ASX 200 Live Today - Monday, 1st September
The S&P/ASX 200 is set to fall after a relatively weak overnight session. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Monday, September 1. 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 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
ASX 200 ticks lower
[14:30 pm] That's a wrap. A bit of a quiet blog today, given we've just come off a massive August reporting season.
The S&P/ASX 200 is trading 0.39% lower, having recovered from afternoon lows of -0.69%. Nasdaq weakness is clearly driving outflows from local tech names, with notable declines across Wisetech (-3.8%), Xero (-3.1%), Codan (-3.6%) and Megaport (-3.7%). However, defensive sectors are holding up, with Staples (+0.45%) and Utilities (+0.42%) both holding firm. Overall, it's a measured pullback as we enter the seasonally weak month of September.
Silver tops $US40 an ounce, highest since 2011
[14:03 pm] Silver has added another 1.9% on Monday to $US40.80 an ounce.
It's the first time the metal has topped $US40 an ounce since 2011.
The gold to silver ration currently sits at 86.9 based on a gold price of $US3474 an ounce. Some market commentators claim this is still historically high to mean silver has room to climb higher.
By Tom Richardson.
Australian house prices climb 0.8% in August
[13:56 pm] Data from Cotality (formerly CoreLogic) shows national average home prices rose again in August, their seventh monthly rise in a row.
The price growth accelerated slightly to 0.7% month on month, which is the fastest since May last year.
Sydney prices are up 2.1% year on year, with Brisbane surging 7.9%.
By Tom Richardson.
UBS says share price volatility hit record high in August earnings season
[13:50 pm] One of the market's top analysts Richard Schellbach of UBS says this ASX profit reporting season was the most volatile he has recorded in terms of share price swings on results.
"We were not surprised to see the outsized share price volatility from companies that reported," Schellback told investors. "To us this is structural, and reflects the combination of rising passive ownership, the increased prevalence of quant driven trading strategies, and stale earnings estimates."
By Tom Richardson.
Bitcoin leads crypto retreat, local bond yields rise
[13:09 pm] Risk bellwether bitcoin is down 1.4% to $US107,662 a coin on Monday afternoon, with other popular tokens faring even worse.
Ethereum is off 2.1% to $US4,388 and XRP is down 4% to $2.73.
Australian shares are broadly lower, with Asia mixed in morning trade.
Australian government bond yields have edged higher in early trade, last week hotter-than-expected inflation data for July prompted traders to trim their rate cut expectations.
By Tom Richardson.
Banks drag ASX lower, Harvey Norman jumps
[12:51 pm] The S&P ASX200 is down 0.6% at lunchtime and is being dragged lower by falls among the big banks.
CBA is down 0.6% to $168.83, with NAB and ANZ both down more than 0.7%.
One of the best performers among the large caps is retailer Harvey Norman. It's up 8.3% after reporting profits ahead of forecasts last Friday.
By Tom Richardson.
Alibaba shares up 13% in Hong Kong on AI growth
[12:40 pm] Shares in Chinese tech giant Alibaba have surged 13% in Hong Kong after the company said artificial intelligence is helping it grow earnings in today's profit report.
The US share markets are closed Monday for a national holiday.
By Tom Richardson.
Gold climbs to $US3,458 an ounce, silver jumps
[12:10 pm] Spot gold prices are climbing again at Monday lunchtime to hit $US3,458 an ounce. The rally means ASX gold miners are once again dominating the market leaderboard.
Silver is also extending a bull run and topped $US40 an ounce on Friday.
By Tom Richardson.
Australian building permits dip
[11:40 am] Australian building permits fell 8.2% month-on-month in July, a sharp U-turn from the 12.2% rise a month ago and below market expectations of a 4.8% drop.
"The drop in total dwellings was driven by a 22.3 per cent fall in private dwellings excluding houses, which rose 33.5 per cent in the previous month," noted Daniel Rossi, ABS head of construction statistics.
Small caps making moves
[11:39 am] Here are the top small caps ($200m to $1bn market cap) winners and losers.
