final demand trade services prices), with potential consumer price increases looming.
Stagflation Risks: Consensus views tariffs as inflationary, raising stagflation concerns (weaker margins, higher consumer prices), an environment historically favorable for gold due to its outperformance against bonds, equities, and cyclical commodities during stagflationary periods.
Outlook: Stagflationary expectations alone can drive gold’s relative outperformance, even without full stagflation, positioning gold favorably as central banks face challenges ahead of June 2025 meetings.
Source: World Gold Council
Bell Potter lifts Cuscal target
[9:20 am] Payments and data services provider Cuscal rallied to fresh all-time highs on Thursday, closing at $2.97 – up around 19% from its $2.50 IPO price (Nov-24 debut) and up 26% year-to-date.
Bell Potter analysts raised their target price from $3.40 to $3.50 and retained a Buy rating. The key takeaways from the report include:
Transaction Volume Growth: CCL's transaction volumes are on track for FY25, with an expected 8% exit growth, supported by its blue-chip client base and market share.
Acquiring Volume and Growth Outlook: Lower acquiring volumes due to a delay in New Zealand slightly temper FY25 expectations, but CCL is well-positioned for +10% growth in FY26, due to retail preference for low-friction payments.
Financial Performance: CCL reported 22% net interest margin growth at the interim result, supported by a stable $3bn client deposit base and $259m net fee income
Mutual Bank Activity: Recent transactions (MyState/Auswide, Regional/Summerland, Bank Australia/Qudos) signal strong momentum for CCL.
Investment Outlook: Reiterate Buy with a 3% price target increase, as CCL screens attractively at 13x capitalised FY26 earnings, with potential for $30m in annual cost synergies, supporting a $5.00 per share upside.
Ora Banda Mining cuts guidance, lifts costs
[9:15 am] Ora Banda Mining provided a guidance update for cornerstone Davyhurst project in WA.
FY25 total production to be 95koz vs. prior guidance of 100-105koz (down 7.3% at the midpoint)
FY25 AISC to be A$2,600 vs. prior guidance of A$2,350-2,500/oz (up 7.2% at the midpoint)
Source: ASX Announcement | Company page: Ora Banda Mining (OBM)
US Job Cuts Galore
[9:10 am] Lots of layoffs garnering attention, a few also flagging structural shifts to AI.
Procter & Gamble Job Cuts: Plans to cut 7,000 jobs (15% of non-factory staff) over two years to boost productivity amid tariff pressures and economic challenges.
Microsoft Layoffs: After cutting 6,000 jobs in May, primarily software engineers, Microsoft announced further layoffs to streamline operations and focus on AI investments.
Other Tech and Media Cuts: Disney, Warner Bros. Discovery, and Hims & Hers also announced job reductions, reflecting broader industry restructuring.
AI’s Labor Market Impact: Anthropic CEO warns AI could eliminate half of entry-level white-collar jobs within 1-5 years, with unemployment potentially reaching 10-20%.
College Graduate Unemployment: NY Times reports rising unemployment for recent graduates, especially in AI-impacted fields like finance and computer science.
Automation in Retail and Delivery: Amazon is developing humanoid robot software that may replace delivery workers, while Walmart’s e-commerce and automation growth raises concerns about retail labor trends.
Human Talent and Retraining: Alphabet plans to expand engineering staff through 2026, and a Microsoft survey indicates companies are focusing on retraining workforces for AI rather than replacing labor.
Top stories from Livewire
Buy Hold Sell: Diamonds in the rough - 5 ASX small cap standouts | Fund managers Emanuel Datt and Michael Steele dive into the ASX small-cap jungle, unearthing hidden gems with massive growth potential. They spotlight WA1 Resources, a niobium mining standout, as a prime takeover target with a world-class deposit in Western Australia.
2 ideas in 200 words #6 | Romano Sala Tenna from Katana Asset Management unveils two ASX small-cap gems, spotlighting Aussie Broadband as a telecom titan with soaring subscriber growth and robust cash flow. He also backs G8 Education, a childcare leader poised for a comeback with improving occupancy and potential for significant re-rating.
The one big secret to Warren Buffett’s success that rarely gets a mention | Warren Buffett's unparalleled success, amassing billions, hinges on a rarely highlighted factor: his extraordinary longevity in investing, leveraging decades of compounding returns. Starting young and staying disciplined, he turned early gains into a fortune, proving time is a powerful ally for any investor.
What's driving stocks?
[8:55 am] Major US benchmarks finished lower but remain on track for modest weekly gains. It was a relatively quiet overnight session as far as catalysts are concerned. The few that stand out include:
Trump-Musk feud: Elon Musk blasted Trump's tax bill as a "disgusting abomination". Trump expressed disappointment in Musk during an Oval Office meeting, saying their “great relationship” might be over. He accused Musk of being upset over the bill’s cuts to EV tax credits, which could hurt Tesla. Trump later posted on Truth Social, threatening to terminate Musk’s government contracts, stating, “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts.” Tesla shares tumbled 14% overnight to a one-month low.
Trump-Xi call: Trump said the call was "very good ... resulted in a very positive conclusion for both countries." Respective trade teams will be meeting shortly.
Economic data: US trade deficit narrowed significantly to -US$61.6bn in April vs. -US$94bn estimates and down from -US$138bn in the previous month. Meanwhile, weekly initial jobless claims rose more than expected, to 247,000 vs. 365,000 consensus, the highest since October 2024
ECB rate cut: The ECB cut rates by 25 bps to 2.0%, in-line with market expectations. President Lagarde indicating that the bank is nearing the end of its rate cut campaign.
Good morning!
[8:50 am] S&P/ASX 200 futures point towards a weak open, down 13pts (-0.15%). The market closed flat on Thursday after briefly rallying 0.3% to a near-record high.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