Ticker | Company | % Chg | Price |
|---|---|---|---|
4DX | 4Dmedical | 37.72% | $0.79 |
RUL | Rpmglobal | 23.08% | $4.64 |
SVL | Silver Mines | 12.50% | $0.14 |
IVZ | Invictus Energy | 11.76% | $0.19 |
FEX | Fenix Resources | 10.94% | $0.36 |
MEK | Meeka Metals | 10.34% | $0.16 |
AAR | Astral Resources | 9.09% | $0.18 |
RXL | Rox Resources | 8.45% | $0.39 |
LOT | Lotus Resources | 7.50% | $0.22 |
BC8 | Black Cat Syndicate | 6.70% | $0.96 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
DTR | Dateline Resources | -8.68% | $0.24 |
AFP | Aft Pharmaceuticals | -8.33% | $2.20 |
SYA | Sayona Mining | -7.69% | $0.02 |
FAL | Falcon Metals | -6.85% | $1.02 |
HLO | Helloworld Travel | -6.84% | $1.77 |
MTM | Metallium | -6.49% | $0.72 |
DUR | Duratec | -6.22% | $1.74 |
WBT | Weebit Nano | -6.01% | $2.66 |
SRL | Sunrise Energy Metals | -5.44% | $1.65 |
JIN | Jumbo Interactive | -5.24% | $11.58 |
Reporting season highlights
[10:31 am] Macquarie dropped their reporting season wrap this morning and its stacked with interesting takeaways.
ASX 300 industrials delivered a net earnings beat of +11 percentage points (33% beat vs 22% missed), marking a strong turnaround from August 2024's net miss of 3 percentage points
Small industrials were the standout performers with net earnings beats of +21 percentage points, while ASX 100 industrials posted a small net miss of -3 percentage points
Growth stocks posted the highest earnings surprise at +27 percentage points, driven by better margins where 52% beat consensus compared to only 20% missing
Domestic cyclicals outperformed by an average of +3.1% and had the smallest FY26 earnings downgrades, while global cyclicals had the worst share price performance at -2.7%
Net guidance misses reached 8 percentage points overall, with ASX 100 companies posting larger guidance misses of -16 percentage points versus small caps at just -2 percentage points
Dividend surprises were positive at +15 percentage points, suggesting companies are more optimistic about their outlook despite conservative earnings guidance
Banking sector FY26 earnings estimates were upgraded by 100 basis points
during reporting season, making it one of the few sectors to see material upgrades
ASX price-to-earnings ratio climbed to 20.1x, matching the post-COVID highs of 2021 as the market prioritises liquidity over fundamental earnings performance
Top ASX 200 gainers and losers in early trade
[10:09 am] Harvey Norman extends gains after a better-than-expected FY25 result pushed the stock up 11.5% last Friday, gold miners broadly higher on soaring gold prices and Fortescue sharply lower as it trades ex-dividend for 60 cps (vs. shares down 89c).
Ticker | Company | % Chg | Price |
|---|---|---|---|
HVN | Harvey Norman | 6.97% | $7.37 |
FRW | Freightways Group | 4.70% | $10.70 |
CYL | Catalyst Metals | 4.55% | $7.58 |
EMR | Emerald Resources | 4.23% | $3.94 |
RMS | Ramelius Resources | 3.79% | $3.29 |
PRU | Perseus Mining | 3.70% | $3.92 |
IPX | Iperionx | 3.62% | $6.87 |
EVN | Evolution Mining | 3.58% | $8.97 |
NST | Northern Star Resources | 3.49% | $19.55 |
WGX | Westgold Resources | 3.49% | $3.56 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
FMG | Fortescue | -4.25% | $18.48 |
MSB | Mesoblast | -4.13% | $2.09 |
WTC | Wisetech Global | -2.74% | $99.00 |
IGO | IGO | -2.68% | $5.08 |
CDA | Codan | -2.53% | $30.10 |
TPW | Temple & Webster Group | -2.38% | $23.33 |
LNW | Light & Wonder | -2.34% | $137.91 |
MIN | Mineral Resources | -2.22% | $36.57 |
DRO | Droneshield | -1.82% | $3.24 |
GDG | Generation Development Group | -1.81% | $6.78 |
Virgin FY25 earnings takeaways
[9:45 am] Virgin reported its maiden FY25 earnings last Friday, with numbers broadly in-line with prospectus forecasts. FY26 guidance was also in-line with the expectations the company set out in its IPO.
Price action was rather volatile, given Virgin shares rallied 6.0% in the previous session (Thu-28 Aug), off the back of strong Qantas FY25 results. The stock finished the results session down 1.1%, the midpoint of session ranges (+2.5% and -4.0%).
Here are the key analyst takeaways:
E&P maintained Neutral, raised target from $3.12 to $3.66. Sees margin improvement and dividend potential, but cost pressures and limited near-term upside keep stance cautious.
Goldman Sachs maintained Buy, raised target from $3.60 to $3.90. Strong demand and rational competition support Virgin’s SME positioning without destructive fare wars.
UBS maintained Buy, raised target from $3.90 to $4.10. Results met expectations with margin gains and ancillary revenue growth, though cash flow sustainability questioned.
Sigma's Jack Gance cuts stake
[9:40 am] Chemist Warehouse founder Jack Gance has lowered his stake from 13.7% to 12.3%. Last week, a 155 million-share block trade crossed at $3.10 per share.
Chemist Warehouse's thee founders – Jack Gance, Sam Gance and Mario Verrocchi – previously owned a combined 49% of the merged business.
Caterpillar lobs bid for RPMGlobal
[9:35 am] The US$195 billion market cap Caterpillar has offered RPMGlobal a $5.00 per share takeover offer, valuing the company at $1.12 billion.
The offer represents a 32% premium to the stock's last close ($3.77).
PMGlobal reported its FY25 result on Wednesday, 27 August, delivering strong numbers and FY26 guidance that beat expectations. Shares jumped 17% to record highs, making it interesting that Caterpillar chose to wait until after the result to launch its offer.
The RPM board intends to recommend the proposed transaction to RPM shareholders.
Source: ASX Announcement | Company page: RPMGlobal (RUL)
Analysts take on Bank of Queensland
[9:23 am] Bank of Queensland issued a strategy and trading update last Friday, which featured:
Exploring a whole-of-loan sales process for up to $3.8bn of its equipment finance portfolio, completion targeted for the first-half of FY26
Entered into a strategic partnership with Capgemini for agentic AI business processing services, anticipates annualised cost savings of at least $30 million in FY27
Full-year cash earnings guidance of $375-385m vs. $369m consensus, cash ROE uplift between 50-70 bps
Full-year notable items include $43m in branch strategy costs, $25m in restructuring costs and $14m increase to provisions, adjusted from cash earnings
Despite BoQ shares opening flat, the stock spent most of the session selling off, closing 7.7% lower. The main disappointment was the withdrawal of FY26 targets, including 8% RoE and CTI of 56%.
Jarden downgraded to Sell, lowered target from $6.70 to $6.00. Cites weaker FY25 outlook, further charges, and withdrawal of FY26 financial targets as key negatives.
Morgans maintained Trim, lowered target from $7.04 to $6.62. Sees FY25 guidance as in line but removal of FY26 ROE target reduces upside, with strategic initiatives noted.
JPMorgan maintained Underweight, raised target from $6.10 to $6.20. Considers withdrawn FY26 targets unrealistic and flags below-the-line charges as quality concerns despite potential asset sales.
Analysts take on Pexa
[9:13 am] Pexa's FY25 result last Friday came in slightly below market expectations, largely due to weaker international performance. FY26 guidance was also soft, driven by increased UK investment. The stock finished the session down 9.3%.
Goldman Sachs maintained Buy, target unchanged at $16.50. Expects AML solution to support revenue, but UK cost growth and pricing review risks temper outlook despite softer FY26 guide.
Jarden upgraded to Buy, lowered target from $17.75 to $17.70. Views UK investment and NatWest deal as reinforcing long-term UK market share growth despite near-term reset.
JPMorgan maintained Overweight, lowered target from $18.20 to $17.00. Notes cautious CEO stance and delayed NatWest revenue contribution, with UK upside not fully reflected yet.
Macquarie maintained Outperform, raised target from $14.72 to $17.30. Sees Tier 1 momentum and possible digital divestment as positives, though near-term UK margin pressure and volatility remain.
Lotus becomes the newest ASX uranium producer
[9:05 am] Lotus Resources drummed its first yellowcake at Kayelekera Project in Botswana. This marks its first uranium production since the asset was placed in care and maintenance by its previous owner in 2014.
Kayelekera restart was achieved on schedule and within budget, targeting ramp up to steady-state production of 200,000 lbs per month in the first quarter of FY26.
Lotus currently has four binding sales agreements for up to 3.8m lbs of uranium, including deals with three "leading North American power utilities."
Source: ASX Announcement | Company page: Lotus (LOT)
Austal founder and Non-executive director retires
[9:00 am] Austal's inaugural chairman and founder, John Rothwell, announced his retirement as Non-Executive director, ending his 38-year tenure at the company.
The company's announcement highlighted: "During Mr Rothwell’s time at Austal, the Company has grown from a small, privately-owned, West Australian, commercial shipbuilder to an ASX-listed, international defence prime contractor with a multibillion-dollar orderbook, about 4,500 employees and substantial ship building operations in Australia, the United States, the Philippines and Vietnam."
Rothwell sold approximately 42% of his holdings in May (13.1m shares or $50m worth), with the remaining subject to restrictions for a period of 6 months from 17 March 2025.
Source: ASX Announcement | Company page: Austral (ASB)
Watch gold miners
[8:55 am] Gold is on the verge of a massive breakout towards the US$3,500 level, closing at record levels last Friday of around US$3,440/oz.
This drove a strong response from gold miners, with the VanEck Gold Miners ETF (GDX) up 3.0% overnight to the highest level since September 2011.
Gold CFDs, daily chart (Source: TradingView)
NextDC seeks $15bn JV partner
[8:47 am] NextDC is pushing ahead with a $15 billion joint venture (“Project Berlin”) to fund 850MW of hyperscale data centre capacity in Western Sydney, according to the AFR. Here are the key takeaways:
Structure and capital mix: JV partners will hold a majority equity stake, while NextDC retains 20% equity plus management rights, reducing reliance on public equity raisings.
Advisors engaged: Morgan Stanley and Cadence Advisory are leading the process, with around $4bn of co-investor commitments sought.
Investor appetite strong: Sovereign wealth funds (GIC, Temasek, ADIA, Mubadala), Canadian pensions (CPPIB, OMERS), and Australian supers (AustralianSuper, Aware, Future Fund) have shown pre-emptive interest.
Global expansion: Beyond Sydney, NextDC flagged its first offshore JV in Tokyo (30MW with CBRE) and ongoing builds in Kuala Lumpur, broadening its pan-Asian hyperscale footprint.
Strategic shift: Moving towards long-term private capital partnerships marks a pivot away from traditional equity market support.
Source: AFR
Fed Waller says "let's get on with it"
[8:45 am] Waller explicitly backed a 25 bp cut in September and anticipates further easing over the next 3–6 months, conditional on incoming data. Here are the key takeaways from Bloomberg:
Labour market risks rising: He flagged that employment weakness is becoming a central concern, noting risks are “continuing to build”, and dissented at July’s meeting for a cut on this basis.
Inflation near target: With underlying inflation close to 2% and long-term expectations anchored, Waller argues there’s room to ease without stoking inflation.
Conditional outlook: While he doesn’t see the need for a larger cut now, a weaker employment report next week could shift that view, opening the door for more aggressive action.
Tariffs seen as temporary: Despite Trump’s tariffs, Waller urged the Fed to “look through” their inflationary effect, reviving his “Team Transitory” stance.
Source: Bloomberg
Stocks trading ex-dividend today
[8:43 am] A handful of stocks will trade ex-dividend today, including: Australian Clinical Labs (ACL) – $0.09, Aurizon Holdings (AZJ) – $0.065, COG Financial Services (COG) – $0.03, Fortescue Ltd (FMG) – $0.60, GR Engineering Services (GNG) – $0.12, Helloworld Travel (HLO) – $0.06, Jumbo Interactive (JIN) – $0.305, Kina Securities (KSL) – $0.038, La Trobe Private Credit Fund (LF1) – $0.012, Lion Selection Group (LSX) – $0.02, Mayfield Group Holdings (MYG) – $0.022, Pengana Global Private Credit Trust (PCX) – $0.013, Pinnacle Investment Management Group (PNI) – $0.27, Propel Funeral Partners (PFP) – $0.07, Tabcorp Holdings (TAH) – $0.01
Good morning!
[8:33 am] ASX 200 futures are down 25pts (-0.28%) after a relatively overnight lead (S&P 500 -0.64%, Nasdaq -1.15%).
If you’re new to the blog – catch up quick via today’s Morning Wrap.
